Press release
Principal® Survey Identifies Leading Disruptors of Retirement Industry By 2030
Survey of plan sponsors, financial professionals reveals predictions, challenges, and opportunities for the future of retirement DES MOINES, Iowa--(BUSINESS
About this update from Principal Financial Group Inc
[{"type":"text","content":"\nSurvey of plan sponsors, financial professionals reveals predictions, challenges, and opportunities for the future of retirement\n\n DES MOINES, Iowa--(BUSINESS WIRE)--\nA new survey from Principal Financial Group® identifies the leading disruptors to the retirement industry that employers and financial professionals believe will reshape plans, services, and solutions by 2030.\n\nAn aging workforce, Generation Z, the growing demand for personalized investment advice, and financial wellness are top of mind for more than 250 plan sponsors and 200 financial professionals that responded to the Principal® Future of Retirement Survey. Each are viewed as priorities in the next 5-7 years to help address the widening retirement gap that is approaching $4 trillion in the U.S.1\n\n“Understanding the evolving needs of participants and employers is critical to building relevant and meaningful retirement plans, solutions, and advice,” said Chris Littlefield, president of Retirement and Income Solutions at Principal®. “We are relentlessly focused on what our customers need to help meet their financial and retirement goals. Whether it’s more customized products, holistic guidance, or mobile-friendly, digital tools and resources, we will continue to leverage our relationships with financial professionals and strategic partners to help innovate and enhance the customer experience.”\n\nCompeting generational needs\n\nEmployers are often choosing retirement plans to help meet the needs of five generations of Americans. More of Gen Z will enter the labor market in the next 5-7 years while the number of people aged 75 and older in the workforce is expected to grow 96.6 percent by 20302. To support an aging workforce, three out of four plan sponsors and financial professionals agree participants should have the ability to make recurring withdrawals from their employer-sponsored retirement savings as they take a phased approach to retirement.\n\n“Choosing to retire is no longer a single-step life decision. Many individuals approaching 60-65 years of age need or prefer a phased retirement, working part-time to get relief from the 40-hour work week without fear of outliving their nest eggs,” Littlefield said.\n\nOn the opposite end of the workforce spectrum, 76% of plan sponsors agreed the expectations of millennial and Gen Z investors will be the driv...