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Abstract

als</blockquote><blockquote id="0535">The number of Baby Boomers, whose generation was defined by the boom in births following the Second World War, has fallen by nearly six million since 2010. However, they remain the second-largest generation group, and aging Boomers are contributing to steady increases in the median age of the population. Meanwhile, the Millennial generation continues to grow, and one reason for this is the increasing number of young immigrants arriving in the United States.</blockquote>Sandwiched between the two much larger demographics of Boomers and millennials, we’re accustomed to being an afterthought. We have been edged out of the cultural conversation as the media obsesses over millennials and companies court wealthy Boomers.It is not as if I am gravely insulted by my generation being generally overlooked in discussions of generations. It does not greatly impact my life one way or another, and, come to think of it, that in itself may be endemic to my generation. I do not really care.But since I did not come across any publications of significance (although I just discovered The Land of the Forgotten while writing this sentence — only 240 followers), I have attained the age of fifty and associate well with readers and writers right here. More so than I would with a millennial.My generation’s music and art spoke of alienation and disaffection, from grunge to hip-hop and films like “Heathers,” “The Breakfast Club,” and “Say Anything.” “Reality Bites” was not just a movie — it was a belief. We have been written off as insignificant and slackers.Until now.The coronavirus epidemic has placed Gen X in the spotlight, and for good reason. While millennials and Gen Z continued partying and going to the beach, and Boomers who failed to recognize that they are not so young anymore kept brunching, my generation generally stood up, took action, and stayed in.Many of my friends were the first generation of latchkey kids whose parents divorced. Thus they know something about fending for themselves while home alone.<h2 id="0694">Gen X Finance</h2>Again, most articles that appear in my various feeds are about millennials making it rich, while millions of others have failed to launch at all, and about how Boomers should prepare for their retirements. Most of these articles detail how the various generations are utterly unprepared financially.Much of the writing and talking about personal finance ignores those of us born between 1965 and 1980, even though I can tell you that most of my friends and relatives in this age category are doing quite well. My brother has become a multi-millionaire during the pandemic, and my two closest friends have become what I will call “millionaires on paper” during the past two years — 401(k) millionaires if you will.In case you’re wondering, I am not in the millionaire category, either on paper or with that much in liquid assets.Despite the many I know who are doing well financially, The Bank of America 2020 Workplace Benefits Report, which surveyed 996 full-time and part-time employees participating in 401(k) plans, found that just 23% of Gen

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Xers feel a sense of progress saving for retirement; only 22% feel progress about growing their savings to pay for unexpected expenses and a mere 14% feel progress paying for current and future health care expenses.According to Richard Eisenberg’s article in Forbes on January 4th, when comparing my generation with yours, assuming that you are a Boomer:<ul><li>42% of Gen Xers feel stressed about their finances, while 23% of boomers do (Allianz Life)</li><li>The median household retirement savings for Generation X is $64,000, less than half the$ 144,000 of boomers. And 27% of Gen Xers have saved less than $50,000, vs. 18% of boomers. (Transamerica Center for Retirement Studies)</li><li>As of late 2019, Gen Xers had saved just$ 5,000 for emergencies (median) compared to $15,000 for boomers (Transamerica)</li><li>As a result of the pandemic, 27% of Gen Xers have <a href="https://www.nextavenue.org/401k-early-withdrawals-easier/">taken a loan and/or a withdrawal from their retirement plan </a>or expect to; 11% of boomers have or plan to (Transamerica)</li><li>81% of Gen Xers are concerned that when they’re ready to retire, Social Security will not be there for them; 61% of boomers feel this way (Transamerica)</li><li>COVID-19 has made 26% of Gen Xers less confident in their ability to retire comfortably vs. 19% of boomers (Transamerica)</li><li>22% of Gen Xers saw their household income fall by half or more during the first few months of the pandemic; just 8% of boomers did (Prudential Financial Wellness Census 2020)</li></ul>Obviously, my generation seems not to be faring as well financially as the one before us.Even though I am often among the 42% of my generation who feels stressed out about my family’s finances, especially this month as I shell out twenty thousand dollars, I do far exceed the median retirement savings amount quoted above as well as our emergency fund.We did not see our household income fall during the pandemic — it rose each of the last two years, largely due to me being a long-time government employee who also realized over twelve thousand dollars in dividends and capital gains last year and generated a couple thousand more by my online writing and selling efforts.Not great, but doing okay for a Gen Xer.<h2 id="90a7">Rambling Man</h2>I suppose that I could ramble on forever about differences between various generations, having worked with, lived with, been parent to, and friend of people whose births spanned from January of 1911 (my father’s father) to just this month (my cousin’s third baby).If you go back far enough, I can vaguely recall my Zayde, who immigrated from what was considered Russia back around the turn of the century. He was born in the 1800s, as was another great-grandfather who I barely knew.As my former (Boomer) boss would say, I’ve got the Gift of Gab.But I share here that I am excited to become part of this publication, although I do not live or write with the experience and viewpoint of a Boomer.But when it comes to quoting lines from Depeche Mode, the Cure, or Run-DMC, or commentary on movies like “Slackers” or “Heathers,” look no further than me.</article></body>

I’m a Gen Xer — Part of an Afterthought Generation

Don’t overlook 65 million of us!

ThGen X Wordcloud by Wes Candela — Creative Commons

As my very first paragraph in this publication, I hope not to turn you off as a reader but to gain your readership.

Every so often, I say or do something that prompts our very trendy and popular Gen Z daughter to sarcastically say “Okay Boomer” to me.

I know that may not be a phrase that may be warmly welcomed in this forum, but it nonetheless still gets said and written, although far less so now than in the two previous years when it was hard to go for very long without coming across it.

When she says this, I always remind her that I am not, in fact, a Baby Boomer, but part of a lesser-talked-and-written about generation between them and those millennials.

I am a Gen Xer

Gen X or Generation X is a demographic group of people born between the mid-1960s to 1980. The age range differs slightly between researchers and media houses. Some use the early 1960s to late 1970s or early 1980s. However, the majority consider the range to be from 1965 to 1980.

Having been born the week prior to Thanksgiving in 1970 and writing this about three weeks prior to my fifty-first birthday, I fall squarely into this age cohort. My younger sister (born September 1975) and younger brother (born June 1977) are also Gen Xers. The shows, movies, music, and many other things that we like harken from the same era of the eighties and nineties, although my younger siblings appreciate modern entertainment and gadgets more than I do.

Even though my wife, siblings, and most of our friends represent only a few dozen of Gen Xers, there are nearly sixty-five million of us, according to Statista. Despite that, the website fails to mention my entire generation in the short summary from last month:

U.S. population by generation 2020

Published by Statista Research Department, Sep 10, 2021

Millennials were the largest generation group in the U.S. in 2019, with an estimated population of 72.1 million. Born between 1981 and 1996, Millennials recently surpassed Baby Boomers as the biggest group, and they will continue to be a major part of the population for many years.

The rise of Generation Z

Generation Z is the most recent to have been named, and many group members will not be able to remember a time before smartphones and social media. However, the group already makes up around 20.35 percent of the U.S. population, and they are said to be the most racially and ethnically diverse of all the generation groups. With the oldest Generation Z members turning 23 this year, a sizeable share will be eligible to vote in the 2020 electorate.

Boomers vs. Millennials

The number of Baby Boomers, whose generation was defined by the boom in births following the Second World War, has fallen by nearly six million since 2010. However, they remain the second-largest generation group, and aging Boomers are contributing to steady increases in the median age of the population. Meanwhile, the Millennial generation continues to grow, and one reason for this is the increasing number of young immigrants arriving in the United States.

Sandwiched between the two much larger demographics of Boomers and millennials, we’re accustomed to being an afterthought. We have been edged out of the cultural conversation as the media obsesses over millennials and companies court wealthy Boomers.

It is not as if I am gravely insulted by my generation being generally overlooked in discussions of generations. It does not greatly impact my life one way or another, and, come to think of it, that in itself may be endemic to my generation. I do not really care.

But since I did not come across any publications of significance (although I just discovered The Land of the Forgotten while writing this sentence — only 240 followers), I have attained the age of fifty and associate well with readers and writers right here. More so than I would with a millennial.

My generation’s music and art spoke of alienation and disaffection, from grunge to hip-hop and films like “Heathers,” “The Breakfast Club,” and “Say Anything.” “Reality Bites” was not just a movie — it was a belief. We have been written off as insignificant and slackers.

Until now.

The coronavirus epidemic has placed Gen X in the spotlight, and for good reason. While millennials and Gen Z continued partying and going to the beach, and Boomers who failed to recognize that they are not so young anymore kept brunching, my generation generally stood up, took action, and stayed in.

Many of my friends were the first generation of latchkey kids whose parents divorced. Thus they know something about fending for themselves while home alone.

Gen X Finance

Again, most articles that appear in my various feeds are about millennials making it rich, while millions of others have failed to launch at all, and about how Boomers should prepare for their retirements. Most of these articles detail how the various generations are utterly unprepared financially.

Much of the writing and talking about personal finance ignores those of us born between 1965 and 1980, even though I can tell you that most of my friends and relatives in this age category are doing quite well. My brother has become a multi-millionaire during the pandemic, and my two closest friends have become what I will call “millionaires on paper” during the past two years — 401(k) millionaires if you will.

In case you’re wondering, I am not in the millionaire category, either on paper or with that much in liquid assets.

Despite the many I know who are doing well financially, The Bank of America 2020 Workplace Benefits Report, which surveyed 996 full-time and part-time employees participating in 401(k) plans, found that just 23% of Gen Xers feel a sense of progress saving for retirement; only 22% feel progress about growing their savings to pay for unexpected expenses and a mere 14% feel progress paying for current and future health care expenses.

According to Richard Eisenberg’s article in Forbes on January 4th, when comparing my generation with yours, assuming that you are a Boomer:

42% of Gen Xers feel stressed about their finances, while 23% of boomers do (Allianz Life)
The median household retirement savings for Generation X is $64,000, less than half the $144,000 of boomers. And 27% of Gen Xers have saved less than $50,000, vs. 18% of boomers. (Transamerica Center for Retirement Studies)
As of late 2019, Gen Xers had saved just $5,000 for emergencies (median) compared to $15,000 for boomers (Transamerica)
As a result of the pandemic, 27% of Gen Xers have taken a loan and/or a withdrawal from their retirement plan or expect to; 11% of boomers have or plan to (Transamerica)
81% of Gen Xers are concerned that when they’re ready to retire, Social Security will not be there for them; 61% of boomers feel this way (Transamerica)
COVID-19 has made 26% of Gen Xers less confident in their ability to retire comfortably vs. 19% of boomers (Transamerica)
22% of Gen Xers saw their household income fall by half or more during the first few months of the pandemic; just 8% of boomers did (Prudential Financial Wellness Census 2020)

Obviously, my generation seems not to be faring as well financially as the one before us.

Even though I am often among the 42% of my generation who feels stressed out about my family’s finances, especially this month as I shell out twenty thousand dollars, I do far exceed the median retirement savings amount quoted above as well as our emergency fund.

We did not see our household income fall during the pandemic — it rose each of the last two years, largely due to me being a long-time government employee who also realized over twelve thousand dollars in dividends and capital gains last year and generated a couple thousand more by my online writing and selling efforts.

Not great, but doing okay for a Gen Xer.

Rambling Man

I suppose that I could ramble on forever about differences between various generations, having worked with, lived with, been parent to, and friend of people whose births spanned from January of 1911 (my father’s father) to just this month (my cousin’s third baby).

If you go back far enough, I can vaguely recall my Zayde, who immigrated from what was considered Russia back around the turn of the century. He was born in the 1800s, as was another great-grandfather who I barely knew.

As my former (Boomer) boss would say, I’ve got the Gift of Gab.

But I share here that I am excited to become part of this publication, although I do not live or write with the experience and viewpoint of a Boomer.

But when it comes to quoting lines from Depeche Mode, the Cure, or Run-DMC, or commentary on movies like “Slackers” or “Heathers,” look no further than me.