You’ve heard of Millennials but have you heard of Xennials? And if you are a Xennial, does this label make a difference in your retirement planning? It might. You could scoff at these terms a marketing ploys or just conversation starters but it does help to know something about the specific obstacles people in your generation may face. We all need to save and prepare for retirement and recognizing the economic factors that affect our earnings can alleviate guilt about not saving enough and motivate us to do more.
Business Insider defines Xennials as a ““microgeneration” born between 1977 and 1985.” They didn’t grow up with cell phones or social media. Xennials were already working when the Great Recession happened, so while Millennials were just hitting the job market, Xennials “may have been hit hardest by the recession because of a combination of student-loan debt, job losses, and other factors.” And this is said not to create competition between these two groups but to increase understanding of what each age groups may have faced. Many Millennials couldn’t get started and some Xennials suffered setbacks just as they thought they were gaining momentum.
According to Investment Executive, a survey found “Canadian Xennials…are too overwhelmed by financial obligations to contribute as much as they would like to retirement savings.” On the one hand, people of all ages feel this way and on the other hand, Xennials have to see that they are in a position to save more aggressively and still be okay at retirement time. People born in the late 1970s and early 1980s don’t have as much time as Millennials but all is not lost.
A Fee-Only financial planner can help you with strategy to make the most of your money and the rest of your working years so you can retire (or semi-retire) without fear.