Emerging From the COVID-19 Pandemic: Four Generations Prepare for Retirement

Today’s workers are emerging from a pandemic and navigating megatrends such as population aging, increases in longevity, workforce disruptions, and concerns about Social Security. Despite an unclear future, workers of all ages are envisioning and saving for an active and purposeful retirement. However, are they preparing adequately? What is the likelihood they will be able to achieve a financially secure retirement?

Emerging From the COVID-19 Pandemic: Four Generations Prepare for Retirement, a collaboration between Transamerica Center for Retirement Studies and Transamerica Institute, examines the retirement outlook of Baby Boomers, Generation X, Millennials, and Generation Z. It focuses on the experiences of employed workers of for-profit companies and the impacts of the pandemic on their health and happiness, employment, financial well-being, and preparations for retirement. Comparing survey responses across generations, it illustrates how workers’ expectations and preparations differ and how the retirement landscape has evolved over time.

The report is based on findings from the 22nd Annual Transamerica Retirement Survey, one of the largest and longest running surveys of its kind. The survey of more than 5,400 employed workers was conducted in late 2021 when COVID-19 cases were surging, and many businesses were delaying plans to bring workers back to the office or onsite locations.