Jul 06, 2018retirement income,retirement planning,workplace based plans,consumer research,investmentsSA-Articles
The “dream retirement” is becoming more elusive for many Americans.
Many pre-retirees aren’t preparing enough for retirement – or they just don’t know how.
Younger generations can achieve the retirement they want with the right knowledge and advice.
The U.S. retirement picture has changed radically over the past few decades. Fewer workers are eligible for a pension and instead need to save for their own retirements. Income is less predictable due to new employment models. And health care costs are increasing while people are living longer, which means that workers today don’t just have more responsibility to save for their own retirements – they also need to make those savings last longer.
Because they expect to rely less on Social Security and pensions, pre-retirees plan to have more sources of income in retirement than current retirees do according to research by Prudential. And over half expect to work full- or part-time while in retirement.
Among the lessons retirees would pass on to today’s pre-retirees: save more, start saving earlier, and plan on retiring later. Tapping into financial wellness programs – many times offered through an employer – or working with a financial advisor can help younger workers create a customized retirement plan that will help them reach their goals.
The “gig economy” has become a significant source of employment for three generations of Americans – Millennials, Gen Xers and Baby Boomers. But no matter what age or lifestyle stage, all face challenges achieving financial wellness.
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