Generation broke?
Gen X struggles to save for retirement.
Hello Financial Healers,
A recent survey found, “a staggering 56% of Gen Xers… [those born between 1965 and 1980] have less than $100,000 saved for retirement, and 22%… have yet to save a single cent.”
This is a sobering discovery. Why the low numbers?
Gen Xers “simply can’t afford” to store money. Financial challenges like the early 1990s recession, student loan debt, and the 2007-2015 housing crisis have drained their income.
Researchers conclude, “Gen Xers are facing a retirement crisis, and unless they take action now, they won’t be able to retire comfortably, if at all.”
Good news is…
… it’s never too late to save money. Even if you’re struggling, you can put a small amount away every paycheck.
Try the LGS
To jumpstart your savings, implement a LGS (a budget) of 80-10-10. Live on 80% of your income, give 10% to a church or charity, and save the remaining 10%. This keeps you ahead of pesky factors like inflation.
(If needed, adjust these numbers. 80-10-10 is a target, not an absolute.)
Point is… start saving money. God rewards faithfulness, so steward your wealth. He’ll reward you with more.
God bless your Prosperous Soul,
Stephen K. De Silva
About: Stephen K. De Silva is an author, speaker, and financial coach. From 1995 until 2017, he served as the CFO of Bethel Church, and a member of the senior leadership team. Stephen’s unique experience, training, and gifting make him a pioneer in the subject of money. You can reach Stephen at hello@stephenkdesilva.com