Balancing responsibilities for both their children and ageing parents, along with economic challenges and financial insecurity, has left many Gen Xers feeling unprepared for the costs associated with retirement. As a result, many are contemplating moving in with their children to make ends meet.
As retirement approaches, many Gen Xers are left feeling unprepared and confused about what's to come. Burdened with supporting both ageing parents and their children, they often lack adequate savings, with a median amount of just $50,000 – considerably less than necessary for a comfortable retirement. Consequently, they face the possibility of moving in with their children to make ends meet during retirement.
Economic challenges, such as inflation – where 55% of U.S. adults reported just getting by or finding it quite difficult to manage in April 2024 – and pension instability, exacerbate Gen Xers' financial struggles. Experts advise delaying Social Security benefits, increasing savings contributions, and considering part-time work. However, with 31% fearing they may never save enough to retire, more empathetic, non-financial guidance might be needed.
HomeEquity Bank suggests reverse mortgages could support individuals in later life, and Australian retirement living provider Aveo emphasizes evolving community support for seniors. Nevertheless, Gen Xers may still require assistance in normalizing and discussing topics like moving in with family.
