Rising Uncertainty Drives Retirement Saving Decline UK US Boomers

Recent research highlights growing concerns about retirement preparedness across different age groups in both the UK and the US. In the UK, uncertainty about the future of the state pension and rising living costs have led to a decline in retirement savings, with many younger people expecting to work into old age rather than rely on pensions. Similarly, many Baby Boomers in the UK feel unprepared for retirement, with a significant portion still working past the traditional retirement age and unsure about their financial readiness. In the US, inflation and economic uncertainty have caused about one-third of adults to delay retirement, with many adjusting their plans due to debt and savings challenges. Despite a majority contributing to retirement plans, many Americans have started saving late or have already withdrawn from savings, especially younger generations like Gen Z. Financial advisors emphasize the importance of personalized retirement planning to help clients realistically assess and achieve their retirement goals amid economic uncertainties.