A growing number of U.S. workers across generations are worried they won’t have enough savings by the time they retire, according to a June 18 report from the Transamerica Center for Retirement Studies and the Transamerica Institute. The report reveals that 68% of workers believe they could continue working until retirement and still fall short of their financial needs.

In a survey of over 5,000 U.S. workers, 80% felt their generation faces greater challenges in securing financial stability compared to their parents. Top concerns include paying off debt, covering daily expenses, preparing for major life events, and saving for emergencies and retirement.

Catherine Collinson, CEO and president of both Transamerica organizations, emphasized that steady employment with retirement benefits is crucial for long-term security. She noted that with the evolving workforce and retirement dynamics, resilience and access to financial education are key.

Burnout remains a concern, especially among workers juggling multiple jobs, side hustles, or caregiving responsibilities. Many report difficulty balancing current expenses while planning for the future.

Gen X appears particularly concerned, with only 18% feeling “very confident” about retiring comfortably. Just 23% strongly believe they’re building a sufficient nest egg. A significant 39% expect to work past 70 or not retire at all, while 56% plan to work even after retiring.

Baby Boomers share similar concerns. 57% anticipate delaying retirement past 70 or not retiring, driven by fears of long-term health issues, outliving their savings, and uncertainties around Social Security.

A separate survey by Morning Consult and Corebridge Financial shows that half of retired women found retirement more costly than expected. Although many report stable financial health, two-thirds wish they had started saving earlier.

The notion of “pre-retirement”—a phased shift from full-time work to retirement—is gaining traction, especially in the post-pandemic era. A report from Human Interest suggests workers are reevaluating not only when they retire but how they approach the transition, signaling a broader shift in retirement planning behavior.

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Source: Hrdive.com