A survey by Harness Wealth shows that Gen-X is anxious about their finances and find them complex. Harness Wealth's co-founder Katie Prentke English joined The Final Round to discuss.
This segment is brought to you by Fidelity Investments.
I'm Gen X, and will be retiring in about 10 years with roughly $1.5M in 401k, and pensions that guarantee about $50K per year.
Get a degree in a field where people will pay for your talents (engineering), and start saving from your earliest paychecks. Just listen to the 'boring' experts who tell you to max out tax advantaged accounts, and diversify in low-cost mutual funds and ETFs. Sit back and crank through 35 years of work (minimum) to get rid of any 'zeros' in your Social Security work history, and you'll be fine.
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The key is to start saving/investing early in life and be consistent (save with every paycheck). Taking advantage of a matching 401k plan should be a no brainer. The power of compounding is lost on many people. Also maxing out contributions when possible, eliminating debt, avoiding risks with your nest egg, planning for multiple streams of income once retired (social security, pensions, dividends, part time work, etc.) and making catch up contributions once you reach 50 should all be part of everyone's plan. And work at staying healthy to reduce illness, injuries and medical costs. The site Retirement And Good Living provides information on all these issues as well as many other retirement topics and also has several retirement and health calculators.
Get a degree in a field where people will pay for your talents (engineering), and start saving from your earliest paychecks. Just listen to the 'boring' experts who tell you to max out tax advantaged accounts, and diversify in low-cost mutual funds and ETFs. Sit back and crank through 35 years of work (minimum) to get rid of any 'zeros' in your Social Security work history, and you'll be fine.