GOLDEN FEARS

Gen-Xers are middle aged and worried. Many say they don’t have enough to retire. Here’s how they can take control

- RENEE SYLVESTRE-WILLIAMS

Justin Mohareb, 51, is genuinely terrified when he thinks of his retirement years.

“Every day you get older and work gets a little harder, and you realize someday I’ll be able to not do this anymore,” he says. “But then I’m like, ‘How will I survive? Like, will I have to create a side hustle to spice up the flavour of my cat food?’ ”

Reality bites indeed

It may sound as though Mohareb is exaggerating, but his sentiments capture the general unease gen-Xers say they’re feeling when it comes to their golden years. According to a recent report from RBC, 54 per cent of genXers — those born between 1965 and 1980 and the group that makes up the largest portion of Canada’s middle-aged population — are worried they won’t have enough to retire comfortably. About 82 per cent say they worry about paying for today while saving for tomorrow.

Mohareb, who describes himself as a civil servant, says he has investments, a registered retirement savings plan and contributes to his pension — but it’s not enough to shake the worry, especially after past losses.

“I actually worked for a major bank for a while and they had a very generous stock purchase plan, and then the economy crashed, and that lost 90 per cent of its value,” he says. “I’m not sure how good I’m going to end up, and I strongly suspect if I paid attention, it would probably ease my mind. But I’m still terrified that if I do, it’ll just be, ‘Oh no, it’s exactly as bad as you thought.’ ”