Retirement is not necessarily a departure from the workforce, but is being redefined as a gateway to greater flexibility.
Millennials are moderately confident that they have sufficient retirement savings
Most people are unfazed by Taylor Swift's support for presidential candidate
Pittsburgh, March 11, 2024–(BUSINESS WIRE)–A new study reveals how millennials are reshaping their retirement landscape, defining it by financial independence rather than age-based benchmarks. This study provides new understanding of the changing retirement planning paradigm by surveying millennials across the country to understand their retirement readiness, retirement confidence, and evolving attitudes and behaviors around consumer debt. Shined a light. The study was commissioned by IRALOGIX, a fintech provider for the retirement industry, and was conducted in February 2024.
“Millennials are revolutionizing the traditional concept of retirement, along with the definition of the term itself, offering a fresh perspective that is different from other generations in the United States,” said IRALOGIX Co-Founder. said expert Lowell M. Smith Jr. Retirement issue. “This research highlights a fundamental shift from what we previously understood. Millennials no longer view retirement as simply leaving the workforce. Instead, they are is defined as a stage in life characterized by increased career flexibility and the opportunity to pursue projects with passion, hobbies, promote personal fulfillment, and make a meaningful impact on society. . ”
The main findings are as follows.
Key findings:
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51% Retirement, he says, is not defined by age 65, but by the financial independence that allows you to enjoy your lifestyle without relying on traditional employment. twenty four% They noted that retiring (i.e., quitting all jobs) at age 65 is a goal they are very focused on.and 16% answered that retirement is not necessarily a departure from the workforce, but rather a time when life becomes more flexible.
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When asked if he would retire someday, 47% A large percentage of respondents said they would retire as soon as they could afford it. twenty two% They will continue to work because it's fun or because they don't have enough retirement benefits.
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Millennials are moderately confident (47%) To accumulate enough savings to someday retire. 29% I'm not sure I can save enough to retire.
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Balancing savings for retirement with short-term financial goals such as vacations, buying a home, and paying off student loans and other debt. 62% He suggested that he is trying to “strike an even balance” between the two. 29% They focus only on short-term goals and are dedicated to “living in the moment.”
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Millennials seem to be doing a pretty good job of controlling consumer debt. 55% Excluding the mortgage, he says his debt is between $0 and $20,000. 18% You owe up to $35,000.just 11% They say their debt is more than $65,000.
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Majority(55%) respondents are responsible for ensuring adequate retirement savings, but twenty five% claiming that the employer is responsible; 20% We believe the government should provide retirement savings.
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Of those who answered “employer” in the previous question, 37% To enable a comfortable retirement, employers must offer a robust retirement package, such as a 401(k) or similar plan, along with competitive employee matching. twenty four% I want a traditional defined benefit plan with investments selected by an investment professional. Under this plan, the employer assumes all the risks and requires the employee to pay a fixed amount each month when he or she leaves the company.
Other points
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When asked if they use technology such as robo-advisors, investment platforms, or AI to assist with their retirement planning, they said: 60% I said no,” 28% Answer “Yes” and 12% It's “thinking.”
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61% Making regular monthly contributions to an employer-sponsored retirement plan, such as a 401(k), 403(b), SIMPLE IRA, or SEP IRA.
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When leaving an employer that had a retirement plan in place, 25% rolled it over to their new employer's plan. 27% I rolled it into my IRA. 31% He was left “as is” by his former employer.and 16% I withdrew the balance and used it.
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Despite her fame and wealth, Taylor Swift doesn't seem to have much influence over millennials. When asked if supporting a particular presidential candidate would influence their vote, he replied: 71% I said no. ” just 29% I answered “Yes” or “I haven’t thought about it, but I will.”
methodology
The survey was commissioned by IRALOGIX and conducted online in February 2024 with 578 respondents. Respondents were skewed 56% female and 44% male and were drawn from a national sample of millennials, ages 28 to 43, with household incomes between $0 and $200,000 plus. To schedule an interview or request a copy of the complete survey, please contact Scott Sunshine.
About IRALOGIX™
IRALOGIX is redefining the $13 trillion IRA market through industry-leading technology-enabled, completely paperless, white-label IRA record management and technology solutions. The company's unique technology solutions enable any financial institution to easily customize IRA services and compete effectively in all segments of the IRA market, regardless of account size. Through our modular technology, institutional investors can choose between leveraging our own investment and advisory capabilities or choosing from leading industry providers. IRALOGIX complements your go-to-market strategy, streamlines your IRA service options, and helps you profitably grow your business across all industry segments. For more information, please visit www.iralogix.com.
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contact address
scott sunshine
blue dot advisors
scott@bdotadvisors.com
(917) 748-3383
