If you’re a member of Generation X, your eyes probably roll at the labels “Slacker,” “Latchkey Kids,” or “MTV Generation.” Generation X (or Gen X), broadly defined as the generation born between the mid-1960s and 1980, was once known for its cynicism but later established itself through its entrepreneurial spirit and independence. This entrepreneurial spirit has carried through to their retirement strategy. Your generation was the first to embrace online investment platforms, such as E*Trade, and have maintained that DIY spirit ever since. You were likely setting money aside for retirement earlier in life than your Baby Boomer counterparts. Gen X was doing all the right things. You took on good debt, buying a home as opposed to renting. You invested in your 401(k)s. Then, just as your generation hit its stride, the Great Recession sent the economy into a spiral. Wages stagnated as unemployment skyrocketed — all while you were in the prime of your career. For the first time in many decades, housing values dropped, leaving some to pull from their savings just to get out from underwater mortgages. Now, many of you are trapped between two generations of dependents, your children and your parents, who are increasingly… Read full this story
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