Generation X is the next generation to retire after the baby boomers, and some of them are already retiring. However, more than half of Gen Xers (52%) feel they are not ready for retirement, according to a recent study by Northwestern Mutual.
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Although being so close to retirement may seem like it’s too late to take any major action, financial experts explain that’s not the case.
Here are 11 things Gen Xers who feel they’re not ready to retire should do immediately.
Herman Thompson Jr., chief financial officer at Innovative Financial Group, said that while it’s tempting to try to pinpoint a number that equates to retirement security, no specific dollar amount is a one-size-fits-all pension amount.
“I often tell clients that there is no such thing as average, and if there was, you don’t want to be that person,” Thompson said. “The only way to truly know if you are ready for retirement is to find a certified financial planner and actually create a financial plan.”
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Tom Buckingham, chief growth officer at Nassau Financial Group, said that while the most important thing in preparing for retirement is “saving early and often,” it’s never too late to start.
Set aside as much money as possible for retirement, and be sure to take advantage of your company’s retirement plan, if one is available.
If you’re considering taking Social Security benefits before fully retiring at age 70, Buckingham suggests that if you’re in reasonably good health, starting retirement benefits as late as possible can have significant benefits.
“If you wait until you’re 70, you’re going to get a higher benefit, probably 50 to 75 percent higher than if you were in your early 60s, and if you live into your 80s or 90s, it’s going to be You provide more financial security.
If you have other assets, you can use them to supplement your income in your 60s, Buckingham says. Fixed annuities and other investments can provide guaranteed income for a fixed period or for the rest of your life.
Additionally, if necessary, you might consider a reverse mortgage or selling your home to free up liquid cash.
Thompson says the most useful tool for preparing for retirement is a 401(k).
“If Gen But since that’s not an option, do it now.”
BeamJobs co-founder Stephen Greet said that for Gen
“At this stage,” he says, “the focus is no longer on perfecting every detail, but on optimizing what you have and making sure your choices fit your personal goals.”
Beams said the most important thing now is for Gen
Beams says this includes understanding regular income streams like Social Security, pensions or rental income; minimizing debt and making sure your assets are liquid and easy to access.
“It’s not just about numbers,” he said. “It’s about having confidence in how you can live out your retirement without financial surprises derailing your plans.”
Retirement doesn’t have to be all or nothing, Beams said. In fact, he noted that many Gen Xers are exploring phased retirement, blending part-time work with retirement leisure.
“This approach expands earning potential while allowing savings to continue compounding,” Beams said. “This strategy also allows people to engage in social and intellectual activities—factors that are often overlooked in financial planning.”
Rather than pursuing a specific retirement savings goal, Beams says, prioritize creating sustainable cash flow. This includes asking, “How much income do you need each month, and what sources can reliably provide it?” he said. “This shift in perspective makes decision-making actionable rather than overwhelming.”
Beams noted that health care costs are eating into retirement savings faster than in any market downturn. Therefore, allocating resources to preventive care and lifestyle modifications (such as fitness or nutritional coaching) now can pay dividends later in terms of reducing health care costs.
“This is a critical but often overlooked component of retirement preparation,” he said.
Time is the biggest challenge, Beames said, but it’s not insurmountable.
“For individuals with little savings, I often recommend exploring non-traditional income strategies, such as renting out unused properties or monetizing skills through gig work,” he says. “These options can provide immediate financial relief without requiring significant lifestyle changes.”
Preparation is not about perfection, Beams said, but about having a sustainable, flexible plan that gives people peace of mind.
“It’s not too late to take control — and that’s a powerful realization for anyone approaching retirement.”
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This article originally appeared on GOBankingRates.com: Gen X doesn’t feel ready to retire yet — 11 things they need to do now
