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Tom Meaglia, ChFC®, AEP®,


Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507


Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750


Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120




March/April 2024

Gen X: Hone Your Financial Skills

Gen X Hone Your Financial Skills

As a generation, Baby Boomer parents have amassed significant wealth, but their Gen X children are not following in their footsteps. According to a recent report from the National Institute on Retirement Security, Gen Xers, born 1965 through 1980, generally aren’t following a retirement strategy, saving enough for the future or accounting for long-term healthcare and assisted living expenses.

Contributing Factors
40 percent of Gen Xers have less than $10,000 saved, and 46 percent don’t think they’ll have enough money to live comfortably in retirement. Heavy student loan debt and the loss of employer-provided pensions are major reasons why Gen Xers are having a difficult time saving for retirement. Defined contribution plans, such as 401(k) plans, and individual retirement accounts depend primarily on employees’ willingness to participate and accept the responsibility for their own retirement savings.

Changing It Up
Gen Xers can turn the tide on saving. With help from a financial professional, Gen Xers can acquire the financial skills needed to start saving enough for retirement. Creating a budget that includes automatic savings can put you on the right track. By assessing where you currently stand financially, you’ll be able to determine strategies for increasing your retirement coffers, such as retiring later than you planned and postponing taking Social Security benefits until age 70.

Will You Inherit Wealth?
It may be time to talk to your parents about their finances and wealth transfer plans and prepare for any inheritance you may eventually receive. If your parents are open to discussing this sensitive topic, inquire about their assets, including retirement accounts, investment portfolios, real estate and life insurance. Ask for a list of their debts, such as mortgages, credit cards and loans. Discuss their estate plan, which might include a will, trusts and other legal documents that describe their wishes for passing on assets. Alternatively, ask them to make sure they have all of this information documented for you, including contact information for their tax, legal and financial professionals.

The Bottom Line
Gen Xers who make strides in preparing for their own retirement can gain the financial knowledge they’ll need to handle the transfer of wealth from parent to child responsibly. An estate attorney can set you on the right path.


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Investment advisory services are offered through Fusion Capital Management, an SEC Registered Investment Advisor. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. SEC registration is not an endorsement of the firm by the commission and does not mean that the advisor has attained a specific level of skill or ability. All investment strategies have the potential for profit or loss.
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