A new report from Goldman Sachs Asset Management reveals that over 40% of Gen Z, millennial, and Gen X workers are living paycheck to paycheck, hindering retirement savings due to rising costs of nonnegotiables like childcare and mortgages. The trend could see over half of US workers in the same situation by 2033.

Efforts to combat this include offering personalized planning advice as a workplace benefit and private asset investment options in employer-provided accounts like 401(k)s. Having a plan can significantly increase savings-to-income ratios, but recent executive orders are paving the way for ordinary retirement savers to access private assets like private equity, venture capital, and real estate in their retirement plans.

While private assets can offer diversification and potentially higher returns, they also come with risks like higher fees and less liquidity. Professional management and education around these assets are crucial for their successful integration into retirement plans. Various financial firms are exploring ways to incorporate private assets into retirement portfolios, showcasing a growing trend in the industry.

Read more at Yahoo Finance: Are private assets the answer to retirement savings shortfalls?