63% of Americans are more worried about going broke before dying than they are about death, according to a study by Allianz Life Insurance Company of North America . That’s a 6% increase since 2022. High inflation contributes to these concerns, as do worries about the future of Social Security.
While most Americans worry about having enough money to last through their retirement years, Gen X is really concerned. In fact, 71% of Gen X respondents said they were more worried about this issue, compared to 64% of millennials and 53% of boomers. What can be done to alleviate these fears and to prepare upcoming generations for retirement? Gen X Worries the Most Gen X’s concerns stem from their increased financial responsibilities.
The youngest of Gen X may still have children at home, a mortgage, and car payments. Gen X, across the board, is likely to care for elderly parents, which adds to their financial concerns. They may also help their older kids with student loan payments or with other financial assistance.
According to Yahoo Finance , the average Gen X household only has about $40,000 in retirement savings. Elder Gen Xers — 50 and up — are close enough to retirement that they’re jittery about being able to stockpile enough in savings to get them through their retirement years. The Allianz survey reports that 39% of Gen Xers are concerned about high inflation ‘s effect on their ability to save more for retirement.
About 24% of this age group is also worried about .
