As Generation X is hitting their 40s and 50s, there is more focus on retirement planning. However in order to be successful, longevity risk needs to be factored into planning. The key way for this generation to be successful is to embrace the HSA.
birthdays. From Jennifer Aniston and JLo to Matthew McConaughey and Sean Coombs, it seems like everyone is having a milestone birthday in 2019. But this isn’t really a big surprise when you consider that in the Generation X cohort, 1969 was one of the largest birth years.
Yet at the same time, Gen Xers are struggling to save as they navigate the complexity of midlife financial planning. . For a married couple who are both 50 years old today, the man has an 18% chance of making it to age 90. The female has a 30% chance. But the likelihood of either of them making it to age 90 is 42%.
But here’s the key for Gen Xers – rather than using the HSA to cover medical costs in the current year, they need to shift their mindset to see this as a retirement account. By investing the funds and allowing the money to compound, Gen X provides themselves with a bank of funds to cover medical costs in retirement.
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