U.S. workers have upped their retirement savings, but competing spending continues to challenge most from reaching their goals, a recent Goldman Sachs Asset Management (GSAM) retirement report said.
The retirement savings outlook has improved for many Americans, but a "financial vortex" of competing spending has reduced U.S. employee retirement savings by 37%, a recent Goldman Sachs Asset Management retirement report said. On a positive note, more U.S. workers over the last year have increased their savings, and 65% said they were confident in their ability to meet retirement savings goals, up from 57% last year.
An increasing number of respondents said that unexpected caregiving situations, cash-outs, and financial hardships derailed their retirement savings goal in 2023. These were the challenges respondents said they navigated through: Beyond impacting savings goals, these competing responsibilities also meant workers couldn't retire as planned. Half of the respondents said they retired earlier than expected.
Falling victim to unexpected and unplanned events is a challenge for most Americans, but with some planning, the damage to retirement plans can be less severe, according to the report. Some strategies that could help keep your goals on track include: Respondents with more money in reserve for emergencies were far less likely to say the vortex hampered their ability to save for retirement.
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