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Financial Planning For Gen-X

Some have suggested that Generation X members are going to have a much harder time retiring than the older, and more wealthy Baby Boomers. In this section you'll find advice specifically oriented towards financial and retirement planning for Gen-X.

Gen X, boomers on same retirement page
By April Scott-Clarke: Generation X and their baby-boomer parents are on the same wavelength when it comes to retirement and saving for it, according to new research by Investors Group. Results of a new poll probing the retirement mindset of Gen Xers found that 58% have a clear vision of their life during retirement and how they will be spending their time. This is in line with an earlier survey by the Investors Group that found 66% of baby boomers saying they have a clear retirement vision. The two generations also display similar approaches to saving and investing for retirement. Sixty-one percent of Gen Xers have RRSPs and of those, 85% plan to contribute the same or more in the upcoming tax year. This compares to 62% of boomers who have RRSPs and 79% of those who will be contributing the same or more to their RRSPs this year.

Financial Advice for Gen X and Gen Y
By VERONICA DAGHER: Actually, this article is addressed to financial planners working with Gen-X clients, but it contains some interesting and useful information on financial planning for this generation.

Gen X and Gen Y: Deluded when it comes to retirement?
By Al Emid: Oh, to be young again! It seems the Generation X and Generation Y Canadian cohorts are increasingly optimistic when it comes to attaining early retirement compared to the baby boomer set, according to a new survey released by TD Bank Group. Generation X respondents, between the ages of 31-46 plan to retire at age 60 while Generation Y respondents, between 25-30 years aim for 59 years of age and baby boomers, between 47-64 years, set their sights on retirement at 64 years of age, according to the Age of Retirement Report. However, six in 10 Canadians do not have enough cash to make those plans work comfortably

Financial Planning for Generation X
By na: If you are a member of Generation X, you're parents are most likely Baby Boomers. Although most Baby Boomers are not financially prepared for retirement a lot of them do at least have some sort of inheritance to look forward to. Chances are, if the Boomers do inherit assets from their parents, they will spend them all supporting (and indulging) themselves in retirement, which will leave very little for Generation X to inherit. Therefore, if there was ever a generation that needs to get active in planning for the financial future, it is Generation X. Fortunately, most of us have time on our side. Based on the definition from Wikipedia, the oldest members of Generation X are now in their early 40's. If they wait until they are 65 to retire, they have 20+ years to prepare. We can't count on Social Security to help us out and corporate pensions are vanishing into thin air. It's up to us to make our own way. So, what should Generation X's action plan look like?

Financial Advisers to Gen X: Come On, Take Some Chances
By na: Interesting article on whether Gen-X members should take more risks in their financial planning.

Retirement may be mission impossible for Gen X
By Jessica Rao: Gen X is the first generation to deal with the fact that the models of American retirement are changing -- and its members are flustered. The generation once called "slackers" has been true to form with retirement planning.

Debt-squeezed Gen X saves little
By Lynn O'Shaughnessy: A bit of scariness about the challenges of planning for the future if you are a Gen-X. However, the same issues probably have applied to each generation preceding Generation X when it comes to finances.

Financial reality bites for Generation X
By CHAYA COOPERBERG: Many now in their 30s and 40s are facing financial challenges, with the experience of two recessions, relatively high debt loads and fewer company pension plans to rely on in retirement. The majority of us will move from job to job, as career roles at companies that offer defined benefit pension plans quickly disappear. "Gen Xers seem to have higher mortgages, lower incomes and more debt than their predecessors" says Todd Morin, an Ottawa-based financial planning expert with Investors Group. "This group is also the first to put financial planning on the back burner, finding it difficult to set aside funds."

Get your financial house in order or keep dreaming?
By na: In a recent Globe & Mail article I read "Canadians might want to stop working before the age of 65, but for the many who don't have enough saved that retirement goal is just a pipe dream." That sounds rather harsh. Maybe the truth shouldn't cut so deep. Let me explain.

Gen X Investors More Dissatisfied With Advisors Than Other Generations
By Ruthie Ackerman: Interesting take on how financial planners may be ignoring the realities of being Gen-X. Gen X investors are more disgruntled with their advisors than any other generation and they have reason to be: those with advisors saw growth in their portfolios in 2010, but much less than their self-directed peers.


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    Updated On: 9-Aug-2013 - 15:51:24

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