Gen X Retirement Planning: Now Is The Time

I was recently asked on a podcast interview if it's ever too late to plan for retirement. I said no. But I do have some timely advice for Gen X: The time to start planning is now. No more waiting for some magical thing to happen. No more just accepting what is coming. As a generation, we deserve better than that.

Time Is Getting Limited, But That Doesn't Mean It's Not Enough

Let's be honest about where we are. The time is getting shorter, but it doesn't mean it's not enough time. The quicker you take action, the more possibilities and options you'll be able to uncover and create for an amazing retirement.

What I'm seeing from Gen Xers is that they are recreating what retirement looks like. Instead of succumbing to the recliner or defaulting to what prior generations did, they're reinventing themselves. They're becoming entrepreneurs — hello, that's me. They're writing a book and getting their story out. They're exploring the part-time job they've always wanted to do but could never financially afford before.

That's the shift. Retirement isn't a landing pad. It's a launch pad, if you decide to make it one.

What I Learned From My Own 13-Year Journey

I didn't always know I'd retire in 13 years. But when I realized retirement was possible in that timeframe, I set that as my goal. That's exactly what Gen Xers need to do — set their goal post. What is your door-open date?

Prepare for it and declare it. And when that date arrives and you decide to stay in — you stay. But what you don’t want to happen is that you need to retire because of health or employment issues and you haven’t been prepared.

When I set my door-open date, the part that changed everything for me was how easy it was to get focused and make it happen. Creating a desire and a dream makes lining up your money so much easier. If you don’t know what you want from retirement (ie. from your money) it’s difficult to control your money. Having priorities is the guide and bumper to being successful with money.

Your First Step This Week

If you’ve decided that it’s time to get serious and you’re wondering what the first step to take is, my answer to you is to define your retirement vision AND set a timeline. For that timeline, make sure you are declaring an age, a year, or an actual date that you want to retire. Getting super specific makes it more tangible. And if you're like most Gen Xers, you're up for a challenge. It's time to challenge yourself and do it.

Don’t just leave your retirement to chance. It’s no longer "someday" it’ll happen. It’s a certain date that it will happen and you get to decided.

The Myth That's Actively Hurting You

I need to bust this one, because it's everywhere: the idea that you need to have saved a set amount to retire. For the longest time it was $1M. More recently I've seen $2M, even $4M thrown around.

That blanket amount of savings has no bearing for anyone — except maybe Gen Z, who's just starting out and needs a target to shoot for. For you, your number isn't a headline. Looking at who you are, what you do, and what that costs is what actually decides how much you need. Stop measuring yourself against a number that was never built for your life.

What About Social Security?

Here's my actual opinion, the one I tell clients directly: Social Security will be there. The thought of it going away is a myth that continues on and on and on.

What you do need to think through is your prime age for withdrawal. You can take it at 62, 67, or 70 — and neither age is right for everyone. Thinking through your personal circumstances is what determines the age you should withdraw. This is exactly the kind of thing an On-Track Audit Call can help you solve.

The Main Advice For All of Gen X

Some of you are already at the exit door and you might think that means it's too late to start. It's not. Now is the time to get planning, no matter where you fall in the range of being a Gen X.

Everyone has their own issues standing in the way. But you cannot address what you haven't looked at. Knowing what your issues actually are boils down to one thing: diving into your numbers and your desire. Both. Not just the spreadsheet, you have to create the dream too.

Here's What I'm Not Going to Do

I'm not going to dwell on what hasn't been done. I'm not interested in guilt-tripping you about the years you didn't save or the plan you never made. That's done. What matters now is what can be done and that begin with today.

So here's the tough love: stop waiting for retirement to happen to you. Set your door-open date. Get specific about your number instead of chasing someone else's. Understand your real Social Security strategy instead of fearing a myth. And then find out where you actually stand.

If you need support in figuring out where you are and where you need to go, book your On-Track Audit Call and let's find out exactly what your path looks like — no more guessing, no more waiting for the magic.