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Gen X is being labeled 'Silver Squatters' for their retirement plan. Is that a fair assessment?

1 in 5 Gen Xers plan on getting help from their children to retire.

Photo credit: Canva

Gen X are called retirement 'Silver Squatters.' Is that a fair assessment?

Gen X has been labeled a lot of things over the years but lately it seems as if "the forgotten generation" is suddenly on everyone's radar in recent years. Maybe it's because they're moving in to replace the Boomers as the people running the show, or maybe it has to do with younger generations confusing them for their Boomer parents.

Whatever the reason, they've been the focus of many conversations as of late but this one may just be the thing that rouses them into more than just waiving off the naysayers with a scowl. Gen Xers (1965-1980) are approaching retirement age along with the micro-generation right above them, Generation Jones (1955-1964). But it's Gen X who are getting a new label thrust upon them that many may feel carries a negative connotation.

According to Benzinga, in an article shared by Yahoo Finance, Gen X are being called "Silver Squatters" due to their lack of resources required to retire comfortably. But is that a fair assessment when looking at the world in which we all currently live?

Gen X along with many younger Generation Jonesers are part of a "sandwich generation." This means that not only are they responsible for caring for themselves and their children, many of which are still in school, they're also responsible for caring for their aging parents. In many cases this means they're taking care of two households making financial contributions to both. This is all while supposedly planning for a retirement that may never come.

a man with a white beard and mustache wearing a hat Photo by Tim Mossholder on Unsplash

Running mom to doctors appointments and activities while also running your children to soccer practice and dance rehearsals doesn't leave a lot of room for sitting down with a financial planner. That's if you have money to invest in securing a financial planner. It's not uncommon in today's economy for people to have little to nothing left over from one pay check to the next.

The phrase "Silver Squatters" comes from the reality that many Gen Xers are aware they don't have the financial means to comfortably retire so plan on getting help from their children. For some this may be in the form of financial assistance while for others it may mean moving in, hence the term "squatter." But realistically, Gen X wouldn't be the first generation to need assistance from their children since clearly Gen X is currently doing the same for their own parents or they wouldn't also be labeled as the "sandwich generation."

Family Vacation Friday GIF by Fast CompanyGiphy

There's something to be said about the practicality of living in a multi-generational household though. Especially in the earlier years of a parent's retirement when they're still very active and not needing much physical assistance. A study published in SSM Population Health and published online through Science Direct, shares that living in a multi-generational home can have positive outcomes on your health, "multi-generational living arrangements can, in theory, increase psychological, social, and financial capital—factors associated with improvements in health and longevity."

a man holding a jar with a savings label on it Photo by Towfiqu barbhuiya on Unsplash

Gen Xers living with their children may also make a lot of financial sense and not just for the retiree, but for their adult children. Commerce Bank reports, "Multigenerational living often enables families to collectively contribute to mortgage payments, rent, property taxes and maintenance costs. By consolidating these expenses, individuals can allocate a smaller portion of their income to housing, freeing up funds for other essential needs and financial goals.

Pooling resources in a multigenerational household provides an opportunity to benefit from economies of scale. Buying in bulk, sharing family plans for services like internet or phone, and jointly negotiating better deals can result in lower costs per person."

woman in black jacket and white pants walking on road during daytime Photo by Wedding Dreamz on Unsplash

This type of living arrangement can also take the burden off of the adult child by sharing childcare responsibilities which could greatly reduce or eliminate exorbitant child care costs. So the "silver squatter" dilemma could actually be a mutually beneficial agreement. Nearly 25% of Gen Xers age 55 are planning to receive help from their children when they retire as the median income saved by this group sits around $50k which isn't nearly enough to comfortably retire according to Benzinga.

Retire Over It GIF by PomsGiphy

Communicating future needs with their children surrounding their ability to retire and given the list of benefits related to multi-generational living, Gen X may very well be just fine in retirement. Ironically enough, their presence in their adult child's house might make it more financially feasible for their children to be able to retire without needing the help of their own children.

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Joy

Pilot can hardly hold it together during heartfelt retirement speech on his final flight

Thank you for your service, Captain.

via Colin Brown/Flickr and RealJeffHarrison

Captain Jeff Fell announces his retirement in a heartwarming speech.

After a remarkable journey of 32 years soaring through the skies with American Airlines, Captain Jeff Fell embarked on his very last flight from Charlotte, North Carolina, to Chicago. Before he took the jet into the clouds for the final time, he paused to share the moment with his passengers.

In a touching scene captured by passenger Justin Harrison, Captain Fell lovingly addresses the passengers, dedicating a few special words to "a group of really important people" who were sharing this memorable flight with him.

"They're the majority of my family who've come along with me on my retirement flight," he continued. "Thank you all for coming along with me tonight and celebrating this very memorable time in my life. I love all of you."

Fell then fought back the tears as he thanked his “wonderful wife,” Julie, saying that she’s "the solid rock in our foundation in our lives and our marriage” and that he looks forward to spending the “next chapter" of their lives together.

Priviliged to have been there for this 🫡

@realjharrison

priviliged to have been there for this 🫡 #americanairlines #retirement #fypシ

The video struck a chord with people, earning over 3.3 million views in just 5 days.

After the video went viral, Harrison posted a follow-up confirming that Fell had received an honorable water cannon salute on the runway. As a sign of respect for retiring aviators, firefighting vehicles shoot plumes of water over the runway for the plane to travel under as it taxis down the runway.

Good luck Captain Fell wherever the next journey in your life takes you.

@realjharrison

Replying to @Sara Harrison

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Joy

Retired couple have spent almost 500 days at sea after booking 51 back-to-back cruises

"They're basically celebrities onboard."

Canva

Marty and Jess Ansen have spent nearly 500 days onboard Princess Cruise Lines

For many, if not most of us, the purpose of retirement is to sit back and enjoy life. A chance to see the world, take up new hobbies, explore what it means to simply exist without having to clock in.

So it’s almost no wonder that more and more retirees are finding themselves on cruise ships, where relaxation, adventure (and having someone else do your chores) are the name of the game.

Retired Australian couple Marty and Jess Ansen can certainly attest to this—having spent close to 500 days sailing around the world on their 51 back-to-back cruises.

That’s right. 51 cruises. Back. To. Back.

The great-grandparents told A Current Affair that they were cruise fanatics long before calling one home, and were eager to catch on the cruising they missed during Australia’s strict COVID-19 lockdowns.

Plus, their plan to spend two years onboard became a no-brainer after realizing it would be cheaper than a nursing home. Marty told their travel agent “whatever comes, just book it,” and they’ve been living it up ever since.

In addition to enjoying the perks of their morning ping-pong matches and sipping beer while basking in breathtaking views, the Ansens particularly enjoy ballroom and hula dancing.

“Where else can you go where you go for dinner, you go to a show, you go dancing?” Jess gushed. “Through the day, you have all these activities.”

At this point, Jess and Marty are pretty much beloved fixtures of the cruise itself, dubbed by the hotel managers as the “celebrities onboard.” And the duo takes their status seriously—making sure to welcome every new captain aboard.

One might wonder if there are ever bittersweet feelings about being so far away from home and family, but the couple attests that no such feelings arise.

“They’re all busy,” Jess shared, regarding their other family members. “And we’re in a place in our lives where we just want to enjoy it.”

So, aside from the occasional reunion when they touch down in a nearby port, the cruising couple are focused on having fun with each other. It’s a journey with no end in sight, for as soon as they finish touring with their current vessel, a Princess Cruises’ 2,000-passenger Coral Princess, they plan to hop onto an even bigger ship, the Crown Princess, for another year. Then..who knows…

And according to Jess and Marty, “it’s a wonderful life.”

Curious about how to make permanent cruising a reality in your own life? You might find some helpful tips here

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Teachers

91-year-old calculus teacher connects with students using tried and true old-school methods

"If I had a wife, she'd probably leave me within a week. I mean I'm sitting there working all night trying to grade papers. Don't have time to run around."

CBS Mornings|YouTube

91-year-old teacher is using his knowledge to connect with students.

There are some people who work well beyond retirement simply because they enjoy working. While many people look forward to retiring, not everyone is content sitting at home or spending much time traveling around the world. In fact, my own grandfather was one of those people who worked beyond retirement, ran five miles a day and boxed until he was well into his 70s.

But Lou Kokonis has surpassed people working into their 70s and even 80s. Kokonis is 91 and still working at the same high school in Virginia that he's been teaching at since 1959. We're not talking about coming in for an hour or so a day to teach a class and then going home to nap. The math teacher has a full class load, rolling in every morning before most other teachers arrive and staying up into the night to grade assignments.

Kokonis is the real deal, and while his handwriting may be a little shakier, his mind is still as sharp as ever. What's even more remarkable than his continuing to work into his 90s is the fact that he's able to build genuine connections with his students regardless of the multigenerational age gap.

Mr. Kokonis told CBS Mornings that he believes he is able to reach his students because he still offers free Saturday tutoring just like he always did. Turns out, his early arrivals and work on Saturdays are what helps keeps his students engaged, though he admitted cell phones are a challenge.

Of course, in the late 1950s, he didn't have to compete with cell phones or learn to use computers or Promethean boards, but then again, we also didn't have 50 states. In his 60-plus years of teaching, he has been a witness to ever-advancing technology in the classroom firsthand.

"To be working and teaching this long and to still like put in all this extra effort on Saturdays, I really admire that about him," Mohamed Eltireke, a student at the high school, told CBS Mornings.

At a time when there's a national teacher shortage, Mr. Kokonis is filling a vital role, and while one of the students he taught has already become a teacher and retired himself, Kokonis has no plans to do the same. He plans to finish out the year and says, "My mind is set that I'm going to do well this year and I'm going to enjoy it, and I'm going to try to come next year if they'll take me."

See Mr. Kokonis in action below:

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