This Surprising Generation Says It’s Most Prepared for Retirement

Must read

MI vs UPW Match Prediction: Who will win today’s WPL 2024 match?

Two teams have tried to beat the Mumbai Indians (MI) in the 2024 edition of the Women's Premier League (WPL), and...

“Bro misses his wife and kids”: Damian Lillard being ‘lonely’ after Bucks trade amid divorce battle evokes NBA fans’ sympathy

Damian Lillard made it explicitly clear that he feels "lonely" in Milwaukee in a recent interview. The...

“We have all made mistakes”: Love is Blind star Chelsea reacts to ex Trevor’s secret relationship allegation

Love is Blind star Chelsea Blackwell has extended support to her pod ex Trevor Sova after allegations that he had a...

“I’d doubt that I’ll be captaining that long” – Pat Cummins ponders captaincy future to prolong his playing career

Australian captain Pat Cummins remains unsure of leading the country for the rest of his playing career....
Co-workers in a discussion
Ground Picture / Shutterstock.com

When retirement finally rolls around, will you be ready? For more than half of Americans — 52% — the answer is “yes.”

Recently, Northwestern Mutual surveyed 2,740 adults for its 2023 Planning & Progress Study and found that, overall, Americans feel pretty optimistic about amassing a nest egg that will see them through their golden years.

However, some Americans are more worried about the state of their savings. In fact, more than half of the members of one generation feel like they will come up short when the time to quit working arrives.

Take a look at how the following four generations feel about their retirement prospects and see if your concerns match those of your peers.

Generation Z

Generation Z couple homeowners
Ground Picture / Shutterstock.com

Respondents in this generation who said they expect to be financially prepared for retirement when the time comes: 65%

Age to which respondents in this generation plan to work: 60, on average

Youth is a time for optimism, and members of Generation Z are the most confident that they will be financially ready for retirement. They also expect to retire younger, on average, than members of any other generation.

Perhaps Generation Z is feeling good about its retirement prospects because it is doing such a great job of managing money, as we report in “Which Generation Has the Most Super Savers?

Millennials

A millennial Black couple happily packs to move to another city
fizkes / Shutterstock.com

Respondents in this generation who said they expect to be financially prepared for retirement when the time comes: 54%

Age to which respondents in this generation plan to work: 63, on average

Millennials are a bit less optimistic about their retirement prospects than members of Generation Z. But they still feel pretty good about their ability to save enough for a comfortable retirement.

In fact, millennials are probably more worried about their parents’ financial status than their own, as we note in “8 Tips Millennials Wish Their Parents Would Follow.”

Generation X

Generation X worker
stockfour / Shutterstock.com

Respondents in this generation who said they expect to be financially prepared for retirement when the time comes: 45%

Age to which respondents in this generation plan to work: 65, on average

Maybe Generation X should be renamed “Generation Gloom.” Less than half of people surveyed in this generation expect they will be financially ready for retirement when it arrives in the not-so-distant future.

Unfortunately, 38% of these worrywarts have chosen a “deer in headlights” approach to their fears — they admit they haven’t taken any steps to address the anxiety that they might outlive their savings.

Baby boomers (and older)

Relieved businessman or worker relaxed at a laptop not worried about work
OtmarW / Shutterstock.com

Respondents in this generation who said they expect to be financially prepared for retirement when the time comes: 52%

Age to which respondents in this generation plan to work: 71, on average

Older workers fall somewhere between millennials and members of Generation X in terms of their optimism about retirement savings. (Northwestern Mutual notes that this category only includes people in this age group who have not yet retired.)

Many already are in their 60s and beyond so it is no surprise that people in this age cohort expect to work later into life than members of any other generation.

For more about the retirement prospects for this group of Americans, check out:

More articles

Latest article

MI vs UPW Match Prediction: Who will win today’s WPL 2024 match?

Two teams have tried to beat the Mumbai Indians (MI) in the 2024 edition of the Women's Premier League (WPL), and...

“Bro misses his wife and kids”: Damian Lillard being ‘lonely’ after Bucks trade amid divorce battle evokes NBA fans’ sympathy

Damian Lillard made it explicitly clear that he feels "lonely" in Milwaukee in a recent interview. The...

“We have all made mistakes”: Love is Blind star Chelsea reacts to ex Trevor’s secret relationship allegation

Love is Blind star Chelsea Blackwell has extended support to her pod ex Trevor Sova after allegations that he had a...

“I’d doubt that I’ll be captaining that long” – Pat Cummins ponders captaincy future to prolong his playing career

Australian captain Pat Cummins remains unsure of leading the country for the rest of his playing career....

ISL 2023-24 Points Table: Updated standings after Hyderabad FC vs Punjab FC clash

Punjab FC beat Hyderabad FC 2-0 in the 96th match of the Indian Super League (ISL) at...