Gen Xers Earning Up to $100,000 a Year Won’t Retire Like Boomers Did. They’re Embracing This Strategy Instead.
Twenty percent of American adults aged 50 and up have no retirement savings.
Key Takeaways
- Sixty percent of retirees plan to or already have undertaken a “retirement reinvention.”
- Many of them will find new ways to make some extra cash — out of necessity.
Sixty percent of retirees plan to or already have undertaken a “retirement reinvention” — transitioning into a new version of themselves during their golden years, according to a survey commissioned by IHG Hotels & Resorts and conducted by Talker Research.
The change might involve hobbies or volunteer work for some retirees — and new jobs for others.
Twenty percent of American adults aged 50 and up have no retirement savings, and more than half (61%) are concerned they’ll never have enough money to support themselves in retirement, per a recent survey from AARP.
As Gen X nears retirement, many middle-income earners making between $50,000 and $100,000 a year plan to continue working longer than their higher-income peers — and 25% intend to do so in retirement, according to a new survey from small-business platform ZenBusiness.
ZenBusiness’s research included 1,000 U.S. members aged 45-70 surveyed using Pollfish.
For many members of Gen X, particularly those in the middle-income bracket, a tried-and-true strategy offers another means to financial security in later years: entrepreneurship.
Forty-three percent of Gen Xers consider entrepreneurship as a way to maintain financial independence, according to the survey.
Forty-five percent of Gen X respondents said they see business ownership as a path to retirement stability, and 51.8% cited independence and control as their primary reasons for starting a business.
What’s more, 40% of Gen Xers indicated that they’re either considering or have already started their entrepreneurial ventures, the research found.
“The retiree side hustle trend is a testament to the evolving landscape of retirement,” MarketBeat founder Matt Paulson says. “It’s no longer just about leisure; it’s often driven by the need for financial security, along with a desire for purpose and fulfillment. Retirees are showing that there’s no age limit to innovation and entrepreneurship.”
Key Takeaways
- Sixty percent of retirees plan to or already have undertaken a “retirement reinvention.”
- Many of them will find new ways to make some extra cash — out of necessity.
Sixty percent of retirees plan to or already have undertaken a “retirement reinvention” — transitioning into a new version of themselves during their golden years, according to a survey commissioned by IHG Hotels & Resorts and conducted by Talker Research.
The change might involve hobbies or volunteer work for some retirees — and new jobs for others.
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