Retirement Planning for Couples With a Generation Gap

An older man and younger woman look romantic on the sofa.

(Image credit: Getty Images)

Yes, I’m a Boomer. Yes, I’ve heard “OK Boomer” before. No, it doesn’t hurt my feelings — much. I’m older — but, I assure you, not wiser — than my Generation X wife, though demographic labels have never meant much to our relationship.

But now, with retirement on the horizon, I find myself wondering: Should generational differences play a role in how our household plans for life after work?

Here’s the breakdown: Baby Boomers were born between 1946 and 1964, while Gen Xers arrived between 1965 and 1980, according to Statista. The gap isn’t huge chronologically, but even a few years can shape vastly different perspectives.

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Cultural influences and historical events have played a significant role in defining how each generation sees the world.

Baby Boomers, named for the post-World War II population boom, are leading a historic retirement surge. The financial industry is paying close attention — and for good reason. From 2024 through 2027, a record number of Americans will reach the traditional retirement age of 65, influencing the economy, workforce and health care in significant ways.

Generation X is often called the Forgotten Generation. Caught between the larger Baby Boomer and Millennial cohorts, Gen Xers’ influence and insights on society, modern life and work are profound.

As “in-betweeners,” they navigate unique challenges, yet they often feel overlooked and believe their contributions are understated.

Generations and money: Do our perspectives differ?

Over 27 years of marriage, our family has navigated the dot-com bubble burst in the late ‘90s, the financial impact of 9/11, the Great Recession less than a decade later and, more recently, the economic fallout from the COVID-19 pandemic.

At the same time, we’ve been sandwiched between aging parents and boomerang children, adding both financial and emotional pressure along the way.

While our views and respective interests in saving and investing have differed, we’ve found common ground in two key areas. We’ve worked hard to put the burden of lingering student loans and other debt behind us, and we’re prioritizing planning now for the uncertain health care costs ahead of us in retirement.

Finding common ground in financial planning

Just like in our marriage, we strive to maintain a healthy relationship with money. The balance between spending and saving can be a slippery slope. Gen Xers are nearly twice as stressed about their financial futures as Baby Boomers and less engaged in their finances, research by Jackson finds.

But both generations could use a push. According to the study, only 38% of Gen Xers surveyed seek professional financial help, and Baby Boomers aren’t much better, at 49%.

Getting on the same page can be an uncomfortable and emotional process, so where did we start? Not long ago, we were procrastinating and avoiding retirement planning, but connecting with a financial professional and creating a written, transparent plan has been a game changer.

Now, we meet with our financial professional regularly — adjusting as needed and aligning on long-term goals.

But retirement isn’t just about money — it’s also about mindset. As we approach this next chapter, we’re realizing that emotional well-being plays just as big a role as financial security. That’s where the Happiness Curve comes in.

More than money: The emotional side of retirement

The Happiness Curve is a theory by Brookings Institution senior fellow Jonathan Rauch that tracks happiness patterns across a person's lifespan. This trajectory follows a U-shape — starting high in our youth, dipping to its lowest point in our late 40s, and then rising again as we age.

Research suggests happiness tends to increase after age 50, when the pressures and self-doubt that can characterize midlife start to fade, bringing a renewed sense of well-being and fulfillment.

I’ve discovered over time that balancing finances with lifestyle goals contributes to my overall happiness. It’s been a journey of incremental progress, not perfection.

I also realize now —many years after starting out — that true retirement readiness demands both financial and emotional preparation.

As this Boomer husband climbs the Happiness Curve, I sense my Gen X wife isn’t far behind. She’s still navigating financial worries and new challenges, but there’s growing optimism about the retirement years ahead.

Perhaps the best way to bridge our generational differences is to lean on our journey of shared experiences, memories and moments. For better or worse, we’re taking the next steps together — just as we always have.

Jackson, its distributors, and their respective representatives do not provide tax, accounting, or legal advice. Any tax statements contained herein were not intended or written to be used and cannot be used for the purpose of avoiding U.S. federal, state, or local tax penalties. Tax laws are complicated and subject to change. Tax results may depend on each taxpayer's individual set of facts and circumstances. You should rely on your own independent advisors as to any tax, accounting, or legal statements made herein.

Jackson is the marketing name for Jackson Financial Inc., Jackson National Life Insurance Company^® (Home Office: Lansing, Michigan) and Jackson National Life Insurance Company of New York^® (Home Office: Purchase, New York). Jackson National Life Distributors LLC. PR3663 03/25

Disclaimer

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Phil Wright leads a content development team for Jackson and is an award-winning financial writer. He started with the company in 1994 and focuses on the development and creation of digital content and thought leadership. He is a Registered Principal and Certified Fund Specialist (CFS®).