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Our Logica® Future of Money Study reveals that retirement concerns are top of mind for Americans across all generations. Gen Z and Millennials are particularly worried about not saving enough, despite starting their retirement savings earlier than older generations.
More than half of Millennials (59%), Gen X (56%), and Boomers (55%) expect to work full- or part-time after reaching retirement age—or “unretiring.” Gen Z holds slightly different expectations, with only 43% planning to continue working after retirement. Kiplinger shares that the “trend of unretiring is at a five-year high as older Americans return to the workforce,” reinforcing what our Future of Money respondents have to say about their own delayed retirement plans.
On average, our study shows that Americans believe retirement savings should start at age 26, though Gen X and Boomers began later—at ages 32 and 37, respectively. Almost half of Americans (48%) who aren't saving for retirement cite an inability to save at all, while others prioritize different financial needs (30%) or are waiting for better financial conditions (27%).
These findings emphasize the need for enhanced financial planning tools and strategies to help Americans prepare for retirement based on their individual goals and timelines.
Get the full Logica Future of Money Study through the Insights Kit to explore how Americans are navigating their financial futures, or download the highlights report here.
Related: Employers’ Vital Role in Securing Employees’ Financial Futures