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23rd Annual Transamerica Retirement Survey

TCRS' research highlights opportunities to improve retirement security for everyday people, employers, and policymakers. The 23rd Annual Transamerica Retirement Survey is one of the largest and longest running of its kind, exploring the retirement outlook and healthy-aging perspectives across different demographic segments. The survey was conducted in late 2022 among more than 10,000 adults, of whom more than 5,700 are for-profit workers and more than 2,000 are retirees and age 50+ workers. The survey was also separately conducted among more than 1,800 for-profit U.S. employers.

The following research reports are available:


A Compendium of Demographic Influences on Retirement Security

December 14, 2023

Millions of Americans are ill-prepared for retirement, as they navigate the pandemic’s aftermath, soaring inflation, economic uncertainty, and concerns about Social Security. Enhancing retirement security requires recognizing demographic disparities, bridging inequalities, and implementing solutions so that everyone can retire with dignity.

The Compendium offers demographic insights about the general population, household income (less than $50K, $50K to $99K, $100K to $199K, and $200K+), urbanicity (urban, suburban, rural residents), race and ethnicity (White, Hispanic, Black/African American, and Asian American/Pacific Islander), gender, and LGBTQ+ status.

It examines more than 25 indicators of retirement readiness stemming from financial factors – access to employer-sponsored retirement benefits, household retirement savings, emergency savings, and sources of retirement income – to attitudinal and behavioral factors – retirement confidence and fears, outlook on life, retirement investing knowledge, and concerns about the future of Social Security.

Chapters - Influences of Demographics on Retirement Readiness 

  1. U.S. General Population
  2. Household Income
  3. Urbanicity 
  4. Race and Ethnicity
  5. Gender
  6. LGBTQ+ Status

Report 

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23 Facts About Women's Retirement Outlook

November 7, 2023

Today’s women are better educated and enjoy career opportunities that were unimaginable 50 years ago. Despite this progress, the gender retirement gap persists. Women lag behind men when it comes to saving and planning for retirement. Many women don’t have enough income to save for retirement, women are less likely to be offered retirement benefits, and they have significantly less in total household retirement savings compared with men. 

Based on the 23rd Annual Transamerica Retirement Survey, this report illustrates issues how women workers employed by for-profit companies are juggling competing priorities and financially preparing for the future. 2023 represents the18th consecutive year that TCRS has published research on women’s retirement-related risks along with actions to help mitigate them. 

 

 


Report 

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Fact Sheet

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Life in Retirement: Pre-Retiree Expectations and Retiree Realities 

September 28, 2023

Retirees and pre-retirees face longevity risks from declining finances and deteriorating health in older age, as they navigate a turbulent post-pandemic economy. Unlike younger workers with a long time horizon until they retire, retirees and pre-retirees have little time to recover from financial shocks. Retirement often also involves living on limited financial means vis-à-vis Social Security, workplace retirement benefits, and personal savings and investments. Despite these challenges, they are living happy, purposeful albeit financially vulnerable lives. Based on the 23rd Annual Transamerica Retirement Survey, this report explores their visions of aging and retirement, when and how retirement happens, life in retirement and their financial situation. 


Report 

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Post-Pandemic Realities: The Retirement Outlook of the Multigenerational Workforce

July 6, 2023

Today’s multigenerational workforce is contending with the persisting post-pandemic hangover and hurdles to their future retirement. Based on the 23rd Annual Retirement Survey, this report examines the employment, finances, health and well-being, and retirement planning of Generation Z, Millennials, Generation X, and Baby boomers. It outlines the shifting retirement landscape and recommendations for workers, employers, and policymakers.


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Stepping Into the Future: Employers, Workers, and the Multigenerational Workforce

May 2, 2023

Employers are adapting to the future of work while navigating a turbulent economy, competitive labor market, and evolving workplace trends. Employers feel responsible for helping their employees with professional development, work-life balance, mental health, long-term health and well-being, and retirement security. However, few employers are reflecting this sense of responsibility in actual benefit offerings and business practices. This research report examines employers’ benefit offerings, identifies employees unmet needs, and outlines recommendations for employers to stand out in the evolving employment landscape such as best practices for the multigenerational workforce and changes to retirement savings plans from the SECURE 2.0 Act of 2022. 

This report is based on a 2022 survey of more than 1,800 for-profit U.S. employers with one or more employees and offers analysis by company size, including small (less than 100 employees), medium (100 to 400 employees), and large companies (500 or more employees). It also includes relevant comparisons from a survey of 5,700 workers in for-profit companies. 


Report 

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