Generation Xers Not Saving For Retirement - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Generation Xers Not Saving For Retirement

Financial Analysts are warning Generation Xers to start thinking about their retirement.  A new survey released by Charles Schwab found that nearly half of the 5,000 Gen Xers said they were not thinking about their future.  

"The vast majority of people just don't start getting interested in retirement until later in their 40s and at that time it's really late and very difficult," said Dale Buckner, a Certified Financial Planner for Asset Planning Group. 

Ricky and Liesa Knight, however, are already conscious of their retirement and are saving every bit they can. 

"We got a savings account, we put a little in the savings account each pay day to help us," said Liesa Knight. 

Buckner says Generation Exers, which is generally defined as people who were born between 1965 and 1980, are so caught up with "bigger, bigger, bigger." 

"Their priorities are that they believe that their purchasing an asset when they buy a house, they're purchasing an asset when they buy a car, and they're not they're purchasing a liability," said Buckner. 

Not only are Generation Exers strapped down with the luxuries they purchase but they are also facing high home prices, skyrocketing college tuition, and the increase costs of raising a child. 

"Right now I'm just focused on paying off my education bills off, its just accumulated quite a bit, been to school for so long," said Christine Trevino. 

Trevino said she has a 401k account, only because her father pushed her to do it. 

"Now I'm seeing the benefits of it. 10 dollars here. 20 dollars there. It adds up," said Trevino. 

Buckner said setting aside 10 percent of your income is a good place to start saving for your retirement. 
  

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