Has Covid-19 really put the squeeze on Gen X's retirement savings?

My reading last week saw an article from NZ pique my interest. Recent observations on how the behaviours of Gen X during the recent Pandemic Covid-19 had seen them put their retirements at risk by stopping the extra contributions and the impact this has with the least amount of working time left (ex Boomers) to repair the damage of the effects of the drop in market values and the new behaviours found during periods of lockdown.

Now, some of my recent posts have covered off on some issues with retirement (asset allocation of retirement savings, additional contributions to play catch up, having a clear and defined idea of what retirement is etc) the underlying impact of Covid19 is not all bad.

2020 has provided us with the opportunity to reflect on just what is important to us, is it the fancy dinners and cars and holidays abroad, or as Australians has the effects of Covid19 provided us finally with an understanding that we do actually live in one of the greatest countries in the world, and that we really should be appreciative of what we do have living down under.

So in this moment of reflection, why not take it forward and think deeply about how to get out and see more of this country now whilst you can, and then in the quiet moments think hard about what the rest of your life needs to look like for you to be truly happy.

Whilst I'm a huge advocate for #saving for #retirement and getting #debt-free as soon as you can, there are no guarantees in life (other than death) so live your best life now, but as with any words of wisdom, the truth comes in understanding yourself.

There is no point thinking your best life includes expensive cars or houses that put you into debt and create on ongoing anxiety around how am I going to meet these new bills on tip of the other bills I have and in understanding that the need to be like 'The Joneses'. Be better than the Joneses, live your life enjoying the fruits of your efforts, not beholden to working just to cover the bills.

covid19-is-putting-the-squeeze-on-generation-xs-retirement-savings