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.
By Amanda Breen Edited by Jessica Thomas
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."
