6 retirement strategies for when clients can't save more

Core Insights - The traditional approach of simply saving more for retirement is becoming increasingly difficult for younger workers due to rising costs and competing financial priorities [1][2][3] - A significant portion of younger workers, specifically 42%, report living paycheck to paycheck, with 74% struggling to save for retirement [2] - Goldman Sachs emphasizes the need for more strategic investment and retirement income strategies to address the savings gap, rather than relying solely on increased savings [3] Retirement Savings Strategies - Goldman Sachs identifies six strategies to help close the retirement savings gap, suggesting that a more thoughtful approach is necessary for many workers [3] - The introduction of "Trump accounts" as a new early savings vehicle aims to provide government-funded investment accounts for newborns starting in 2025, with an initial $1,000 contribution [4] - These accounts allow for annual contributions of up to $5,000, and modeling shows that consistent contributions from ages 1 to 20 can yield significant retirement savings [5][6] Access to Retirement Plans - Approximately 25% of working Americans currently lack access to employer-sponsored retirement plans, highlighting a critical area for improvement in retirement outcomes [7]