Gay GenXers’ queer money
Caught between the financial demands of two generations, gay GenXers find themselves navigating a unique set of challenges. Join us on this episode of Queer Money® as we explore strategies for bolstering financial literacy and securing a stable retirement for this often-overlooked demographic.
Hear the unique concerns of GenXers’ queer money:
Gay GenXers’ queer money concerns
Will you be ready to retire in a mere decade? As GenXers, we find ourselves at a critical juncture, sandwiched between two generations, grappling with financial realities that demand our attention.
Pew’s characterization of us as the “neglected middle child” underscores our unique position. Research from Pew and Allianz paints a sobering picture: we’re more preoccupied with retirement security than our Millennial counterparts and face the harsh reality that the traditional retirement dream may elude us.
We’ll reach retirement age in just nine short years, which seems daunting and surreal. Yet, our financial preparedness paints a concerning picture. With a median retirement savings balance of just $64,000, well below that of our Boomer counterparts, and a significant portion of us facing credit card debt upwards of $15,000, the road to retirement appears strewn with obstacles.
Compounding our concerns is the skepticism surrounding the future of Social Security, with a staggering 81% of us anticipating its disappearance when we need it most. In a landscape where political gridlock reigns supreme, we must take proactive steps to secure our financial future.
Our top recommendation for fellow GenXers is to swiftly reduce expenses and channel any surplus into strategic investments, particularly in the stock market. Unlike Boomers, who entered retirement burdened by mortgage debt, we must shed the weight of accumulated liabilities, including mortgages, student loans, auto loans, and credit card debt.
It’s time to liberate ourselves from this financial baggage. Eliminating credit card debt is a priority, and decisive action is needed to secure a stable financial foundation for the years ahead. Retirement may be challenging, but by taking control of our financial destinies now, we pave the way for a more secure and prosperous future.
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We’re David and John Auten-Schneider, the founders of Debt Free Guys and creators of the Queer Money® podcast. We help queer people (and allies) achieve financial, relationship, time, and location freedom by helping them design their Wealth Builder’s Pyramid.