An improving economic backdrop is helping to bolster retirement savings,

but an ever-mounting raft of financial challenges remain.

So what did those saving for retirement and those already in retirement

need to do to stay on track.

The reality that those who have a plan are better prepared for retirement,

they feel more confident in their retirement journey, they feel less stress.

But at the same time, they are also more acutely impacted by the financial vortex,

the impact of other financial obligations.

I'm Allison Nathan, and this is Goldman Sachs exchanges. For today's episode I'm speaking with Mike Moran, pension strategist in Goldman Sachs's asset management business, to discuss the state of retirement for both savers and retirees.

Mike and his team are also out with a new report that breaks down what they describe as the financial vortex

that derail the best laid retirement plan and what to do about it.

Mike welcome back to the program.

Good to see you, Allison. Thanks for having you back.

Mike, Americans retiring today are the first to rely solely on private savings instead of pensions.

We call them the 401k generation. What's the significance of that?

It's very significant, Allison. If you think about the significance of that? It's very significant, Allison.

If you think about the history of retirement in this country,

many older generations were covered in private employment

by a defined benefit pension plan.

So they were getting a monthly check in retirement from their

former employer, they were covered by Social Security, and then they had private savings.

Now as we've transitioned in this country to more of a defined contribution system, a 401k system,

...