Barron's posted another Gen-X isn't ready/is worried about retirement article. The concerns are medical expenses and not knowing how to create an income stream from their portfolio. That second one overlaps with insecurities about having enough money. Part of the dialogue was some survey that said a lot of us, I am older Gen-X, have pension envy like we're not getting pensions but we wish we were.
Kind of a weird thing lately or maybe a weird sensation but I've been seeing where quite a few guys I know from high school and college are retiring. It's weird because it seems so foreign to me. It probably shouldn't because of how many people from the fire service I know here who have retired at much younger ages than what my friends are doing. One fire buddy at a city department down in the Phoenix area who is 38 now, started when he was 22 and he is absolutely going to retire once he has 20 years in.
The 38 year old doesn't want to stop working, he would just move onto the next thing with his pension as a financial base.
The health care cost is something we talk about all time. In our department we have four firefighters who are very active in the department at ages 66-70. All four passed the arduous pack test (3 miles, 45 pound pack, 45 minutes or less). Two of them I know take no prescriptions, one I think does and the fourth, I am not sure.
Grok says that only 11.4% of Americans 65 and older take no prescription meds. In our department, the number is at least 50%, maybe 75%. Someone who is 65 or older and passing the pack test must be committed to their fitness in order to pass it. There is of course a connection to not needing prescription meds and the lifestyle choices related to exercise that they've made. I realize my sample size is very small but it's what I've got and it corroborates a lot of what I try learn about health, wellness and vigorous exercise.
If my colleagues aren't taking meds, that means they aren't paying for meds (yes that is a stupidly obvious comment) but it addresses one of the big concerns that my cohort has.
Older Gen-x still has time to figure out the financial stuff. Someone who is 57 should be able to see how much they have accumulated and assess whether they are behind, right on pace or ahead of where they should be. If they aren't sure, AI can help them figure it out if they don't want to work with an advisor.
If this 57 year old is way behind, they have plenty of time to play some sort of long game to cultivate an income stream from a post retirement career. Six or seven years for example is a pretty good runway to work on cultivating an income from some enjoyable endeavor, 63 or 64 is a young retiree.
My own preference is to have as much optionality as possible. Something dramatic would have to happen at this point for me to start getting serious about wildland fire assignments away from home. Other things developed favorably and so there isn't going to be time for the fire stuff but I just had a conversation today about "keeping my task book open" just to have the optionality because I don't know, maybe something drastic will occur.
I got a couple of assignments to get my feet wet and of course the opportunity came from my very long term commitment to the volunteer fire department. My gig with the Del E Webb Foundation also came from my volunteer fire department involvement. I don't think most people need to volunteer for twenty plus years to have something pay off but the point is converting something you love into an opportunity in case you need it. Maybe I would change that to talk about opportunity finding you but you have to be out there for that to happen.
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