Gay GenXers’ queer money
Considered the sandwich generation lost between Boomers and Millennials, how can gay GenXers gain more financial knowledge and prepare for retirement? We answer those questions and more on this Queer Money®.
Hear the unique concerns of GenXers’ queer money:
Gay GenXers’ queer money concerns
If you’re a GenXer, will you be ready to retire in 10 years?
In 2014, Pew declared GenXers as the neglected middle child. Pew research also shows that GenX is more concerned about financial security in retirement than Millennials and Boomers. In 2015, Allianz’s research showed that 84% of GenX say that stopping work at age 65 and retreating into a life of leisure is an ancient fantasy they’re unlikely to attain.
It’s hard to believe, but GenXers will reach retirement age in just 9 years. We have bottles of wine older than that!
Retirement looks like a precarious situation for we GenXers, too. Our media retirement savings balance is $64,000, while Boomer’s median retirement savings balance is $114,000. Twenty-seven percent of us have less than $50,000 saved for retirement.
These tiny balances aren’t the only reason 42% of GenXers are currently stressed about money. The average GenXer carries a $7,718 credit card balance. That means GenX households average about $15,436 in credit card debt alone, excluding mortgage, auto, and student loan debt. To be clear, some of that debt is because we’re simultaneously supporting partially or full parents and children. But who will care for us when we need to be cared for?
As a generation, we don’t think Social Security will be there for us because 81% of us expect Social Security to disappear by the time we need it. With both political parties seeming willing to keep kicking that can down the road, what can we do?
Our #1 tip for GenXers is to reduce expenses quickly, then invest any surplus into the stock market. Boomers started accumulating more mortgage debt as they entered retirement, making retirement challenging for many of them.
GenXers are upping the ante by heading into retirement with record levels of mortgage, student loan, auto, and credit card debt. That’s baggage we don’t need!
So, offload that debt ASAP. Start with offloading that credit card debt ASAP by signing up for the Credit Card Pay Off Plan here.
The Credit Card Pay Off Plan is the fastest way to pay off credit card debt. It saves more money than either the Snowball or the Avalanche methods (and any other method), and it’ll get your credit score over 750 for those times when you may need to apply for credit.
Get more info for gay GenXers on queer money and retirement planning:
How can you get more Queer Money® podcasts?
✅ Subscribe to the Queer Money® podcast here @ QueerMoneyPodcast
✅ Hear the original Queer Money® episode @ 5 Money Steps Queer GenXers Must Make Today
✅ Join the conversation in the Queer Money Facebook Group @ QueerMoney
✅ Email us with questions @ [email protected]
We’re David and John Auten-Schneider, the Debt Free Guys (www.debtfreeguys.com) and hosts of the Queer Money® podcast. We help queer people (and allies) live fabulously not fabulously broke by helping them 1) pay off credit card debt, 2) become part- or full-time entrepreneurs and 3) save and invest for retirement.