More people with access to workplace retirement plans felt they’re on track financially to retire with the lifestyle they want, even as worries about outliving♎ their🦩 savings weigh heavy, a recent BlackRock survey found.

A majority (68%) of savers with retirement plans, such as a 401k, feel good about where they stand financially on their way to retirement, up from 56% last year. However, 60% of the respondents also worry about running out of money in retirement, according to the 2024 BlackRock Read on Retirement report.

BlackRock surveyed retirement plan sponsors, workplace retirement savers, people independently saving for retirement, and retirees.

More Women Concerned About Nꩲot Meeting Ret♚irement Goals

There was also a significant gender confidence gap on the subject: Women were more likely 🗹to report worrying about outliving their retirement savings, while men are more confident of their retirement futures by almost 30%.

Why? Women, on average, tend to have longer 澳洲幸运5官方开奖结果体彩网:life expectancies than men and typically need to save more as a result.

Only 59%🃏 of women said that they felt on track to retire, while 75% of men did, the survey released Wednesday said. Wom💮en were also more likely to be confused about how their savings would translate into monthly retirement income.

People Want Saving for Retirement To Be Easy

Many savers seemed to prioritize simplicity when it came to retirement—61% reported that they’re invested in a 澳洲幸运5官方开奖结果体彩网:target-date fund (TDF) or plan to invest in one soon. In fact, the vast majority of Gen Z respondents (69%) said they are either currently invested in a TDF or are prep♓aring to do so.  

TDFs allow people to take a hands-off approach to investing, as they automatically allocate a greater percentage of an investor’s portfolio to conservative investments as someone ages.

For Gen Z—individuals who are between 18 and 25 years old now—it could be due to a lack of knowledge: 63% responded in the BlackRock survey that they don’t understand enough about ๊investments to confidently manage their own retirement savings.

Gen Z wasn’t the only generation that was confused about how to save for retirement. Sixty-seven percent of 澳洲幸运5官方开奖结果体彩网:baby boomers, born from 1946 to 1964, who are still working said in the survey that they wanted education on income strategies well in advance of their retirement years.