Randy Eschels photo
Garett Eschels photo


Randy Eschels, CLU, ChFC, CFP®


Garett Eschels



Eschels Financial Group, Inc.

555 S Old Woodward Avenue, Suite 612

Birmingham, MI 48009


Phone:  248-644-1144


Fax:      248-644-7820





May/June 2022

Gen X: Do Your Finances Need Attention?

Gen X Do Your Finances Need Attention

The global pandemic, job instability and the fluctuations of the market have left many Gen Xers fearful for their financial future. Despite nearing their peak earning years, significant numbers of Gen Xers are falling behind when it comes to saving for retirement.

As a group, Gen X carries more debt than generations before and after them.* They often have large mortgages and substantial credit card balances. Many are still paying off student loans while looking for ways to pay for college for their kids. Gen X is becoming the new “sandwich generation,” caring for both children and aging relatives, making it difficult to set aside money for emergencies or retirement.

If this is your situation, don’t despair. There are steps you can take to help get back on track.

Establish a Time Frame

Saving becomes easier when you have a specific goal in mind. Think about when you want to retire and what your retirement will look like. Will you work part-time? Travel? Start a business? Once you know how many years you have before retirement and how you’ll spend your time, you can determine how much you’ll need to save to potentially reach your goal.

Contribute More
Ideally, you should strive to contribute the maximum to your workplace retirement plan. But, if that’s not possible, make sure you invest enough to take advantage of any employer matching funds. Increase the amount you’re contributing each time you get a raise. Even a small bump up in savings can make a difference over time.

Spend Less
Reducing spending is the simplest and most effective way to have more money to invest. Look for places in your budget to cut back.

Leave the Money Alone
Don’t withdraw money unless an emergency or a hardship leaves you with no other option. Taking money out of your retirement account deprives you of future earnings on those funds, reducing the amount you’ll have at retirement and withdrawals could trigger taxes and penalties, too.

Talk with your financial professional who can help you come up with a strategy for reducing debt and saving more for your future. Also, working with a tax professional may lead to more ways to help minimize the amount you pay in taxes each year.



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Securities offered through Concourse Financial Group Securities, Inc. (CFGS), Member FINRA/SIPC. Advisory services offered through Concourse Financial Group Advisors, a DBA for CFGS, a Registered Investment Advisor. Eschels Financial Group, Inc. is independent of CFGS.
Eschels Financial Group, Inc. and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

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