The oldest members of Generation X are turning 60, so for them, retirement is no longer a distant milestone — it’s right around the corner. Yet, a recent Nationwide Financial survey found that 61% of Gen X investors who aren’t retired didn’t view retirement as an urgent priority until after age 50. That late start can make catching up challenging — but not impossible.
Here’s what this means for Gen X’s financial outlook and the smartest ways to make up for lost time.
Is Age 50 Too Late To Start Prioritizing Saving For Retirement?
Starting to make a big push for retirement savings at age 50 isn’t too late — but every year counts.
“It’s never too late to start prioritizing retirement savings,” said Suzanne Ricklin, vice president of retention and sales at Nationwide Financial. “However, the longer you wait, the harder it gets to close your savings gap, so there is no time like the present to get started.”
Ricklin recommended meeting with a financial professional to develop a plan to get your retirement savings back on track.
“A trusted financial advisor can help you look at your current financial situation to help you think about the best ways to adjust your savings habits and strategies,” she said.
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Ways Gen X Can Catch Up on Retirement Savings
After realizing retirement was closer than expected, many Gen Xers took action. According to Nationwide’s survey:
- 40% cut discretionary spending
- 34% increased contributions to retirement accounts
- 23% sought professional financial advice
- 20% explored new income sources
- 19% shifted their investment strategy to reduce risk
“There is no one-size-fits-all solution for financial planning because everyone’s retirement goals and financial circumstances are different,” Ricklin said.
However, she recommended many of the adjustments Gen X investors are currently making, including reducing discretionary spending, increasing retirement contributions, seeking out professional financial advice and adjusting investment strategy as needed.
“If you can save or invest more, you should — and an advisor or your workplace retirement plan can help you think about the smartest way to put that money to work based on your risk tolerance and retirement timeline,” Ricklin said. “If you are running behind schedule on your savings, you may have to consider some trade-offs when it comes to spending on things you want versus things you need.”
Starting late doesn’t mean you can’t retire comfortably — but it does mean you should act fast to catch up. The sooner you make these changes, the better your chances of closing the savings gap and enjoying the retirement you’ve envisioned.
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This article originally appeared on GOBankingRates.com: Gen X Waited To Save For Retirement: 5 Ways They’re Making Up for Lost Time
