The “forgotten generation,” about 64 million Americans born between 1965 to 1980 and known as Generation X, are unprepared financially for retirement, according to a new study, warning about their “dismal retirement outlook.”
The National Institute on Retirement Security wrote in a report that Generation X was the first generation to enter the labor market following the shift from defined benefit pension plans to 401(k)-style defined contribution accounts.
Author of the report and NIRS research director, Tyler Bond, wrote in a statement, “When looking at median retirement savings levels for Generation X, report finds that the bottom half of earners have only a few thousand dollars saved for retirement, and the typical household has only $40,000 in retirement savings.” Shockingly, the study found approximately 40% of the generation have saved not even a single cent towards retirement.
The report relies upon data from the Survey of Income and Program Participation. This nationally representative survey provides income, employment, household composition, and government program participation data. Here are more key findings from the report:
- Slightly more than half (55%) of Gen Xers are participating in an employer-sponsored retirement savings plan.
- Most Gen Xers, regardless of race, gender, marital status, or income, are failing to meet retirement savings targets.
“Most Gen-Xers don’t have a pension plan, they’ve lived through multiple economic crises, wages aren’t keeping up with inflation and costs are rising. The American Dream of retirement is going to be a nightmare for too many Gen-Xers,” NIRS Executive Director Dan Doonan told CBS News.
In June, we cited a separate study that called Generation X, the “Broke Generation,” after a whopping 64% of respondents said they quit saving for retirement not because they didn’t want to but couldn’t afford to.
As for millennials…
Is the American Dream dead? pic.twitter.com/fA8PTCwKos
— Chairman (@WSBChairman) July 16, 2023
Article cross-posted from Zero Hedge.
Why One Survival Food Company Shines Above the Rest
Let’s be real. “Prepper Food” or “Survival Food” is generally awful. The vast majority of companies that push their cans, bags, or buckets desperately hope that their customers never try them and stick them in the closet or pantry instead. Why? Because if the first time they try them is after the crap hits the fan, they’ll be too shaken to call and complain about the quality.
It’s true. Most long-term storage food is made with the cheapest possible ingredients with limited taste and even less nutritional value. This is why they tout calories so much. Sure, they provide calories but does anyone really want to go into the apocalypse with food their family can’t stand?
This is what prompted the Llewellyns to launch Heaven’s Harvest. They bought survival food from multiple companies and determined they couldn’t imagine being stuck in an extended emergency with such low-quality food. They quickly discovered that freeze drying food for long-term storage doesn’t have to mean sacrificing flavor, consistency, or nutrition.
Their ingredients are all-American. In fact, they’re locally sourced and all-natural! This allows their products to be the highest quality on the market, so good that their customers often break open a bag in a pinch to eat because they want to, not just because they have to due to an emergency.
At Heaven’s Harvest, their only focus is amazing food. They don’t sell bugout bags, solar chargers, or multitools. They have one mission – feeding Americans in times of crisis.
What they DO offer is the ability for people to thrive in times of greatest need. On top of long-term storage food, they offer seeds to help Americans for the truly long-term. They want them to grow their own food if possible which is why they offer only Heirloom, Non-GMO, Non-Hybrid, Open-Pollinated seeds so their customers can build permanent food security on their own property.
Visit the Heaven’s Harvest website and use promo code “Patriot” for a discount today!
Read Tyler’s article yesterday (big fan) but as a proud “Boomer” who’s recently retired, I could have told him this long before it went to print. Anyone who’s ever worked alongside the average Gen Xer and beyond can tell you that it’s 1) a question of their priorities and 2) being soft/spoiled generations. The latter isn’t their fault.
Each generation since WWII has gotten softer, as parents tried to make their children’s lives better than the one’s they had growing up. While that sentiment is loving and certainly understandable, they didn’t do their children any favors. Immediate gratification became the standard by which lives were lived and more immediate with each successive generation. Next day air. Easy payment plans.
G. Michael Hopf’s quote tells the story:
Hard times create strong men.
Strong men create good times.
Good time create weak men.
Weak men create hard times.