See how baby boomers stack up in retirement readiness compared to other generations. https://t.co/HOEV7q8XV3 ...

Core Insights - There is a significant disparity in perceptions of retirement readiness between U.S. employers and employees, with 78% of employers believing their staff are prepared, while only 45% of employees share this belief [1] Group 1: Communication and Literacy Issues - The gap in retirement readiness perceptions may indicate deeper issues such as communication breakdowns between employers and employees, lack of benefit literacy, and financial pressures that hinder retirement savings [2] Group 2: Retirement Plan Access - The trend has shifted from traditional pension plans to defined-contribution plans, with only 15% of private-sector workers having access to defined benefit plans in 2023, compared to 67% who have access to defined-contribution plans [5] Group 3: Financial Challenges - Many employees feel unprepared to save for retirement due to inflation impacting wages, which reduces their ability to contribute to retirement savings [6] - A Vanguard report indicates that lower-income Americans are likely to retire with insufficient savings to maintain their current standard of living, highlighting the challenges in budgeting for retirement [7]

Group 1 - Employee sentiment regarding employer-sponsored benefits is low, with less than half of employees knowing how to enroll, highlighting a significant knowledge gap [3] - New York Life Group emphasizes the importance of addressing this knowledge gap year-round to foster a culture of wellbeing [3] - Voya Financial indicates that HR can play a crucial role in supporting employees' mental and financial health throughout the year, not just during open enrollment [3] Group 2 - A majority of employees (77%) plan to spend more time reassessing their benefit elections during open enrollment this year, an increase from 69% last year [4] - There is a growing awareness of the connection between financial stability and mental health, with 63% of Americans agreeing that financial stability impacts mental health, up from 57% over the past two years [4] - Approximately half of workers feel unprepared for retirement, indicating a need for more education on retirement planning [4]

Retirement Savings Analysis - The document encourages individuals to compare their savings against typical Americans of their age to assess retirement readiness [1] - It suggests exploring strategies for strengthening retirement preparedness [1]