ROSELAND, NJ, November 23, 2024 /24-7PressRelease/ — In a recent article, Jaime Raskulinecz, CEO of Next Generation Trust Company, outlined chief concerns among Gen X members about their retirement readiness. This cohort, born between 1965 and 1980, might delay their retirement or continue working in some capacity through their retirement years according to insights cited in the article.
“Between lingering student debt, mortgage payments, credit card debt, the dot-com bubble burst, multiple stock market downturns and the financial fallout of the COVID-19 pandemic, many Gen Xers have underfunded retirement plans—or none at all, even though they are doing relatively well financially as a group,” said Raskulinecz. “Other life issues such as caregiving for aging parents, supporting grown children and the cost of health care for seniors all add to their concern about their lack of retirement savings.”
Next Generation specializes in the administration of and asset custody for self-directed retirement plans. These plans allow investors—who make all their own investment decisions—to diversify their retirement portfolios with a broad array of alternative assets such as real estate, precious metals, royalties, private equity funding, commodities, and many more.
Surveys and reports shed light on Gen X lack of retirement readiness
The article includes insights from a Wealth Watch survey, the 2024 Annual Retirement Study from Allianz Life Insurance Company of North America, the 2024 Transamerica Retirement Survey of Workers and the 2024 BlackRock Read on Retirement report. Among the results were:
• Less than half (44%) of Gen Xers have a plan for how to take income in retirement and 45% are worried about how to best take distributions from their retirement plan.
• Over half (55%) wish they would have saved more money for retirement and reported that expenses for day-to-day necessities, credit card debt, and housing debt are barriers to saving.
• Only 60% of Gen Xers feel they are “on track” for retirement, the lowest share of any generation, and 60% worry they will outlive their retirement savings.
• Just over one-third (35%) have no retirement account.
Self-direction as a retirement strategy
Raskulinecz noted that anyone with earned income can open a self-directed IRA and boost their retirement savings with nontraditional investments they already know and understand. Since alternative assets’ returns are not correlated with stock market performance, this strategy enables account owners to build a tax-advantaged hedge against stock market volatility and take advantage of investing opportunities more nimbly to meet retirement goals.
Read the full article about Gen X retirement readiness on the Next Generation blog. More information about self-direction as a retirement wealth-building strategy and about Next Generation is at www.NextGenerationTrust.com.
About Next Generation
Founded on the philosophy that every person should have control over their retirement plans, Next Generation educates consumers and professionals about self-directed retirement plans and nontraditional investments, a strategy at one time reserved only for the very wealthy. Next Generation Services provides comprehensive account administration and transaction support, and its sister company, Next Generation Trust Company, acts as custodian for all accounts. The neutral third-party professionals at Next Generation expertly guide clients and their trusted advisors as part of their white glove, personalized service for a seamless transaction experience from start to finish. For more information, visit www.NextGenerationTrust.com, or contact Next Generation at 888.857.8058 or [email protected].
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