Putting the garden in Garden State
After the Baby Boomer generation, the next group that is typically studied is Generation X, comprised of those born between 1965 and 1976. Humans landed and walked on the moon for the first time during this period, starting with Neil Armstrong and Buzz Aldrin on Apollo 11 in July 1969. Toward the tail end of Generation X, the American Bicentennial would be celebrated and technology firms named Microsoft and Apple would be founded. The Beatles would break up and reemerge as successful solo artists. The Yankees would return to be one of the top teams in baseball. In the 1980s and 1990s, Gen X would project a strong influence on popular culture, often highlighted by the TV show "Friends". So how is Gen X doing with its finances, including preparing for retirement?
According to MetLife's Mature Market Institute (MMI), it appears to be a mixed bag. Whether the glass is half empty or half full is up for debate.
According to MetLife's Mature Market Institute (MMI), it appears to be a mixed bag. Whether the glass is half empty or half full is up for debate.
- 65% of Gen X'ers are working full-time, as are their significant others; this suggests that significant numbers are not working full-time.
- Only 2 in 5 are still in the same career as when they started working.
- Most would like to retire at age 62 but don't expect to be able to until age 67.
- Half are behind in saving for retirement, with women more so than men.
- 7 in 10 are not confident that Social Seccurity will be able to provide full benefits.
- More than 8 in 10 are homeowners, but about 1 in 6 owe more on their mortgage than the value of their home.
- About 3 out of every 4 are raising children, while about 2 in 10 are caring for older family members.
