“Time ticks by; we grow older. Before we know it, too much time has passed, and we’ve missed the chance to have had other people hurt us. To a younger me, this sounded like luck; to an older me, this sounds like a quiet tragedy.”
― Douglas Coupland, Life After God
Forget golf courses and cruises.
Gen X Retirement isn’t the same laid-back state of mind that previous generations enjoyed.
Note: This article is part of our archival content and belongs to a previous phase of our publication. Amaranth Magazine is now a dedicated literary magazine.
As “latchkey kids,” Gen X members are now stuck in the middle, taking care of their parents while still providing a safety net for their kids. With problems such as student loans and a shifting economy, retirement is more grueling than gratifying.
The following nine reasons explain why the game plan for retirement looks different for Generation X.
I. The Gen X Retirement Savings Gap
Saving more for retirement will play a significant role for many Gen Xers. Difficult economic times, such as those surrounding the dot-com explosion and the Great Recession, limit the capacity to save up earnings.
A recent survey (The Forgotten Generation: Generation X Approaches Retirement – National Institute on Retirement Security, 2023) found that only a little over half of Gen Xers have retirement accounts, while more than half of millennials and baby boomers do. This indicates that they have reduced incomes available to save for their retirement.
This generation lives longer, and Gen Xers are worried that their earnings may not be enough. A real possibility for those who have not begun making plans or putting enough aside at this point. The oldest Gen Xers are reaching retirement age, and they need to address this savings gap.
II. Growing Health Worries And Rising Costs
Gen Xers are concerned about healthcare costs going up. My friends and I are dealing with higher costs and more money we have to pay out of our own pockets. It’s also uncertain whether programs like Medicare and Social Security will still be there for them in the same way they have been for previous generations.
Gen X is getting older, and now we’re more likely to have long-term health problems. This raises concerns about long-term care and the costs that come with it. It’s a scary thought for many in this generation.
III. Who Am I Now That Work’s Over?
Many Gen Xers have defined themselves by their careers for decades. The thought of leaving work can be daunting and unsettling. Work provides structure, meaning, and purpose for many people. Losing that can be a significant change.
When Gen Xers retire, they have to figure out how to stay happy and do good things. Figuring out what to do with all that free time and finding a new purpose is a challenge.
IV. Balancing Family and Freedom in the Golden Years
For many people of Gen X, retirement is all about taking care of aging parents. It is a big balancing act between personal interests and caregiving responsibilities.
When kids leave the nest, it can be emotionally challenging for parents. Some Gen Xers find it tough to deal with the emotional impact of an “empty nest.” It’s a time of change and adjustment that can strain relationships.
Retirement brings major lifestyle changes that can also stress marriages and partnerships. It takes open communication and effort to adapt to this new phase of life together.
V. Finding Your Tribe in Retirement
Work often serves as the center for the social circles of many people. When you retire, those connections can fade away. Retirement can lead to loneliness, especially if they haven’t made friends outside of work.
For Gen Xers, it’s crucial to actively look for new communities and friendships after retiring. This might involve joining clubs, volunteering, or taking classes. Making new connections can help stave off loneliness and make you feel like you belong.
VI. Too Much Time, Too Little Purpose
After spending years following a set schedule, suddenly having a lot of free time can be pretty tough. Some Gen Xers might find it tricky to adjust to the lack of structure and struggle to stay on top of things.
It is time to redefine what people call retirement; retirement is not only sitting back and doing nothing. It is finding new things that give happiness and satisfaction, like discovering hobbies, volunteering, or doing part-time work.
VII. The Emotional & Financial Toll of Letting Go
It is just quite hard to find affordable housing in a desirable area for a Gen Xer. Moving or downsizing doesn’t make any sense, no matter how good the financial reasons are.
The emotional cost of leaving behind a family home that holds so many memories is also very hard to manage. It’s tied to so many important moments and a sense of who you are. Considering options like cohousing, moving to more budget-friendly areas, or exploring different living arrangements might be something to think about.
VIII. Gen X’s Quest for a Meaningful Legacy
As Gen Xers look toward retirement, a number of them will reflect on what they have done. They want to know they have made a difference in the world.
In one form or another, this will be manifested by a desire to make a lasting impact on future generations. This can be in the form of engaging in philanthropic activities or merely passing knowledge and values down to loved ones.
Gen Xers are fulfilled in retirement by giving back to their communities and contributing in positive ways.
IX. Redefining Retirement for Gen X
Retirement is a new chapter for Gen X. It will not resemble what it used to be for their parents or grandparents. But as the resilient kids they once were, Gen Xers can choose how this chapter unfolds.
The ticking clock reminds us that time is a precious resource.
Let’s not let retirement become a ‘quiet tragedy.’ Instead, let’s embrace this chapter with the same resilience and creativity that defined our latchkey youth, turning it into a time of growth, connection, and meaningful contribution.