5 ways not to be part of the trend

Multiple studies have found that the generation's lack of savings is an indicator that Generation X could face a “shocking retirement crisis,” according to Entrepreneur.

Read more: 6 things retirees shouldn't spend a lot of money on when traveling abroad
Try this: How to get $340 a year in cash back on gas and other things you've already purchased

However, this generation can still turn things around. The youngest members of the generation

Here are some key ways Gen Xers can avoid a retirement crisis.

Sponsored: Is your credit card debt keeping you up at night? Find out if you can reduce your debt with these 3 steps

Start putting yourself first

Many members of Generation But as these kids grow up, it's time for Generation X to put their own finances first.

“There's a big life change happening during this time because you're hopefully going to be an empty nester and your money priorities will have to shift back to yourself,” said Pam Krueger, founder of Wealthramp. “You have to take care of yourself because you've been taking care of your children, and you may also be under the strain of having parents who need help.”

Be Aware: Cutting Spending in Retirement: 6 Household Items You Should Stop Buying

Prioritize paying off debt

Having to support parents and children at the same time can put a strain on your finances. It's no wonder that many Generation Xers have accumulated significant debt. To retire financially better, paying off these debts should be a priority.

The story goes on

“Try to pay off the debt as much as possible,” Krueger said. “Make it your priority to live according to your needs. I know Generation X is still consuming, but consuming less. Whatever you need to do, urgently shift the priority from cash out to keeping money and finding ways to add more money.”

Benefit from catch-up contributions

Whether you use a company retirement plan or an IRA, you can begin making “catch-up” contributions the year you turn 50. In 2024, you can contribute an additional $7,500 annually to a 401(k) or similar plan, up to $1,000 per year to an IRA.

“The reward is that over the next 15 years, if you take advantage of the 401(k) catch-up plan, you will end up with about $100,000 more in your nest egg,” Krueger said.

Have open conversations about money with your family

It helps to include your entire family in your retirement goals. This often means having to have some uncomfortable but necessary conversations.

“Start talking to your family about money,” Krueger said. “Let’s not make this a taboo topic. Look at what you want to achieve together and how you can reduce expenses together. Talk about estate planning. This is the age when you want to ease the burden on your whole family by making sure you have made it clear where all the passwords are and where the keys to the lock are in case something happens to you.”

Seek professional help

Sometimes it can be difficult to figure out the best course of action on your own. For this reason, Krueger recommends seeking the help of a financial professional.

“You can see with your own eyes, but isn't it better to get some fresh eyes?” she said. “[Financial planners] are able to see things you may not even see, be it taxes, expenses or cash flow. [They can] Do a deep dive into your investments to consolidate everything. This will help you make important decisions.”

More from GOBankingRates

This article originally appeared on GOBankingRates.com: Generation X faces retirement crisis: 5 ways to avoid being part of the trend