4. Who hasn’t started saving for retirement
The survey found that 11% of Americans haven’t started saving for retirement. More than a quarter of Gen Zers (27%) haven’t begun saving for retirement, compared with 12% of Millennials (ages 27-42), 10% of Generation X (ages 43-58) and 3% of Baby Boomers (ages 59-77). This is unsurprising, as many Gen Zers are likely new to the workforce, not working yet, or still in school.
It’s unclear to some how much they should even be saving. Over 1 in 5 Americans (22%) say they don’t know how much money they will need to retire comfortably, according to the survey. This is true for 33% of Gen Zers, 27% of Millennials, 29% of Gen Xers and 10% of Boomers.
SEE ALSO:
• 401(k) Balances Dropped 20% in 2022 at Fidelity, But Increased in Q4
• 5 Ways Inflation is Changing Retirement Planning
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
