How Different Generations Are Preparing for Retirement’s Most Vulnerable Years

If you’ve more worried about running out of money than running out the clock, you’re not alone.

Americans across generations are increasingly anxious that they’ll outlive their savings in retirement. 70% of Gen Xers have that fear, per a new study by Allianz Life. And similar sentiments were shared by their older and younger counterparts alike.

Boomers, many of whom are already retired, aren’t far behind at 61%. 66% of millennials feel the same.

This concern is nothing new. Experts call the five years before and after retirement the “fragile decade” — a period when timing, volatility, and withdrawal strategies can significantly impact how long your money lasts.

Here’s a generation-by-generation breakdown of how Americans are thinking about this pivotal phase — and what ideas may help each group prepare.

Millennials: It’s All About the Early Moves

Retirement may seem far off, but the “fragile decade” begins long before you get there. For many millennials, the focus is on building a strong foundation now.

Allianz Life exec Kelly LaVigne says taking small steps like contributing regularly to retirement accounts, setting up automatic transfers, and taking advantage of employer matches are all ways to establish good habits early.

Gen X: Crunch Time Has Arrived

For Gen X, the window is narrowing. Many in this group are a decade or less from retirement, making now an ideal time to evaluate both income and expenses.

Experts recommend looking for near-term ways to boost savings, be it career advancement opportunities, side gigs, or simply cutting unnecessary costs. It’s also important to consider your full financial picture, such as whether your current plan accounts for longevity and inflation.

Boomers: Strategy and Stability Matter Most

If you’re nearing or already in retirement, it’s less about accumulation and more about protecting what you’ve built. That includes understanding your investment mix, learning how Social Security works, and considering tools that help cushion against downturns.

Business Insider notes some individuals explore buffered ETFs or income-focused products like annuities to help manage volatility — although these come with their own trade-offs and risks.

Finally, even with a shorter time horizon, it is important to take the long view during market swings. Missing key recovery days can set portfolios back more than downturns.

🥒 Pickle Tip

No matter your age, the fragile decade doesn’t have to be frightening. The key is understanding where you stand, what risks you face, and what levers are available to pull — before you need them.

🌟 Final Thought

From millennials just getting started to boomers tightening the bolts, each generation faces different challenges — and opportunities — around retirement. Curious how your plan stacks up? A second opinion from a vetted advisor in Money Pickle’s network could offer clarity right when you need it most.

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