What are the top retirement insights that consumers need to know?

The Federal Reserve’s September rate cut brought a tinge of optimism to the retirement landscape as inflation figures began to fall. But with younger generations of talent shifting from Social Security to personal retirement accounts, many are left wondering what sets apart a good plan from a bad one.

Goldman Sachs’ 2024 Retirement Survey & Insights Report released last month found that out of 4,874 respondents polled, 36% said they were confident that their plan would allow them to achieve their retirement benchmarks when compared to the 10% without plans that felt the same.

“Those with a plan felt considerably better in terms of having more confidence in their ability to reach their goal,” Christopher Ceder, senior retirement strategist in the Asset Management Division at Goldman Sachs, said during a webinar. “They’re more comfortable managing their savings. … Those with the plan are increasing their savings more often than those without.”

But not all savers are equal, as many faced significant hurdles to contribute to said plans.

Of the main challenges, 67% of respondents held that numerous financial expenses were the top obstacle. Financial hardships like emergency home repairs and familial support rounded out the top three at 61% and 57% respectively.

Read on for expert insight into how to structure retirement plans for the future, and what market factors to account for when doing so.