"The report noted that more than 4 million Americans will be turning 65 this year. And while the long-term trend of baby boomers reaching the common age of retirement is peaking, members of Generation X who are now entering their 60s will begin turning more frequently to retirement funds in the next few years. Turning savings into income is one of the most important and complex steps in retirement planning, Lauren Valente, managing director of Vanguard Workplace Solutions, said in a statement."
"That's why we're proud to launch How America Retires and provide a roadmap for building resilient, income-generating strategies that support retirees throughout the next phase of their lives. More than 100 million Americans are covered by defined contribution plans, with an aggregate value of $12 trillion in assets, according to Vanguard's analysis of data from the U.S. Department of Labor and the Investment Company Institute."
"These plans now comprise most retirement account options through private employers, with only 15% of private companies still offering defined benefit plans like pensions. But while a 401(k) or 403(b) is a portable financial option that allows workers to continue saving if they switch employers, the ability to convert these funds into an effective income stream in retirement often proves to be a challenge."
More than 4 million Americans will turn 65 this year while Generation X entering their 60s will increasingly rely on retirement funds. Turning savings into income represents one of the most important and complex steps in retirement planning. How America Retires offers a roadmap for resilient, income-generating strategies to support retirees through later-life phases. Over 100 million Americans hold defined contribution plans totaling about $12 trillion, while only 15% of private firms still offer pensions. 401(k) and 403(b) portability aids accumulation, but converting balances into effective retirement income remains a major challenge. Automatic saving aids accumulation, yet automatic income solutions struggle with personalization and diverse retiree needs.
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