Press release
Principal® Survey Reveals Retirement Confidence Gap Across Generations
U.S. workers cite comfortable retirement as life goal, but lack confidence in attaining it DES MOINES, Iowa--(BUSINESS WIRE)-- American workers of all
About this update from Principal Financial Group Inc
[{"type":"text","content":"\nU.S. workers cite comfortable retirement as life goal, but lack confidence in attaining it\n\n DES MOINES, Iowa--(BUSINESS WIRE)--\nAmerican workers of all generations put comfortable retirement among their top life goals, yet a large percentage are uncertain about how to plan for it, when to retire, and how they will pay for it, according to the latest Retirement Security Survey released today by retirement and investment leader Principal Financial Group®.\n\nIn a national survey of those with workplace retirement plans held by Principal®, 71% listed “living comfortably in retirement” as a top life goal along with good health and financial wellness. Unfortunately, less than half (49%) have confidence that their savings will be enough, and a further 55% don’t feel secure in their retirement planning.\n\n“Time and again, Americans overwhelmingly say they want a comfortable retirement, and shifts in the past few years about how we work and think about work has not changed that,” said Sri Reddy, senior vice president, Retirement & Income Solutions at Principal. “But our research shows there is a lot of work to be done to help people feel more secure and confident in their planning. It’s our job to demonstrate how the right tools, resources, and education can help people remain calm through bouts of market volatility while still preparing for the future.”\n\n\n\nGoals vs. Reality\n\n\n\n\n\n \n\n\n\nAll Generations\n\n\n\nBaby Boomers\n\n\n\nGen X\n\n\n\nGen Y\n\n\n\nGen Z\n\n\n\n\n\nTop Life Goal – Comfortable Retirement\n\n\n\n71%\n\n\n\n73%\n\n\n\n74%\n\n\n\n72%\n\n\n\n54%\n\n\n\n\n\nConfidence in Having Enough Money to live Comfortably in Retirement\n\n\n\n49%\n\n\n\n52%\n\n\n\n45%\n\n\n\n47%\n\n\n\n50%\n\n\n\n\nThe latest research gathers insights from workers, retirees, and plan sponsors about their experiences and views related to retirement planning and financial well-being. The findings reveal a wide, but not insurmountable gap between retirement saving goals and confidence levels in reaching the best outcomes. Key findings include:\n\n\nKnowledge and retirement plan capabilities are key to boosting confidence. Fifty percent of workers are either unsure how much they should be saving for retirement, or know they are saving less than they should be to reach their goals. Workers see the top criteria for reaching retirement ...