Gen X to be worse off than Boomers in retirement, study finds
Gen X (yeah at 40 years old that's me) could be really screwed when it comes time to retire. We've known for years now that Social Security isn't going to come close to cutting it for our post-retirement years. But it still seems like saving, investing and living within one's means are foreign concepts tantamount to a can that just keeps getting kicked down the road. I suppose that's why my wife and I are so enthusiastic about teaching our young daughters these concepts so early in life. We can't control what they do when they grow up. But we can at the very least make sure they have all of the information to make educated decisions.
The chart above is a snapshot of the S&P 500 dating back to 1950. The point of this is very simple: the market goes up over time. It's the most phenomenal wealth generator in the world. And it's accessible to anyone in this great country willing to participate. All you need is patience and the will to save and invest consistently over long periods of time.
My family's not going down with this ship. And neither should you. It's never too late to get started. But there's for sure a huge advantage in getting started early.