Less Than 50% of Americans Are Positioned to Maintain Their Retirement Lifestyle—Are You One of Them?

Core Insights - Less than half of retirement savers are on track to maintain their current lifestyles after leaving the workforce, highlighting a significant gap in retirement preparedness [3][7] - Older Gen Z workers (ages 24-28) are the most prepared for retirement, with 47% on the right track, while preparedness decreases among older generations [4][7] Retirement Preparation by Generation - 47% of older Gen Z workers are adequately preparing for retirement, compared to 42% of millennials, 41% of Gen Xers, and 40% of pre-retirement Baby Boomers [4][7] - Despite lower savings rates, nearly 90% of Baby Boomers own homes, which may provide additional financial support in retirement through home equity [5] Planning and Savings Strategies - Retirement planning experts recommend saving between 10 to 12 times one's final salary to replace approximately 70%-80% of pre-retirement living costs [6] - Consistent contributions to retirement accounts are crucial for younger planners to leverage the benefits of compounding [8] - Those nearing retirement should consider catch-up contributions if they lack sufficient savings [8] Importance of Defined Contribution Plans - Access to defined contribution plans significantly increases the likelihood of achieving retirement savings goals, with those having access being twice as likely to succeed [1][9]