Gen X, the First 401(k) Generation, Is Least Prepared for Retirement
Gen Xers entered the workforce as pensions were fading and 401(k) plans were ‘primitive.’ Now they are closest to retirement but feel least ready for it, according to Transamerica research.
Gender Savings Gap Closing Among Younger Generations, Bank of America Reports
Account balances among millennial men exceed women by 23%, significantly less than the average gender gap of 50%.
LIMRA: Annuities Break Another Record in Q1, on Track for Record ’23
New PGIM research also signals a potentially larger market for the guaranteed income product.
US Workers’ Retirement Readiness Declines Amid Market Volatility
American savers only have 78% of the income needed to cover expenses during retirement, according to Fidelity, down from the last study in 2020.
Fidelity: Gen Z Savers Pour Into IRAs
For all age groups, however, average 401(k) balances were down 23% in 2022 due to declines in both stocks and bonds.
Reconsidering Target-Date Funds After a Rocky 2022
Advisers and plan sponsors should consider both use and education around target-date funds after 2022 declines, according to new research from MFS.
Millennials and Gen Z Wealth Rises 25%, Outpacing Gen X and Boomers
The growing wealth of younger generations brings more challenges – and opportunities – to the investing and retirement planning sector, according to a report from Cerulli.
Advisers Can Assist High-Net-Worth Investors With Reimagined Retirement
Across generations, investors with $5 million of investable assets have created a new retirement roadmap.
Fidelity Program Aims to Facilitate Easier Wealth Transitions
Fewer than four in 10 advisers say they have a successful track record of partnering with their clients’ children or spouses on successful wealth transitions, meaning the stability and longevity of many advisers’ practices may be in question.
Wealth Transfers on the Horizon
Through the Ages
Employees More Focused on Financial Planning Related to Life Events
Employees surveyed said their ideas and feeling about money varied greatly throughout each life stage, and 40% identified more with others who are going through similar life events than those in defined generations.
Gen Xers Feeling Financially Squeezed
They have mortgages, second homes, kids going to college and elderly parents. They’re even thinking about long-term care policies.
Wells Fargo Suggests Generational Approaches to Retirement Saving
Because people are living longer, healthier lives, the Wells Fargo Investment Institute has suggested different ways that Millennials, Generation X and Baby Boomers can successfully save for retirement.
Americans Expect Financial Security to Be Elusive in Retirement
Among all age groups, 76% think people in their generation will have a harder time achieving financial security in retirement than their parents, the Transamerica Center for Retirement Studies found.
Female Gen Xers at Risk
Debt Weighs Heavily on Millennials
They may be grappling with debt for decades to come, according to Nationwide Advisory Solutions.
Baby Boomers Far More Confident About Retirement Than Gen X
Three-quarters of Baby Boomers think they will have enough money to live comfortably during retirement, but only 35% of Gen Xers share this optimism.
Millennials the Most Likely to Own Mutual Funds in Their Retirement Plan
Nearly half owned their funds only through their employer-sponsored retirement plans, according to the ICI.
Women Plan to Take Steps to Make Their Money Grow
However, only 24% of women say they are comfortable with their knowledge on investing, Fidelity Investments found.