A new study from Morningstar indicates that despite slight improvements, U.S. retirement preparedness remains insufficient, especially among lower-income households across generations.
Younger generations, particularly millennials and Gen Z, show a stronger commitment to retirement preparedness, with their readiness rates notably higher compared to Gen X.
The study reveals a stark contrast in retirement readiness based on income levels, with the highest income brackets achieving readiness rates between 86% and 89%.
The researchers highlight that traditional pensions are fading, but 401(k) and IRA plans are making strides for retirement planning among those who can afford them.
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