3 Ways Gen X Can Increase Their Income In 2024
Written by
Karen Doyle
Edited by
Cory Dudak
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Gen X, those born between 1965 and 1980, are now between 44 and 59 years old and so should be in their peak earning years. Yet, according to a TransUnion study, just 26% of this cohort says their income is keeping up with inflation. By contrast, 44% of Gen Z (born between 1997 and 2012) and 53% of millennials (born between 1981 and 1996) think their incomes are keeping pace with inflation.
How can Gen Xers boost their income during these peak earning years? Here’s what you need to know.
Ask for a Raise
The easiest way to get a raise is to ask for it. Many Gen Xers came up through the ranks during the days when everyone got an annual performance review accompanied by a raise, and promotions were from within and often tied to seniority. Today’s workforce is more mobile and fluid, so employees who think they’re worth more need to speak up.
Research the “going rate” for your position and level of seniority and make a list of your accomplishments and how they’ve positively impacted the company. Then go to your boss and plead your case.
Learn New Skills
The millennials and Gen Zs that have come along behind the Gen Xers have been using technology all their lives — it’s second nature to them. If you’re a Gen X employee who hasn’t kept up, it’s time to learn those new skills. Certifications in your field can also be a way to boost your salary.
Switch Companies
It’s an employee’s market right now, and companies are paying top dollar to new hires. Unfortunately, sometimes this means that current employees get a nominal raise so the company can stay within its payroll budget. If your present company isn’t willing or able to raise your salary, you may be able to use the current hiring crunch to your advantage. Seek out a new position at another company that’s willing to bring you in at a higher salary than what you’re making now.
Boosting your earnings in the last few years before retirement provides a double benefit. In addition to having more money to sock away for your retirement, you’ll boost your earnings record, which is used to calculate your social security benefit. So the more you make now, the more you can collect in retirement.
More From GOBankingRates
