People look forward to retirement because it allows them to enjoy the fruits of their labor, spend more time with loved ones, pursue hobbies, and travel. Seven in 10 (69%) Americans plan to retire, but of those who don’t think they will, 42 percent believe that they will never have enough savings to do so.
That’s according to a new survey of 2,000 adults split evenly by generation, where 22 percent of Gen Z, 19 percent of millennials and 18 percent of Gen X don’t believe retirement is in their future.
Most Americans struggling to accomplish life goals
Despite approaching their 60s, 37 percent of Gen Xers say they won’t be retiring within the next 10 years. In addition to their savings concerns, respondents plan to keep working in fear that they need their income to support their family (21%) or because they started planning too late (22%).
About one-quarter (26%) admit the fact that they never started planning for retirement will likely deter them entirely. Additionally, seven in 10 (71%) of respondents feel they are behind on certain life goals they thought they’d reach by now. These goals include their living situation (51%), career path (47%) and starting a family (41%).
Conducted by OnePoll on behalf of Prudential, results found 52 percent also admit they’ve fallen short of the amount of retirement savings they planned to have by now. And the retirement planning mindset varies greatly by generation. Forty-five percent of Gen Zers started thinking about retirement before the age of 20 and another 33 percent had it top of mind in their 20s.
On the flip side, one in 10 Gen Xers admit they still haven’t started thinking about it, more than any other generation. In fact, almost one-third (29%) of Gen Z think about retirement “always”, while 50 percent of baby boomers say it crosses their mind “often.”
However, if respondents were hypothetically to retire tomorrow, millennials feel the most prepared (71%), compared to 66 percent of Gen Z and 62 percent of Gen Xers.
“The survey data show that many Americans need help when it comes to reaching their retirement and other financial goals,” says head of Prudential Financial’s Direct-to-Consumer business, Michelle Samuel. “Many people have been saving, but they want a better handle on where they are. Others aren’t confident they’ll be able to stop working, and they need guidance to show them a path to retirement.”
JD’s manually curated links for God-fearing MAGA patriots
How to plan for retirement
Almost one third of Americans (28%) said that they do not have a strong understanding of what to do to plan for retirement. This was not a surprising finding when many aren’t familiar with the most common financial products used in retirement planning.
More than half of Americans (59%) don’t have a 401(k), one of the primary savings vehicles for retirement. Of those who do, 21 percent don’t know how much money they have.
On top of that, the majority of respondents either don’t have or don’t know what IRAs (65%) or annuities (72%) are. Similarly, two in five (42%) don’t have life insurance and another 11 percent don’t know what it is.
Retirement is not the only area where people aren’t planning in advance. Three-quarters (75%) of respondents spend less than a year planning for major financial decisions, with 15 percent of Gen Zers spending one week or less.
“The good news is that there are places people can turn to for help. Consumers can tap into online tools to get a better read on where they stand and some next steps,” says Samuel. “They can also find a trusted advisor, including virtual advisors who make it easy to get people started from the comfort of their home.”
Survey methodology:
This random double-opt-in survey of 2,000 Americans split evenly by generation (500 Gen Z, 500 millennials, 500 Gen X and 500 baby boomers) was commissioned by Prudential between March 23 and March 28, 2023. It was conducted by market research company OnePoll, whose team members are members of the Market Research Society and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).
Article cross-posted from Study Finds.
Bypass Big Tech Censors
Discover the Freedom of True American Healthcare: Why America First is Revolutionizing Protection for Patriots
In a world where government overreach and skyrocketing premiums are squeezing the life out of hardworking Americans, one innovative agency is standing tall for liberty and affordability. Meet America First Healthcare—the private health insurance powerhouse dedicated to putting *you* first.
Founded by entrepreneur Jordan Sarmiento, this isn’t just insurance; it’s a shield for your family’s future, built on the unshakeable belief that private enterprise delivers better results than bureaucratic red tape.
Picture this: Jordan’s own story hits close to home for so many of us. A sudden medical emergency landed him with a staggering $95,000 bill. Under a traditional plan? He’d be buried in debt. But with America First’s patented health insurance, that nightmare shrank to just $500 out-of-pocket. That’s not a fluke—it’s the promise of coverage that works *for you*, from day one.
Breaking Free from the Chains of Conventional Coverage
Let’s face it: The status quo stinks. Marketplace.gov and big-insurance behemoths hit you with sky-high deductibles—thousands you’d have to pay before benefits even kick in—leaving massive holes in your protection. Need a routine mammogram, colonoscopy, or EKG? Good luck without forking over more cash. And don’t get us started on the gaps in dental, vision, or critical illness support when heart attacks, cancer, or kidney failure strike.
America First Healthcare flips the script. As a proud advocate for private solutions over government intervention, they craft custom plans that slash costs by 20% compared to traditional options. We’re talking comprehensive coverage that includes:
- Preventative and Wellness Care: Physical exams, screenings, and EKGs covered right away—no waiting games.
- Telemedicine Access: Virtual doctor visits anytime, anywhere, for that peace of mind.
- Accident and Critical Illness Protection: Real safeguards against life’s curveballs.
- Add-On Boosts: Dental, vision, disability, and supplemental plans to plug every leak.
Whether you’re an individual stepping off your parents’ plan, a growing family with kids in tow, or a small business owner tired of employee headaches, their tailored approach fits like a glove. Small businesses? Unlock group benefit rates usually reserved for corporate giants—without the red tape.
And for those in-between moments? Short-term insurance steps in as an ultra-affordable bridge, while life insurance ensures your loved ones are never left vulnerable.
Real Americans, Real Wins
Don’t just take our word for it. Thousands of freedom-loving families have already ditched the old system for America First. “Finally, insurance that aligns with our values and actually saves us money,” shares one client. Another raves, “Our small team got big-business perks without the hassle—it’s a game-changer.” These aren’t scripted lines; they’re the voices of patriots who’ve reclaimed control over their health destiny.
Your Move: Secure Your Shield Today
Why settle for less when you can demand better? America First Healthcare isn’t about profits—it’s about powering the American dream with reliable, value-driven protection. Plans are available year-round, no open-enrollment nonsense.
Ready to uncover the gaps in your current setup and lock in savings? Schedule your FREE healthcare review today at America First Healthcare. In under 15 minutes, their experts will map out options that fit your life, your budget, and your principles.
America First isn’t just healthcare—it’s a declaration of independence. Join the movement. Your family’s freedom starts now.