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The financial gap between the younger and retired generations has widened

Importantly, fewer people said they had to retire early due to unforeseen circumstances, and a higher percentage indicated they were able to retire on their own terms, including health care (26%, down from 33% in 2021) ), unexpected truncation (15). %, down from 22% in 2021), financial preparedness (18%, up from 9% in 2021), and wanting to enjoy themselves (12%), up from 7% in 2021)

Kelly Lavigne, Vice President of Consumer Insights for Allianz Life, said, “While it is encouraging that many retired Americans were able to weather the financial storm caused by the pandemic, it is equally concerning that so many pre-retirees did not survive.” get it.”

One concern that both retired and non-retired Americans have is how rising costs may affect their financial situation.

Over the next 12 months, eight out of ten people (78%) expect inflation to get worse. Six in ten working people (59%) say their income is not commensurate with rising cost of living, while 40% of retirees say their retirement income is not increasing.

“Whether they are retired or still in the workforce, all Americans are challenged by inflation right now and need to develop strategies that ensure their incomes keep up with rising costs,” LaVigne said. “While a change in spending habits can help in the short term, it is important that people take measured steps, such as adding a source of guaranteed income that can help protect their finances without sacrificing retirement security. “

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