{"id":81884,"date":"2025-08-14T09:57:16","date_gmt":"2025-08-14T09:57:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/81884\/"},"modified":"2025-08-14T09:57:16","modified_gmt":"2025-08-14T09:57:16","slug":"5-ways-gen-x-is-planning-to-spend-their-retirement-are-they-prepared-financially","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/81884\/","title":{"rendered":"5 Ways Gen X Is Planning To Spend Their Retirement: Are They Prepared Financially?"},"content":{"rendered":"\n

Gen X has been working in their careers for multiple decades, and many of them are reaching retirement age<\/a>. The oldest Gen X members just hit their 60s, while the younger Gen X workers are in their mid-40s.<\/p>\n

It\u2019s natural for anyone to plan out how they will spend their money in retirement. Knowing what your expenses will look like can help Gen X gauge if they have sufficient nest eggs to walk away from their jobs.<\/p>\n<\/p>\n

Discover More: Savings Needed To Be Rich in America\u2019s Most Popular Retirement Destinations<\/a><\/p>\n

Check Out: Mark Cuban Tells Americans To Stock Up on Consumables as Trump’s Tariffs Hit — Here’s What To Buy<\/a><\/p>\n

While each person has a different financial playbook, there are a lot of similarities. A recent survey from Transamerica Institute<\/a> revealed how Gen X plans to spend their money in retirement<\/a>.<\/p>\n

Travel is the biggest bucket item among all workers. The survey revealed that 67% of Gen X workers will spend their retirement traveling.<\/p>\n

The costs of travel vary significantly. You can save money by narrowing your travel choices to a two-hour drive, but that may not be feasible for everyone. Meanwhile, some Gen X workers have saved enough money to travel to Europe each year, which is more expensive.<\/p>\n

For most retirees, travel is the biggest line item in their spending. The lack of a traditional 9-to-5 job will give them more flexibility to travel. However, it\u2019s important to avoid going overboard with traveling<\/a> during the first year if your finances are in a tight spot. You still have to make your nest egg last.<\/p>\n

Be Aware: 6 Key Signs You\u2019ll Run Out of Retirement Funds Too Early<\/a><\/p>\n

Most aspiring retirees mentioned spending more time with family and friends, including 58% of Gen X participants. Most people won\u2019t have a financial issue with this option, unless all of your friends and family live in different states that require air travel.<\/p>\n

Spending time with local family and friends is more straightforward. You can go out to a sports game, grab a bite at a local restaurant or find some nearby entertainment options. None of these choices costs much money if they\u2019re local and you do them sporadically.<\/p>\n

Most people don\u2019t have to worry about volunteer work from a financial perspective, but hobbies have varying budgets. Learning a new language isn\u2019t that expensive if you buy books, watch free videos and meet with a tutor each week. However, hobbies like golf and sail boating will cost more money.<\/p>\n

According to Fidelity<\/a>, the average 401(k)<\/a> balance for Gen X workers is $192,300. That\u2019s more than enough for most hobbies, but Gen X workers should aim for an amount well above this average to cover regular living costs.<\/p>\n

Story Continues <\/p>\n

Nineteen percent of Gen X workers mentioned taking care of their grandchildren during retirement, but this objective has a vast range. Some parents take care of their grandchildren with $100 worth of Christmas gifts each year, while others spend more than $1,000 per year on their grandchildren.<\/p>\n

Most people will have enough funds to give their grandchildren a gift<\/a> every once in a while. However, the best gift you\u00a0can give your grandchildren is your time. If you give them the best gifts but don\u2019t show up in their lives, all of the fancy gifts don\u2019t matter.<\/p>\n

Not every Gen X worker wants to stop working permanently. Eleven percent of them want to start businesses, and an additional 11% want to continue working in the same field.<\/p>\n

If you continue to work for as long as you can, you will run into fewer money issues when you retire. Working longer also makes it easier to fund all of your other retirement spending goals.<\/p>\n

Most of the mentioned retirement spending goals are affordable. The only exceptions are some hobbies and travel costs. However, if you monitor your nest egg, keep an eye on your expenses, and know that you can always pursue a side hustle<\/a> or part-time work if necessary, it\u2019s easier to fund your retirement lifestyle.<\/p>\n

More From GOBankingRates<\/p>\n

This article originally appeared on GOBankingRates.com<\/a>: 5 Ways Gen X Is Planning To Spend Their Retirement: Are They Prepared Financially?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Gen X has been working in their careers for multiple decades, and many of them are reaching retirement…\n","protected":false},"author":2,"featured_media":81885,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[28,6067,147,530,34861],"class_list":["post-81884","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-gen-x","tag-personal-finance","tag-personalfinance","tag-retirement-funds"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/81884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=81884"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/81884\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/81885"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=81884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=81884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=81884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}