Generation X members and Baby Boomers are struggling to ease their anxiety surrounding retirement security, finds new research out this week by Global Atlantic Financial Group.
The survey fielded responses from investors between the ages of 55 and 75 with $250,000 to $2 million in investable assets and who are working with a financial professional. It found that of the respondents, 67% reported concerns about retirement income and longevity, with 30% reporting extreme concerns.
“As economic pressures grow and a record number of Americans head toward retirement, there is rising concern that many could face uncertain futures if retirement security is not adequately addressed,” said Emily LeMay, co-head of Individual Markets at Global Atlantic. “It’s critical we help ensure individuals have access to income for life. This could mean the difference between financial hardship and an enjoyable retirement for millions of people.”
Healthcare costs and inflation are also top anxieties, reported Global Atlantic, as 90% of survey respondents worry about rising healthcare expenses while 89% note concerns on inflation.
Others are apprehensive about looming Social Security insolvency. The survey found that 66% of respondents are concerned in whether the agency will be able to provide full benefits, with 43% saying they are extremely or very concerned. Another 35% anticipate needing to rely “a lot” on Social Security to cover costs in retirement.
“Our study shows many people are deeply concerned about their ability to save for retirement and maintain financial stability in the years ahead,” said Jason Bickler, Co-Head of Individual Markets at Global Atlantic. “We must prioritize innovation and developing effective strategies that can give people the tools they need to achieve financial security.”
Participants worried about insolvency are likelier to have started conversations with financial advisors about guaranteed income. According to the survey, 76% have discussed lifetime income benefits beyond Social Security with a financial professional, and 88% have voiced their priority for a steady income stream in retirement.
Still, over half of respondents believe their investments are adequately protected from market downturns (54%) and of those who have pension benefits (56%), 36% say they are extremely or very concerned about inflation eating away their pension income.
SEE ALSO:
Gen X Planning to Retire Later Due to Caregiving and Inflation
Inflation, Tariffs Increasingly Worry Americans in 2025, New Study Finds
Employer Trust Increases as Inflation Persists
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.
