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Explore the results of the latest MFS Global Retirement Survey(1). In this report we share responses from participants on market event impacts, retirement confidence and the power of quality advice.
2Q :What are your top 3 financial concerns or worries regarding retirement? Percentages represent the sum of respondents that chose each statement as a top 3 concern.
Disclosure: (1)Source: 2023 MFS Global Retirement Survey, US Results Survey. Methodology: Dynata, an independent third-party research provider, conducted a study among 1,000 Defined Contribution (DC) plan participants in the US on behalf of MFS. MFS was not identified as the sponsor of the study. To qualify, DC plan participants had to be ages 18+, employed at least part-time, actively contributing to a 401(k), 403(b), 457, or 401(a). Data weighted to mirror the age gender distribution of the workforce. The survey was fielded between March 22 and April 6, 2023. We define generational cohorts as follows: Millennial ages 26–41; Generation X ages 42–57; Baby Boomer ages 58–77.
The views expressed in this material are subject to change at any time. These views should not be relied upon as investment advice, as securities recommendations, or as an indication of trading intent on behalf of any other MFS investment product.
Women may face certain additional challenges when preparing for retirement, with research suggesting that women may be less likely than their male peers to have retirement savings and more likely to experience negative economic consequences from caregiving. In addition, women generally live longer, meaning that they will have to make their savings last longer.
With more Americans set to hit age 65 in 2024 than any year before, differing expectations about retirement are putting new focus on the need for personalized approaches to investing and planning, according to the latest research from Principal Financial Group. "The majority of Generation X and millennials are planning on a 'phased' retirement before the age of 65, while baby boomers and Generation Z prefer an immediate retirement where they stop working entirely," said Chris Littlefield, president of Retirement and Income Solutions at Principal.
The pandemic led Americans to be more intentional about their approach to retirement planning, although millennials and members of Generation Z note that the cost of living could complicate their savings plans, according to a study by Fidelity Investments. The survey also found that many Americans are considering nontraditional retirements, with 57% expecting to work at least part time.
Longer lifespans could put an end to the idea of a linear career and lead future generations to embrace a cyclical relationship with work, disrupting traditional retirement, says Ric Edelman. This could lead to a number of changes in how people think about investing, housing and long-term care, among other issues, Edelman says.
In situations involving employee stock ownership plans, "it is important to save in other investment vehicles alongside your ESOP to ensure a secure future," writes Peter Newman of Peak Wealth Planning, who discusses potential strategies involving annuities or other kinds of accounts.
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