Travel was a top retirement goal across generations, ranging from 59 to 67 percent. Image: Alena Guberskaya/Shutterstock.com
By: FEDweek StaffA survey has found common themes in dreams for retirement among all four generations studied, but the same was not true of fears regarding retirement.
The TransAmerica Center for Retirement Studies found that across those generations—Gen Z, Millennials, Gen X and Baby Boomers, travel was the top dream for each ranging from 59 to 67 percent. Spending more time with family and friends was in second place for each, from 52 to 59 percent, while pursuing hobbies was third, ranging from 45 to 50 percent.
Doing volunteer work and taking care of grandchildren were the least commonly cited, behind continued work in one form or another—starting a business, working in the same field, or pursuing an encore career in a new field. Continued working was one area of substantial difference by generations, though, with the intention to do some form of work declining from 38 percent of Gen Z to just 23 percent among Boomers.
Differences were even more pronounced regarding fears for retirement, with Boomers expressing the greatest level of concern in six out of the top seven most commonly cited; the exception was not being able to meet basic financial needs, where the concern was the highest among Gen X.
For example, 49 percent of Boomers expressed fear about outliving their savings and investments, 43 percent cited concern about declining health, 40 percent about Social Security’s ability to pay benefits, 37 percent about possible long-term care costs, 33 percent about losing their independence and 32 percent about cognitive decline.
Gen X had the second-highest level of concerns in most of those categories, showing that such concerns tend to increase with age. Millennials, though, had the highest level of concern—even higher than Gen Z–about concerns lower on the list: feeling isolated and alone, lacking affordable housing and not being able to retire on their own terms.
Key Bills Advancing, but No Path to Avoid Shutdown Apparent
TSP Adds Detail to Upcoming Roth Conversion Feature
White House to Issue Rules on RIF, Disciplinary Policy Changes
See also,
Legal: How to Challenge a Federal Reduction in Force (RIF) in 2025
The Best Ages for Federal Employees to Retire
Alternative Federal Retirement Options; With Chart
Primer: Early out, buyout, reduction in force (RIF)
Retention Standing, ‘Bump and Retreat’ and More: Report Outlines RIF Process
