Data & Research June 12, 2023

Prudential Research Finds Gen X Particularly Unprepared for Retirement

A survey from Unbiased shows similar findings, with only 30% of U.S. adults reporting high levels of confidence about their retirement.

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New research findings reiterate concerns that American adults—often in their peak earning years—are not saving enough for retirement and that retirement plan advisement could be helpful at the plan sponsor and participant level.

Members of Generation X—born between 1965 and 1980—currently face financial obstacles that are reshaping their retirement plans as they approach their final working years, according to research released by Prudential Financial Inc. last week in a report, “Gen X: Retirement Revisited.”

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Among Gen Xers, 46% of respondents—which corresponds to 30 million individuals if extrapolated to the entire cohort—are uncertain if they will have enough savings to live comfortably during retirement, according to research cited in the report. These concerns are mirrored by Gen X’s savings, with 35% reporting savings of less than $10,000 and 18% reporting no savings at all.

“Gen X faces one of the most complex landscapes for retirement readiness in decades, including the decline of defined benefit pension plans which supported prior generations’ retirement, as well as significant uncertainty about the economy and long-term Social Security benefits,” Rob Falzon, vice chair at Prudential, wrote in the report.

Postponing Retirement

A significant portion of Gen X workers are postponing their plans for retirement, according to Prudential’s survey. Nearly half (47%) of working Gen Xers now anticipate retiring later than originally planned, and 40% of the generation intends to work part-time even after retirement.

Unlike Baby Boomers, most Gen Xers will not be relying on the value of their homes to finance their retirement, with only 16% of Gen Xers planning to do so, according to Prudential. Meanwhile Baby Boomers are currently capitalizing on record home equity and represent the largest group of buyers and sellers across the country.

Just 12% of Gen Xers anticipate receiving an inheritance as a source of retirement income, while Baby Boomers—some of whom are parents of Gen Xers—are projected to pass down more than $70 trillion, according to the report. Furthermore, a significant majority of Gen Xers (84%) do not anticipate leaving an inheritance of their own.

“This data underscores how important it is for Gen X to adopt a new set of retirement strategies designed to protect and grow their savings, and, when possible, translate their assets into reliable sources of future income,” Falzon wrote.

Lacking Retirement Confidence

Survey findings released by personal finance platform Unbiased Inc. last week also indicated retirement unreadiness among Americans nearing retirement. The London-based firm, which launched a U.S.-based website earlier this year, found that only 30% of U.S. adults of all ages reported feeling high levels of confidence about their retirement. Furthermore, 76% of U.S. adults older than 50 expressed little or no confidence in available retirement products.

A significant factor contributing to retirement anxiety could be the absence of professional guidance, Unbiased suggested. Almost half of the respondents (47%) relied on online searches and advice from friends or family as their primary sources of financial information. Just 30% of individuals sought the expertise of a professional financial adviser.

Among those who participated in the survey and expressed confidence in their retirement options, a noteworthy 25% attributed their assurance to the involvement of a financial planner in their financial affairs.

The Prudential Pulse survey was conducted on behalf of Prudential by the Brunswick Group from March 31 to April 6 among 2,000 pre-retiree Gen Xers in the U.S. The Unbiased Retirement Confidence Survey received responses from 1,071 Americans older than 18 from May 5 to 9.

Deals & People June 9, 2023

Retirement Industry People Moves

Voya selects Armstrong to lead Midwest Wealth Solutions sales; Triterras announces Narganes as head of distribution and sales strategy; Mercer names Somers as investment director; and more.



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Voya Selects Armstrong to Lead Midwest Wealth Solutions Sales

Dan Armstrong

Voya Financial has hired Dan Armstrong as a new sales director for the company’s wealth solutions sales team covering emerging corporate markets in the Midwest, including Minnesota, North Dakota and South Dakota.

Armstrong will be responsible for building new 401(k), 403(b), health savings account, non-qualified plan and emergency savings account business in the Midwest, focused primarily on employers within the emerging market segment, from startups to $50 million in assets.

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“Throughout my career, I have always admired Voya’s commitment to the retirement plan industry, as they have a strong reputation as a firm who genuinely cares about their employees and their clients’ well-being,” Armstrong said in statement.

Triterras Announces Narganes as Head of Distribution and Sales Strategy

Marina Narganes

Triterras Inc., a fintech company focused on trade finance, announced the appointment of Marina Narganes as head of distribution and sales strategy.

Narganes will provide leadership in assisting institutional investors in their endeavor to deploy capital in support of cross-border trade opportunities. Prior to joining Triterras, she was the director of origination at Demica, where she was responsible for origination and distribution in North America.

“I’m honored to join Triterras and be a part of the technology evolution that will bring innovative financing solutions to the micro, small, and medium-sized enterprises,” Narganes said in a statement.

Mercer Names Somers Regional Investment Director

Chris Somers has started a new position as Mercer’s investment director for the West region, Somers announced on LinkedIn.

He will be responsible for developing relationships and driving new business for Mercer’s defined contribution and wealth practices in Northern California, Oregon, Washington, Alaska and Hawaii.

Somers was previously vice president of business development at AIG Retirement Services. Prior to that, he was the institutional retirement sales director at Lincoln Financial Group.

Janus Henderson Appoints Trinks as New Head of US Product

Gregory Trinks

Janus Henderson Investors announced the appointment of Gregory Trinks as head of U.S. product, effective May 31.

Trinks will lead the U.S. product team, supporting the delivery of the firm’s strategic leadership team’s initiatives and firm-wide strategy to protect and grow investment capabilities.

He joins Janus Henderson from UBS Wealth Management, where he spent the last 20 years in various roles, including head of exchange-traded products and listed derivatives, head of manager research and fund solutions for the Americas and others.

George Joins Alight as Chief Commercial Officer

Alight Inc., a cloud-based human capital and technology services provider, announced Gregory George as chief commercial officer for its North America employer solutions business.

He will be responsible for accelerating Alight’s North America growth strategy and leading all aspects of its commercial organization, including sales, strategic accounts, channels and partnerships. He joins Alight from Ceridian, where he served as senior vice president and head of sales for the Americas region.

“Greg’s expertise in driving business growth in cloud-based platforms that answer employees’ total wellbeing needs will play an important role in accelerating Alight’s growth trajectory and delivering exceptional value to our clients,” said Stephan Scholl, Alight’s CEO, in a statement.

Franzel Appointed Senior Director at National League of Cities

Joshua Franzel

Joshua Franzel joined the National League of Cities as senior executive and director of research and data analysis, he announced on LinkedIn.

In his new role, he will help municipal governments across the U.S. address key challenges through research and analysis. Previously, he spent 16 years with the Center for State and Local Government Excellence, now Mission Square Research Institute.

“I want to thank all of my MissionSquare Retirement and  International City/County Management Association colleagues for such a positive and educational experience over the past many years,” said Franzel in the LinkedIn post. “I am confident there will be numerous areas of potential collaboration well into the future.”

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