For the oldest members of Gen X – a generation known for its D.I.Y. spirit and rejection of “selling out” – retirement is less than 10 years away. And yet, only 54 percent feel prepared, according to a study by the Society of Actuaries Research Institute. Here, seven Gen X New Yorkers spoke about their retirement plans, for better or worse.
Odile Beniflah, 54, technology entrepreneur
“Of course I have a plan. (I say ‘of course’ because I’m French.) When you make $1,000, you put $100 aside. When you live in America, you’re always worried. What if I get an illness that requires expensive medical treatment? Right now I am looking for a job. What if I don’t find a job? There’s no backup plan here, no safety net.”
Debra Mohamed, 55, home health aide
“I’ve been a home health aide for about 20 years. I work for an agency. Some agencies have 401(k)s, but mine doesn’t. I’ll work until I retire at 65. I have a house and it’s almost paid off. I rent part of the house so that will be my income.”
Wayne Brusseau, 51, stagehand
“I’m 100% Gen X. I know every word to ‘Nevermind’ by Nirvana. Around 30, I thought I probably ought to smarten up, so I started putting money into an annuity. My hope is to continue working and wind down when the mortgage on the house is paid off. I’m targeting mid-60s.”
Jessica Blatt, 52, professor and author
“As long as I’ve had a salaried job, I’ve had a retirement fund. When I was in my 20s and had my first job, I was not thinking about it, but I’m glad I have it. I’m more worried about my kids than I am about my retirement. I’m not worried about their retirement. I’m worried about their lives because our world is doing so badly.”
Reggie Parker, 54, graduate student in social work and musician
“I was doing really bad before. I had several low-paying jobs. But I was part of a lawsuit against the Board of Education. There was racism involved in the tests you take to become a licensed teacher. We won, so now I have a pension. That’s my retirement plan. And I’m in grad school getting my degree to become a clinical therapist.”
Noriko Goto, 53, unemployed
“When we first got together, my husband and I planned and invested money. I am not worried about my retirement. My focus now is on my son, who is in high school. I give him $10 a week, and he has to budget it himself. I want him to manage his finances in the future.”
Andrew Sloat, 44, creative director
“Do I have a retirement plan? I hesitate to call it a plan, but I definitely think about it. When I wanted to be a creative in New York City, my father was like, ‘Listen, if you’re not going to make a lot of money, you better know what you’re doing with every dollar.’ I read a bunch of books and started to save little bits of money even when I was making next to nothing. I got lucky because as we grew out of the 2008 crash, my savings grew. My dad died, but he was proud of me. I live his dream life. I ride the subway every day and work at a theater. And I have savings!”
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