Generation X prides itself on never being surprised, which has generally served us well. Keeping our expectations low and our cynicism-level high has allowed Gen X to remain agile throughout numerous economic and political upheavals.
But what if the attitudes that protect us from life’s difficulties are also holding us back from our goals? Specifically, many in Gen X may find that the cynicism we have proudly used as armor throughout our lives may be getting in the way of retirement.
Here are some of the most common Gen X limiting beliefs that might be holding you back from the retirement of your dreams.
Don’t get your hopes up
Like many Gen X children, I can recall being taught early on not to get my hopes up. From applying to the Publisher’s Clearinghouse sweepstakes to trying out for the school play, my parents cautioned me to keep my expectations reasonable–since neither a giant check nor the lead part were likely outcomes.
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There was an excellent reason why my parents (along with everyone else’s) repeated this phrase over and over: the world is full of disappointments and it’s painful to have sky-high hopes crushed by the weight of statistical reality.
How it limits your retirement
For the most part, my early education in appropriate hope height has given me an excellent sense of when something seems too good to be true, which has saved me a great deal of financial heartburn.
But always keeping your expectations realistic may have also kept you from taking risks. After all, why try for something you aren’t likely to get? Gen Xers are known for emphasizing attainable goals, which may be practical, but does not necessarily create a satisfying career.
In terms of retirement, if Gen Xers are focusing on attainable retirement contributions rather than stretching a little, they may set their retirement back by years. They could save more if they were aiming high instead of being pragmatic.
Even worse, refusing to get your hopes up can also mean giving up. This often plays out in the level of Gen X apathy I see toward Social Security, since many members of my generation don’t believe it will be there when they retire, and see no point in fighting for it.
It may be unrealistic to imagine that you’ll be able to retire to the South of France with a personal assistant/pool boy named Hugo, but dreaming up such a fantasy retirement scenario is necessary for you to actually work toward making it happen. Without hoping for something impractical, you can’t work toward it.
Don’t get a big head
Parents in the 1970s and ’80s seemed inordinately worried about the scourge of big-headedness among their children. Gen X kids, upon doing anything praiseworthy, were often told that they had done a good job, “but don’t get a big head about it.”
Our parents’ regular admonitions not to make Tiffany and Jason feel bad by tooting our own horns in front of them has borne fruit in adulthood. Research by the marketing company Solsten has found that Gen X scores higher on empathy than younger generations—although it is perhaps unsurprising that Gen X women score 12 points higher than their male counterparts. (Anecdotally, girls were probably also more likely than boys to be told not to boast about their accomplishments).
How it limits your retirement
Keeping your major achievements to yourself may feel like humility or good manners, but it could harm your retirement prospects.
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After all, if you’re not touting your successes, there’s no guarantee that your efforts will be recognized. This is especially true for women in the workplace, who are often uncomfortable with self-promotion. The Harvard Division of Continuing Education reported in 2022 that managers can’t quantify the effort a worker puts in or the value she brings if she doesn’t talk about it.
Unfortunately, trying to avoid sounding bigheaded can mean you’re less likely to get raises and promotions–which has a direct effect on how much money you can put aside for retirement. Your boss may appreciate your quiet competence, but a coworker’s flashy self-promotion is more likely to garner the corner office and the big paycheck.
It is possible to self-promote without breaking out in hives. One helpful strategy is to ask colleagues to talk up your accomplishments while you return the favor. Then it feels less like bragging and more like teamwork.
Don’t be a sellout
In our youth, Generation X prized authenticity over anything we saw as trading values for money. As a generation, we rejected the corrupting influence of money. Even our pop culture, such as the film Reality Bites, explored the idea of what it meant to be true to an artistic vision without corporate or financial meddling.
The refusal to sell out gave us a clear sense of our artistic and political values—and it may explain the relative dearth of Gen X politicians. (Although that’s just my personal theory). But it may also be keeping us from moving on to our next chapter.
How it limits your retirement
When you have made authenticity and being anti-sellout the cornerstone of your personality, planning for retirement becomes a nigh impossible task. No matter what investment decisions you make in your retirement portfolio, you will be supporting an unjust, corrupt system of sellouts. Even trying to invest in corporations that are making responsible decisions via ESG funds requires compromises and decisions that feel inauthentic.
Fear of selling out can manifest in Gen X as analysis paralysis for retirement planning. You may know that you need to make decisions about asset allocation in your retirement accounts, but you keep putting it off because none of the possible options feel good—because they’re all some form of selling out.
To overcome this hamster wheel of indecision, accept the fact that you have to make the best choice out of bad options and aim to maximize your returns. Commit to sending the extra money your investments earn you to whatever charity, artist, or other recipient that feels most like a HOW YOU LIKE THEM APPLES? response to the corporate sellouts.
Don’t cut yourself on the double-edged sword
Gen X is justifiably proud of how we navigate the world. We’re pessimists with a sense of humor and we’re impossible to surprise. But the attitudes that have served us well throughout our lives may be getting in the way of our retirement plans, and that means it’s time to take a look at the beliefs that are limiting our growth.
Though we have learned to make practical choices and keep our dreams realistic, not getting our hopes up may also curtail the greatness of our potential retirements. It’s okay to dream big and hope for the best while still making realistic choices and fighting for what’s ours.
Though our parents taught us that bragging about ourselves is impolite and really uncomfortable, too much humility may be limiting our advancement, which will reduce our retirement prospects. It’s possible to self-promote without dying a little inside, especially if you and a coworker agree to talk each other up.
And although selling out still feels just as corrosive now as it did when the Rolling Stones made a Windows 95 commercial, a fear of being a sellout can keep you from making important decisions about your future. It’s impossible to invest for retirement without making compromises, so it’s better to accept the lack of authenticity, aim for the best returns you can get, and make the most punk decisions you can with the extra money you earn.