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Prudential Financial Inc | NYSE:PRU | NYSE | Common Stock |
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Critically underprepared for retirement, 55-year-old Americans enter a crucial 10-year countdown to plan and prepare
As a record number of Americans reach the traditional 65-year retirement age in 2024, a younger demographic of critically underprepared pre-retirees begins a 10-year countdown to protect retirement outcomes, according to Prudential Financial, Inc.’s 2024 Pulse of the American Retiree Survey.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240624142309/en/
Fifty-five-year-old Americans are far less financially secure than older generations, and face mental and emotional strain that extends beyond prevailing notions about the “midlife” crisis. These challenges are exacerbated by calculations that Social Security’s trust funds will be depleted as this generation reaches retirement age in 2035 — making this the first modern generation to confront retirement without full Social Security support, and in most cases without a defined benefit pension plan.
“Attention today is rightly centered on the approximately 11,000 65-year-olds entering retirement every week, but we must also focus as an industry on the opportunity to help a slightly younger generation of workers entering the critical 10-year countdown to retirement. Further, the financial futures of certain cohorts — such as women — are especially precarious,” said Caroline Feeney, CEO of Prudential’s U.S. Businesses. “The upside is that, with the right planning and strategy to protect their life’s work, we can ensure this generation is well-prepared to live not only longer, but better.”
Key findings of the survey include:
“America’s 55-year-olds have the opportunity to reimagine and protect retirement outcomes with a new set of tools that can help them safely grow their retirement nest egg while also ensuring a reliable stream of lifetime income,” said Dylan Tyson, president of Retirement Strategies at Prudential. “With the retirement model evolving beyond traditional pensions, lump sums and Social Security, it is critical that we work together to prepare for better and longer lives throughout retirement.”
Midlife Retirement “Crisis”
At an age where they are navigating the most complex balance of career, family and retirement planning obligations, 55-year-olds face the most significant mental and emotional health challenges, particularly if they are financially insecure.
To learn more about potential retirement strategies and solutions for helping Americans live a better life, longer, click here.
ABOUT THE SURVEY
The 2024 Pulse of the American Retiree Survey was conducted by Brunswick Group from April 26 to May 2, 2024 among a national sample of 905 Americans ages 55 (n=300), 65 (n=303), and 75 (n=302). The interviews were conducted online, and quotas were set to reflect a representative population based on age, gender, race/ethnicity, educational attainment, and region. Percentages may not total to 100 due to rounding or multiple choices.
ABOUT PRUDENTIAL
Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.5 trillion in assets under management as of March 31, 2024, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for nearly 150 years. For more information, please visit news.prudential.com.
CONNECT WITH US: Visit prudential.com Follow on LinkedIn
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240624142309/en/
MEDIA Laura Coletti +1 973-802-8988 laura.coletti@prudential.com
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