The oldest members of Generation X are set to turn 60 in 2025, and their approach to the traditional retirement age is likely to unfold in anything but a traditional way.
In fact, according to Robert Laura, founder of the Retirement Coaches Association, a new type of retirement is taking shape for Gen X and subsequent generations — one in which older Americans are less likely to fully retire all at once.
Instead, as survey research and anecdotal evidence shows, Gen Xers commonly expect to use part-time, gig and seasonal work to ease into retirement. That’s probably a good thing, according to Laura and others, given that many Gen Xers are lagging behind when it comes to retirement savings.
“The Gen X population followed their script of going to school, getting a good job and working hard,” Laura said. “But as they begin to turn 50, 55 and 60, they are realizing they want to continue having an impact and aren’t ready for full, traditional retirement.”
Retirement will become “plural” for Gen X, Laura argued, meaning that the generation will be more likely to experience multiple retirements from different roles while feeding a desire to be social and independent. Gen X also stands to benefit from healthier lifestyles and an embrace of technology that should give them better staying power in the workforce.
“I’m already seeing a lot of research focused on this group who begins turning 60 in 2025,” Laura said. “It’s an area I expect to be heavily targeted by advisors going forward.”
Older Workers’ Important Role
Traditional retirement ages of 62 or 65 foster an ageist view of older adults in the workplace, Laura maintained.
