One-third of millennials say they are behind on their retirement savings

Savings. Photo credit Getty Images
By , Audacy

If you feel as though you aren't putting enough into your retirement savings, you aren't alone, as a new survey has found that 34% of millennial workers are behind on their accumulated savings.

The survey from Goldman Sachs Asset Management noted that other generations are also behind, with 53% of Baby Boomers reporting being behind in their savings, along with 51% of Gen X. In comparison, only 27% of Gen Z reported the same.

The findings were detailed in the Retirement Survey & Insights Report 2022. The report included responses from 1,566 individuals who were surveyed from July to August of this year. It looks to examine retirement readiness among workers and managing income for retirees.

The annual report found numerous key differences between generations and how they view savings and retirement.

The authors wrote that there are "notable differences between Generation X, Millennials, and Generation Z when it comes to their most pressing concerns, savings levels and value of advice in planning for a comfortable retirement."

Among respondents in Generation X, 65% said they were stressed about managing their retirement savings, and more than half of retirees said their current income is less than 50% of their pre-retirement income.

Top worries for retirees included health care needs and possible slashes made to Social Security at a time in their lives when they should be enjoying their life's hard work.

"Though retirement should be a time to enjoy one's savings, many are forced to live conservatively and navigate competing needs," the report reads.

For those who are getting closer to retirement age, many are looking to part-time work as a way to make ends meet, with nearly 60% saying they entered retirement earlier than planned, according to the report.

The report was conducted before the Social Security Administration's announcement that it would put an 8.7% cost-of-living adjustment into effect.

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