Worries of a Gen X Woman
/I’m a typical Gen Xer. Born between 1965 and 1980, we are known as the Latchkey Generation because we came home from school to an empty house (yep!). In fact, as the oldest, I also spent summers taking care of my younger siblings while my single mother worked. Some of the traits that grew from this type of upbringing led many to be self-sufficient, resourceful and individualistic since we are used to caring for ourselves. In fact, as I leave for work each morning, my husband says, “Have a good day!”. My (only half-jokingly) response is, “Don’t tell me what to do.” (OK, maybe I have taken the independence thing a little too far.)
In the 2023 Planning & Progress study by Northwestern Mutual, 52% of Gen X women surveyed have reported one of their biggest fears about retirement is outliving their savings. In that same study, 50% of those women also listed declining health as one of their top concerns. I can relate to both, but I also understand there are things I can do to help me have positive outcomes in these areas.
First – outliving your savings. Not to toot my own horn, but a 2023 study by the Financial Planning Standards Board found that people who work with a CERTIFIED FINANCIAL PLANNER professional have a better understanding of their finances and feel more confident about their financial decision-making. Working with a financial planner in preparation of and during retirement, can help women feel more secure about not outliving their savings. A planner can prepare a retirement projection to ensure you are saving enough for retirement, help you know when you are financially ready to make the transition, and then monitor your portfolio distributions so you don’t spend your money too quickly. There’s a peace of mind that comes when you have professional guidance and input, especially in something as important as your successful retirement.
On the health front, my husband and I became focused on our health a couple of years ago. We are eating healthier and routinely exercising. Even small changes, like moving more each day, can make a difference in your future health. Being intentional is the key.
I understand some financial and health matters are out of our control, but that should not stop us from setting goals and working toward them. If these are among your greatest worries, no matter the generation, take steps toward addressing them for a happier future.
- Juli Erhart-Graves, CFP®, Worley Erhart-Graves Financial Advisors
