Leveraging data from the Retirement Survey & Insights Report 2023, this supplemental report examines the challenges faced by each working generation (working Baby Boomers, Generation X, Millennials, and Generation Z) in an effort to better understand their retirement journey.
The Retirement Survey & Insights Report 2023 explored the ongoing impact of the Financial Vortex on working and retired populations. Our findings are from 5,261 individuals surveyed in July 2023 and provide insights from a diverse set of perspectives, including (i) working individuals (3673 working individuals across generations—working Baby Boomers, Generation X, Millennials, and Generation Z), and (ii) retired individuals (1,588 retired individuals age 50-75).
In this supplemental report, The Generational Divide, we evaluate the challenges faced by each working generation (working Baby Boomers, Generation X, Millennials, and Generation Z). By appreciating the needs of each generation, we can better see the macro changes happening across Social Security, longevity, caregiving, education costs and in general, views on retirement, that are all impacting how people save and prepare for their retirement:
- Social Security Uncertainty: Social Security benefits are set to decline 24% by 2033 without policy revisions. The level of financial support provided by Social Security will likely change impacting how future generations may rely on these benefits.
You can now read the full whitepaper at the link below
