The Generation That Can't Retire

The Generation That Can't Retire

Gen Xers are nervous about retirement...

The oldest of the "forgotten generation" are turning 60 next year. That means they're just a few years away from retirement age. But, according to Bankrate's 2024 Retirement Savings Survey, 43% of Gen X say they're "significantly behind" in saving for this life event.

Data from Fidelity confirms this, too. The financial-services company found that Gen Xers have a median 401(k) account balance of less than $60,000. So, many of these folks will end up relying on Social Security to carry them through retirement.

Around 90% of people aged 65 and older receive Social Security, and 40% of those recipients rely entirely on that income. Considering that the average monthly retirement benefit from Social Security is just $1,872.09, it's no wonder many retirees struggle to make ends meet.

And things will be even worse for Gen X...

Their full retirement age is 67, which means they must work longer before being entitled to full benefits... Few have much money saved to supplement the income they'll get from Social Security... And as above-average inflation persists and costs for nearly everything rise, that extra cushion won't last long.

If you want to live a happy retirement on your terms, money from the government won't be enough.

You have to be in charge of your own retirement.

Don't be one of those people who failed to take their retirement savings seriously and ended up having to return to the workforce. And if you act today, you still have time and opportunity to live the way you want to in retirement.

The best way to achieve this is through investing. I believe everyone – especially folks who are close to or in retirement – needs to have money in the stock market.

Now, with stocks regularly hitting new all-time highs, you might think you're too late. But it all comes down to putting your money to work in the right places...

My friend Marc Chaikin can help you with this. Marc started on Wall Street as an analyst more than 50 years ago. During his time, he created proprietary stock indicators – like the industry-standard "Chaikin Money Flow" – that are used by the biggest Wall Street firms and traders all over the world.

Then, in the wake of the great financial crisis, Marc founded our corporate affiliate Chaikin Analytics to help teach everyday investors how to do as well as the "pros." As Marc describes...

After the financial crisis in 2008, I saw the little guy get creamed by Wall Street. So my focus shifted. I developed a set of tools for individual investors. They're specifically designed to turn trading and investing into a fair fight, for those who aren't Wall Street elites.

Together, this set of tools is called the Power Gauge. And I've poured everything I've learned over my more than 50 years of finance into it.

On Tuesday, Marc hosted a webinar and revealed why a postelection surprise he's tracking in the Power Gauge will make investing in 2025 so different from other years.

According to him, whether your investments do well next year will depend on one decision you must make before December 24.

So if you want to start working toward a better future for your retirement – and also want to learn valuable insights on some of the best ways to grow your wealth in 2025 – click here to watch Marc's full presentation.

Now, let's dig into the Q&A... As always, keep sending your comments, questions, and topic suggestions to [email protected]. My team and I read every e-mail.

Q: Doc, is getting your fiber from supplements OK if you need a little extra? Any kind you recommend? Thanks. – S.F.

A: Our bodies do need fiber. Unfortunately, fiber supplements increase your risk of constipation. So as convenient as they seem... you should skip the supplements in favor of adding natural sources of fiber to your diet.

Several studies over the past few years show most of the health benefits from fiber come from vegetables, legumes, and grains. Good sources include split peas, black beans, green peas, and oatmeal. Fruit also contains fiber, but don't make that your main source.

In addition, avoid loading up on bad sources of fiber, like processed foods and baked goods that contain tons of starches and sugars.

According to the Institute of Medicine, women need about 21 to 25 grams of fiber each day, while men need between 30 and 38 grams. The average American only consumes about 10 to 15 grams of fiber each day.

If you're not getting enough, start adding 1 gram of fiber to your diet every day or so over the course of a few weeks. It's important that this be a gradual process. You don't want to add fiber to your diet too quickly, as it could lead to gas, constipation, abdominal cramping, and bloating.

If you experience any of those symptoms, reduce your intake by a few grams and then slowly work your way back up. And always make sure you drink more water as you increase your fiber intake, as it helps the fiber move through your digestive system more easily.

What We're Reading...

Here's to our health, wealth, and a great retirement,

Dr. David Eifrig and the Health & Wealth Bulletin Research Team
December 20, 2024