Millions of Americans in their 40s and 50s are headed for retirement without being as prepared as they wish they were.
New research from Allianz Life reveals financial regrets, concerns, and priorities of Generation X with most of the cohort expressing lower confidence in their retirement finances than the millennials who have longer to prepare.
The study found that only 62% of Gen Xers feel confident about being able to financially support all the things they want to do in life, although the stats were higher for Black/African American (68%) and Asian/Asian American (67%) respondents than for White (60%) or Hispanic (58%).
By contrast, 82% of boomers and 77% of millennials said they were confident in having the money to do the things they want to do.
More than half of Gen Xers said they wish they had saved more for retirement and this group said that expenses for day-to-day necessities (61%), credit card debt (40%) and housing debt 39% is keeping them from saving more money from retirement.
“Saving more overall is foundational to retirement,” said Kelly LaVigne, VP of Consumer Insights, Allianz Life. “However, Gen X may need to take this a step further and remember that a retirement strategy isn’t just about one big final number in the bank. Once you retire, you are going to need to draw from those assets for income. You need to ensure the money lasts.”
Asked about their priorities to improve their long-term financial security, Gen Xers are paying off debt (64%), building up an emergency fund (58%) and making financial choices to maintain or improve their credit score (55%). Nearly two in three (63%) say one of their top three goals in the next five years is to save enough and make plans to live a comfortable retirement, up from 56% in 2023.
The concerning situation for the next generation to retire en masse is that most (58% do not have a financial plan in place, even as retirement closes in. And only 35% are working with a financial planning professional, way below the 46% of millennials and 54% of boomers who do.
“Gen Xers are reaching crunch time for retirement planning,” Lavigne said. “For Gen Xers, retirement is no longer this far off idea. That can feel stressful, but by preparing now, they can create a strategy that will help them seek their ideal retirement. The good news is that it is never too late to prepare for retirement. You can wish you started sooner, but you’ll never wish that you waited longer.”
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
