An Uncertain Future: Retirement Prospects of 4 Generations

An Uncertain Future: Retirement Prospects of 4 Generations examines how workers are preparing for retirement in a rapidly changing environment including workforce transformations, the proliferation of artificial intelligence (AI) and robotics, volatility in the labor market and broader economy, and the evolving retirement landscape. It provides recommendations for workers to build financial resilience, for employers to innovate benefit offerings, and for policymakers to strengthen the U.S. retirement system. 

Key insights include:

• Financial security feels out of reach: Workers feel people in their generation will have a much harder time achieving financial security compared with their parent's generation (Gen Z 83%, Millennials 81%, Generation X 81%, Baby Boomers 73%).
• Caregiving is a shared experience: Workers are currently serving and/or served as caregivers during their careers (Gen Z 41%, Millennials 41%, Generation X: 37%, Baby Boomers: 31%).
• Generations share personal thoughts about growing old in America such as financial anxiety yet excitement for possibilities.

This multigenerational analysis is based on findings from the 25th Annual Transamerica Retirement Survey of more than 5,400 U.S. workers aged 18 and older who are employed by for-profit companies. It offers detailed comparisons by Generation Z, Millennial, Generation X, and Baby Boomer workers.