Roughly 13 percent of Gen X-ers in the United States—ages 39-64—are still paying off student debt, with an average of $40,000 threatening their potential retirement plans in a decade or so, according to the National Institute on Retirement Security.
Gen X woman avoided racking up thousands in student debt, but she still sees no way to a comfortable retirement as she balances financial responsibilities for her child and parents.
Roughly 13 percent of Gen X-ers in the United States—ages 39-64—are still paying off student debt, with an average of $40,000 threatening their potential retirement plans in a decade or so, according to the National Institute on Retirement Security.
But while Gen X’s heavy student debt might wreak havoc on their retirement plans, that’s not the only economic struggle the generation is up against, experts say.
As the “sandwich generation”, they face conflicting needs at both ends, caring for their millennial and Gen Z children alongside their aging Boomer parents.
“They need to take care of their own household and may also be supporting their young adult children and/or their parents,” Tandy Caraway, a college strategist with CollegeMode Academy, told Newsweek. “I find that stretches their budgets to the max and makes it difficult to pay things like student loans.”
Suzie Schofield, a Gen X-er living in Seattle, was lucky when she graduated college. Her parents paid for her tuition, and she was able to enter the workforce without any debt hanging over her head.
Since then, though, Schofield’s financial life has been less than ideal. She had a baby later in life, at age 39, and so now is in her early 50s with a 14-year-old child. She also helps her aging father as he navigates being a widower.
Schofield’s dad is currently lonely and elderly – while he’d be better off in assisted living, Schofield said the costs are just too expensive. Instead, they pay for a caregiver to be with him a few hours a week.
“It’s not enough,” Schofield said.
She believes her situation is indicative of the larger reality for Gen X, especially the generation’s women. And for many other mid-life women, they face these challenges all on their own, without any help from a partner.
“For mid-40s to mid-50s working women, especially moms, there are way too many demands on her time, energy and wallet,” Schofield said. “The frustration of student debt from forever ago is soul-crushing.”
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