People have the potential to live longer than ever before, but it is a gift and not a guarantee. Our ability to live longer and healthier lives requires that we plan, prepare, and successfully navigate life’s uncertainties. It also requires financial planning throughout our life journeys.

American workers are already thinking on these terms. They are envisioning long lives, longer careers, and flexible retirement transitions. Most are focusing on their current situation and saving for the future. But amid a turbulent economy, strains on social safety nets, and a multitude of disruptive megatrends, will their efforts prove to be enough to achieve a financially secure retirement? In light of these troubling conditions, what more should be done to strengthen the U.S. retirement system?

The Multigenerational Workforce: Life, Work, and Retirement, a collaboration between nonprofit Transamerica Center for Retirement Studies (TCRS) and Transamerica Institute, examines the health and well-being, employment, personal finances, and retirement preparations of American workers. The research provides comparisons of survey findings by Generation Z, Millennials, Generation X, and Baby Boomers, and it offers recommendations for workers, employers, and policymakers.

The report is based on findings from the 24th Annual Transamerica Retirement Survey which included more than 5,700 U.S. workers of for-profit companies. The survey was conducted in 2023.