Born between 1965 and 1984*
Our APERS active membership spans the current variety of generational groups such as “Baby Boomers,” “Generation X,” and “Millennials.” Every age has unique features, challenges, and opportunities.
The Generation X challenge:
Many Gen-X’ers find themselves straddling two costly responsibilities: raising kids and caring for aging parents.
The goal: Make a plan. If you have not already done so, take the time to sit down with a certified financial planner and make a plan for retirement. A financial planner can help you determine how much you should be saving and suggest ways to make up for any retirement shortfalls.
APERS suggests: Before sitting down with a certified financial planner, Gen-X’ers should understand their APERS retirement provisions so that they can share them with the planner. Important provisions to review include retirement eligibility, service credits, and the benefit formula because these provisions explain when members can retire and how much they can receive.
Another beneficial planning tool for Gen-X’ers is a benefit estimate. An estimate allows them to determine where they stand financially based on their particular circumstances. This information can also help them to determine how much they should be putting aside on their own in personal IRAs and other savings.
*Birth year ranges for generational titles from “Minding the Generation Gap: Investigating Media Portrayals of Millennials and ‘Gen Z’ by Logan Casey, New York Times, October 31, 2016. Some material for this discussion was derived from issues raised by Jennifer Brown of the National Institute on Retirement Security as reported by Kara Stiles of Forbes.
Generational Retirement Issues, Part 1: Baby Boomers (Born between 1945 and 1964)
Generational Retirement Issues, Part 3: Millennials (Born between 1985 and 1995)