Aging seniors are fortunate to have the assistance of Generation X (sometimes referred to as the “baby bust” generation), as indicated in a new study.
Generation X has been largely overlooked. But this new study finds that many in this “sandwich” generation are taking care of their parents as well as their own children. Ten percent of them are already grandparents. About two in 10 provide regular care for older parents or other relatives. Two-thirds have both parents still living.
Now approaching middle age, the Gen Xers are age 36 to 47. Their families include 2.5 children on average, and 43 percent have remained, so far, in the same line of work throughout their working years.
Lots of attention has been given to the huge tide of baby boomers as they matured and began retiring. The smaller generation of Generation X has been little studied.
The general perception of Gen Xers was of “unfocused twentysomethings,” There are about 50 million of them in America.
Gen Xers, as children and teenagers saw the launch of MTV and the birth of the music video. They often were described as “immature, cynical, grungy slackers…rather self-involved and perhaps aimless,” according to the study report.
More positive portrayals of Gen Xers focus on their independence, proficiency with technology, and high levels of education. On average, Gen Xers describe 63 as being old. When they reach that age, their perception of being old will undoubtedly change.
The study indicates that only 7 percent have started saving for retirement. Only three in 10 are confident Social Security will pay out all the benefits for which they will be eligible. Gen Xers largely are homeowners, with an average home value of $238,000. But 17 percent say they owe more on their mortgage than their home’s value. About 25 percent of them have been with the same employer for 15 years or more.
Most of this generation have children. Unsurprisingly, nearly 20 percent have blended families that include a child from a previous relationship.
On average, Gen Xers, like the baby boom generation before them, “want to retire at about age 62, but the average age Gen Xers actually believe they will be able to retire is 67.” More than 4 in10 “think they will have to retire later than they had hoped. Of these, most believe they will retire 5 years later or more.”
The largest percentage of this group associates itself with Gen Xers. “But a significant portion (28 percent) identify with the boomer generation,” the study said.
Traveling, spending time with family, and relaxing are the three most cited activities among Gen Xers’ top priorities for spending time during retirement. Only 15 percent say exercise and recreation will be priorities “which doesn’t bode well for their continued good health in retirement years,” the study cautioned. About 4 in 10 own disability insurance.
Gen Xers were “fairly evenly divided between themselves bringing home the most money, their spouse/partner having the higher income, or the two of them being equal earners in the household”…52 percent of the men reported they were the primary breadwinner compared with 23 percent of the women.
Almost 20 percent are in the medical, legal, professional or consulting fields. Only 5 percent are self-employed. Only 6 percent blamed the state of the economy for their job dissatisfaction. Some 19 percent earn less than 35,000 a year, and 29 percent earn more than 100,000 a year.
The study was conducted by the MetLife Mature Market Institute, a center of expertise in aging, longevity and generational research for the past 16 years.
Tait Trussell is an old guy and fourth-generation professional journalist who writes extensively about aging issues among a myriad of diverse topics.