3 Money Moves Gen X Should Make Now as Retirement Looms
Written by
Chris Adam
Edited by
Ashley Barnett
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Let’s start with some good news for Generation X workers. For the first time, they’ve now seen their 401(k) retirement balances top those of Baby Boomers, according to Fidelity data.
The news comes as older members of Generation X — born between 1965 and 1980 — start seriously considering their retirement nest eggs. That’s because they’re hitting that critical age of 59½, where they’re eligible to take money from their retirement accounts without penalty.
If you’re reaching this critical point or soon will be, here are some money moves to make now as retirement looms.
Consider a Financial Advisor
You’ve probably heard the recommendation many times to get a financial advisor. If you’re nearly 59½, it may be time to hear that advice again.
Not only are you likely saving for retirement at this point, but you also may be dealing with aging parents and putting your kids through school. According to experts who talked to MoneyWatch, “Such complications could call for a financial advisor or at least some serious at-home budgeting and planning efforts.”
Plan Your Working Years
You may need to work longer than you had hoped before you can fully retire. Many workers don’t have the nest eggs they had hoped for when it comes to being able to comfortably afford retirement.
If that’s you, you may consider keeping your job skills fresh and exploring potential ways to boost your income and cut expenses.
Learn about Medicare
If you’ve talked to a friend or family member on Medicare, you’ve probably heard about some of the complexities. Instead of waiting until you hit 65, now may be a good time to dig in and read about Medicare coverage and options. You may be able to find better ways to manage and afford your healthcare needs as you retire.
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