Goldman: Younger Investors Positioning Plans for Retirement

With retirement concerns ever looming for investors, recent data illuminates how younger Americans are beginning to plan ahead.

Goldman Sachs Asset Management’s annual retirement report shows millennials and Gen Z are increasingly taking proactive steps to set up retirement plans. The report adds that 67% of millennials and 60% of Gen Z have a personalized plan for retirement.

Younger generations are also taking initiative over their personal savings. Goldman found that 69% of millennials report their savings are ahead of schedule or on track. And 68% of Gen Z said they felt the same.

Older generations are seemingly not faring as well. Goldman reports that 45% of Gen Xers and roughly half of working baby boomers feel behind schedule with retirement savings.

“The challenges brought by the financial vortex can shift and grow in difficulty as we age,” noted Greg Wilson, head of retirement at Goldman Sachs Asset Management. “To keep our retirement savings on course, we must anticipate these challenges. [We have to] factor them into carefully and thoughtfully designed financial plans.”