Transamerica Report Highlights Retirement Security Challenges Amid Inflation and Economic Uncertainty
A new report titled 'Stressed and Strained: Four Generations Strive for Retirement Security,' released by the Transamerica Institute and the Transamerica Center for Retirement Studies (TCRS), reveals significant anxiety regarding retirement preparedness in the United States. The study finds that 78% of American workers believe the high cost of living is hindering their ability to save, while 65% fear they will not have sufficient funds even if they work until retirement age. The report identifies a 'perfect storm' of factors including persistent inflation, uncertainty regarding the future of Social Security, and competing personal priorities. Generation Z workers face unique hurdles, with 50% struggling to make ends meet and many balancing side hustles or caregiving responsibilities. Millennials are also under pressure, with 58% reporting that debt is actively interfering with their retirement savings efforts.
Topics: cost of living demographics inflation retirement savings Social Security