Less Than 50% of Americans Are Positioned to Maintain Their Lifestyle in Retirement—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 [3][9] - Older Gen Z workers (ages 24-28) are the best prepared for retirement, with 47% on the right track, while preparedness decreases in older generations [4][9] Retirement Preparation by Generation - 42% of millennials, 41% of Gen Xers, and 40% of preretirement Baby Boomers are adequately preparing for retirement [4] - Almost 90% of Baby Boomers own a home, which may provide options for retirement support through home equity [5] Retirement Planning Strategies - Experts recommend saving between 10 and 12 times the final salary to replace 70%-80% of pre-retirement living costs [6] - Consistent contributions to retirement accounts are essential for younger planners to leverage compounding [7] - Utilizing employer matching contributions in defined contribution plans is crucial to maximize retirement savings [8] Impact of Working Longer - Working just two additional years could significantly increase the number of workers able to maintain their current lifestyles in retirement [9]