How 4 Generations Think Differently About Retirement

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The COVID-19 pandemic upended Americans’ lives, including, in many cases, retirement finances and plans. An October 2022 survey report from Transamerica Center for Retirement Studies and Transamerica Institute, “Emerging From the COVID-19 Pandemic: Four Generations Prepare for Retirement,” examined the pandemic’s impact on baby boomers, Generation X, millennials and Generation Z.

The study focused on the experiences of employed workers of for-profit companies and the pandemic’s impact on their lives. Transamerica surveyed over 5,000 participants in late 2021 when COVID-19 cases were surging and many businesses were still undecided about on-site versus remote work.

The generations are divided by year of birth:

Generation Z: Born 1997 to 2012
Millennial: Born 1981 to 1996
Generation X: Born 1965 to 1980
Baby Boomer: Born 1946 to 1964

Survey participants were asked about a range of topics, including the impacts of the pandemic, their current financial situation, visions and expectations of retirement and retirement savings, plans and preparations. Results varied significantly among the generations.

Check out the slideshow to see how these four generations’ approaches are changing.

Ed McCarthy is a freelance financial writer who holds the certified financial planner and retirement income certified professional designations.