Gen X is lagging in retirement savings, but there are ways to catch up<\/p>\n
They saved quarters to play Pac-Man, but Generation X is lagging in retirement savings.<\/p>\n
A new study says more than half of Gen Xers, those born between 1965 and 1980, don\u2019t feel financially prepared to retire.<\/p>\n
Financial planner Bjorn Amundson at Quarry Hill Advisors in St. Paul recommends if you\u2019ve fallen financially behind, you can take advantage of retirement-plan catch-up contributions.<\/p>\n
\u201cOnce you hit age 50, you get to start putting an extra $8,000 a year into your 401(k),\u201d Amundson said. \u201cFor just three magical years between the ages of 60 and 63, instead of putting the normal $8,000 catch-up, you can do $11,250.\u201d<\/p>\n
The study by Transamerica Center for Retirement Studies showed 17% of Gen Xers have already dipped into their retirement savings by taking a hardship early withdrawal.<\/p>\n
\t\t\t\t\t\t\t\tFor Related Stories:\u00a0Joe Mazan<\/a>\u00a0\u00a0Retirement<\/a>\u00a0\u00a0Saving<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Gen X is lagging in retirement savings, but there are ways to catch up They saved quarters to…\n","protected":false},"author":2,"featured_media":203545,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[138,246,104000,111,139,69,244,245,294,915],"class_list":{"0":"post-203544","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-finance","10":"tag-joe-mazan","11":"tag-new-zealand","12":"tag-newzealand","13":"tag-nz","14":"tag-personal-finance","15":"tag-personalfinance","16":"tag-retirement","17":"tag-saving"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/203544","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=203544"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/203544\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/203545"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=203544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=203544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=203544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}