When it comes to financial stress, saving for retirement is one of the top concerns workers have. In fact, according to the John Hancock Retirement Plan Services 2015 Retirement Stress Survey, 69 percent of respondents are worried about saving for those income-less years.
With the recent market volatility, workers closer to retirement may have a little more to worry about than those who just entered the workforce. Although our economy has since recovered from the Great Recession, there are still many, greater challenges workers of all ages face. Older workers have concerns concerns about Social Security, increasing health care costs and being part of the sandwich generation.
Younger workers are not stress free, though. Millennials face difficulties with the increasing cost of college: student loans are the reason why of 62 percent of people are putting off saving for retirement and other investments according to American Student Assistance’s “Life Delayed” survey.
So how do workers views on retirement change as they move through each decade of their life? Read on to learn what the “16th Annual Transamerica Retirement Survey” discovered about workers and their retirement outlook in their 20s, 30s, 40s, 50s and 60s (click on the images to enlarge).
Workers in their 20s: Committed, cautious and concerned
As millennials begin their careers, saving for retirement is a financial priority, but less millennials have opened a retirement savings account compared to their older colleagues. One difference of workers in their 20s? They don’t believe Social Security will be there once they do retire many years down the road.
Workers in their 30s: Strong savers but weak planners
Workers in this generation have more than likely established their careers but that doesn’t mean they have exactly established their retirement savings. More than half of workers in their 30s have guessed what their retirement savings needs are.
Workers in their 40s: Financially frazzled but focused
The Great Recession took a heavier tole on this group: less than 25 percent feel like they will live the lifestyle they had dreamed of in retirement. One thing to note: many of the people in their 40s are taking care of themselves, their children and their parents, hence why they are also known as the sandwich generation.
Workers in their 50s: Facing future retirement realities
As they near retirement age, 50-something workers are more concerned with what they may face in the coming years. Over half believe they will either work past age 65 or don’t plan to retire at all. But the good news is that 80 percent of these workers are saving for retirement.
Workers in their 60s: Transforming retirement as they retire
A shockingly 82 percent of 60-something workers expect or are already working past age 65. Social Security is also being relied on more at this age. But only 29 percent say they know the ends and outs about the income outlet.
To see the original infographic, go here.
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