Business and Professional
December 5, 2024
TAMPA BAY, December 5, 2024 – Today, Northwestern Mutual released data sharing the majority of Generation X and Boomers in Tampa Bay do not think they will have enough money saved for retirement. This is among the latest findings of Northwestern Mutual’s 2024 Planning & Progress Study, the company's proprietary research series exploring Americans' attitudes, behaviors and perspectives across a broad set of issues impacting their long-term financial security.
The oldest members of Generation X will turn 60 next year and many are starting to think about retirement. More than three-fourths of Gen X’ers and Boomers+ in Tampa Bay (77%) who are not yet retired think they will not be financially ready for retirement when the time comes. Meanwhile, most Generation Z and Millennials in Tampa Bay (60%) think they will be financially prepared for retirement.
Adding to the financial challenge for older Tampa Bay residents, half of Gen Xers and Boomers+ in Tampa (50%) say their retirement savings are just three times larger than their annual income or less – when many financial experts recommend saving approximately 10 times an annual salary or more before retirement.
"Financial readiness for retirement is a journey, not a destination,” said James L. Erb, Jr., Partner and Private Wealth Advisor with Continuum Wealth Partners, Northwestern Mutual Private Client Group, in Tampa. “Regardless of generation, many people miscalculate the complexities of retirement planning, including lifestyle adjustments and healthcare costs. A trusted financial planner will encourage open conversations and proactive strategies to build confidence about retirement at any age. Despite what the study tells us, it is not too late for people throughout Tampa Bay to assess their situation, adjust their goals, and put a solid plan in place to help them retire on their terms.”
For more information on the study, contact [email protected].
About The 2024 Northwestern Mutual Planning & Progress Study
The 2024 Planning & Progress Studywas conducted by The Harris Poll on behalf of Northwestern Mutual among 4,588 U.S. adults aged 18 or older. The survey was conducted online between January 3 and January 17, 2024. Data are weighted where necessary by age, gender, race/ethnicity, region, education, marital status, household size, household income, and propensity to be online to bring them in line with their actual proportions in the population. A complete survey methodology is available.
About Northwestern Mutual
Northwestern Mutual has been helping people and businesses achieve financial security for more than 165 years. Through a comprehensive planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help its clients plan for what's most important. With over $627 billion of total assetsi being managed across the company’s institutional portfolio as well as retail investment client portfolios, more than $36 billion in revenues, and $2.3 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than five million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. Northwestern Mutual ranked 110 on the 2024 FORTUNE 500 and was recognized by FORTUNE® as one of the "World's Most Admired" life insurance companies in 2024.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (investment brokerage services), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (investment advisory and services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance). Northwestern Mutual Private Client Group is a select group of Northwestern Mutual advisors and representatives. Northwestern Mutual Private Client Group is not a registered investment adviser, broker-dealer, insurance agency, federal savings bank or other legal entity.
Not all Northwestern Mutual representatives are advisors. Only those representatives with "Advisor" in their title or who otherwise disclose their status as an advisor of NMWMC are credentialed as NMWMC representatives to provide investment advisory services.
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i Includes investments and separate account assets of Northwestern Mutual as well as retail investment client assets held or managed by Northwestern Mutual.