Why Gen X Marks the Spot for Rethinking Retirement
Retirement plans that worked for Baby Boomers may not fit the bill for Gen Xers. If you're nearing 60, it's time to bring your retirement strategy up to date.


As the oldest members of Generation X close in on age 60, retirement decisions are moving front and center. Many Gen Xers have spent decades carefully saving and investing in their retirement, but even those who have closely followed the savings playbook are starting to question whether their retirement dream will become a reality.
In 2024, 71% of Gen Xers are considering delaying their retirement, up from 65% in 2023, according to a recent survey from F&G. Nearly half (49%) said they are worried about not having enough money for retirement. But even amid volatility and uncertainty, there are steps Gen Xers can take to ease these concerns.
Retirement considerations for a new generation
It’s no secret that retirement looks different for everyone, and generations today are approaching it with more consideration than their parents and grandparents. Whether it is to continue the intellectual challenge and stimulation that comes from working, as I did, or pursuing new passions, the concept of retirement may well look different for current and future retirees.

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It's important to keep in mind that planning for retirement isn’t a one-size-fits-all journey. The traditional path that our parents and grandparents went down may not align with Gen Xers’ personal aspirations or evolving life circumstances.
That doesn’t mean there isn’t an abundance of retirement planning knowledge that Baby Boomers (both older and younger ones like myself) can pass down. However, it’s important to keep in mind that Gen Xers require tailored advice tied to their unique financial challenges and aspirations. That kind of advice isn’t always transferable from generation to generation.
How cautious Gen Xers can protect their nest eggs
This is a crucial time for Gen Xers to shift their focus from simply accumulating wealth to strategically planning the distribution of their savings as they enter retirement. While this generation is tech-savvy and often has a DIY ethos, I think they would also be well served by supplementing their own expertise with a professional financial coach who can discuss both their personal financial goals and the products that can help turn those goals into reality.
Particularly attractive, yet often overlooked, options for Gen Xers to consider are annuities, which can allow investors to pursue growth potential with an added layer of protection. Notably, our survey found that less than a quarter (19%) of Gen Xers own an annuity.
Annuities can take the pressure off a portfolio while offering peace of mind that people won’t outlive their savings. With the traditional corporate pensions many of their parents relied on now a thing of the past, annuities can provide an opportunity for Gen X to create their own pension-like income. These products are also well suited to weather inflation and stock market volatility.
They’re a good fit for a generation that lived through an array of global volatility, including the boom and subsequent dot-com bust of the ’90s, the financial crisis of 2008 and most recently a pandemic and inflation concerns that are just starting to slow now. Given that, it’s no surprise that Gen Xers have lingering volatility fears in the back of their minds. In fact, we found that nearly half of Gen Xers continue to remain worried about inflation (47%) in addition to a recession or stock market downturn (31%).
Why Gen Xers should consult an 'Xpert'
I recommend that people consult a financial adviser before buying an annuity or any financial product. Financial advisers are critical partners who can ensure that the products people are invested in will meet their financial needs. Yet, according to our study, only half of Gen Xers are currently working with a financial adviser. For those who are seeking safety and certainty, financial advisers can help put them on a path to guaranteed income and a less stressful retirement.
But no one should expect a financial adviser to do all the work for them. It’s important that people come prepared to any conversation with their financial adviser. Online tools like retirement savings calculators, budgeting tools and investment tracking apps can empower people with the data they need to ask the right questions and ensure that both they and their financial adviser are on the same page.
Retirement isn’t just a number: It holds different meanings for everyone. By addressing financial concerns now, Gen Xers can clarify their unique vision for retirement and set themselves on the path to achieving their ultimate goals.
Note: The F&G survey was conducted online by Directions Research and fielded from May 1 to May 16, 2024, among a nationally representative sample of 2,048 U.S. adults. Respondents were targeted to Americans ages 50+, who are financial decision-makers, that have $100K+ in financial products/savings.
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For more than 30 years, Chris Blunt has held senior leadership positions at several major insurance and financial services companies. He joined F&G in 2019 and currently serves as the Chief Executive Officer. Prior to that, he served as Chief Executive Officer at Blackstone Insurance Solutions and spent nearly 13 years at New York Life in a variety of executive roles.
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