OPINION — For Gen Xers rapidly approaching retirement, the old playbook no longer applies. With Social Security nearing insolvency, Gen Xers will find they can’t retire as their parents did.
For nearly a century, retirement rules were simple. Employers funded pension plans that guaranteed lifetime income. And then at age 65, those funds, along with entitlement programs, allowed Americans to retire with dignity.
However, that formula no longer works in today’s market. On the private side, the types of accounts available to workers have changed dramatically. While most Baby Boomers benefited from a guaranteed employer-funded pension, only 14% of Gen Xers, those born between 1965 and 1980, have the same arrangement.
