{"id":113918,"date":"2026-03-07T02:23:11","date_gmt":"2026-03-07T05:23:11","guid":{"rendered":"https:\/\/tech.einnews.com\/article\/897754336"},"modified":"2026-03-07T02:23:11","modified_gmt":"2026-03-07T05:23:11","slug":"could-tech-be-the-key-to-closing-the-retirement-saving-gap","status":"publish","type":"post","link":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/2026\/03\/07\/could-tech-be-the-key-to-closing-the-retirement-saving-gap\/","title":{"rendered":"Could tech be the key to closing the retirement saving gap?"},"content":{"rendered":"
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Technology could help seniors close the retirement savings gap.<\/figcaption><\/figure>\n

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With many Americans\u2019 retirement savings falling far short of what they really need for long-term financial security, technology could be leveraged to help close the gap, said Bobby Powell, iPipeline vice president of distribution sales.<\/p>\n

\u201cWhen it comes to education, financial literacy and connecting people to solutions that will help them out, there\u2019s absolutely a gap there today \u2014 getting people access to the right financial products and helping them understand what those products can do for them and if they can get to their desired outcome,\u201d Powell told InsuranceNewsNet.<\/p>\n

A 2026 study<\/a> from the National Institute on Retirement Security found retirement preparedness of working-age Americans aged 21-64, is woefully lacking. The median amount saved for retirement is only $955, as many Americans have not even begun saving yet.<\/p>\n

To put that number in perspective, experts generally recommend having six to 11 times one\u2019s salary in retirement savings to live comfortably.<\/p>\n

Powell said the retirement savings gap could be partly because many people don\u2019t begin planning for retirement until later in life.<\/p>\n

\u201cRetirement is a very distant thing until it\u2019s knocking on your door. Thinking about retirement is something that people probably don\u2019t spend a lot of time on in their 20s, and then maybe start to think minimally of it in their 30s, and then as they get beyond that, they definitely start to think about it kind of more and more,\u201d he said.<\/p>\n

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But he believes that equipping technology in a variety of ways can help more Americans begin to prepare earlier for better financial outcomes in retirement.<\/p>\n

\u201cI\u2019ve been in wealthtech and insurtech for 24 years now, and I will say that technology is rarely a hindrance. So when we\u2019re talking about how technology can bridge the gap, technology has been able to do this for quite some time \u2014 whether it is processing business faster or easier or solving problems,\u201d he said.<\/p>\n

Help navigating complexity<\/strong><\/h3>\n

Powell pointed out that Americans have many complexities to think about when it comes to retirement planning. For example, they must weigh what age they want to retire, how much income they need to retire comfortably, what they expect their expenses to look like and how that differs from today, whether they will need Medicare, tax planning and a host of other considerations.<\/p>\n

\u201cThere\u2019s a whole lot of complexities, which I think really invites the need for a good financial advisor, a good financial planner, in the process,\u201d he said.<\/p>\n

However, there is an equally complex challenge in getting this information to Americans.<\/p>\n

Not only are many young Americans not even beginning to think about retirement yet, but studies also indicate millennials and Generation Z<\/a> prefer to go online for financial advice rather than engage with a professional consultant.<\/p>\n

A possible solution is for advisors to leverage technology in tandem with their industry experience to reach more people.<\/p>\n

\u201cTechnology can get the information out there faster; it can make the experience better. I think, generationally, technology will absolutely help folks or help make financial advice easier, help make the consumption of information much easier, much more available to the masses,\u201d Powell said.<\/p>\n

But tech can\u2019t stand on its own<\/strong><\/h3>\n

Although Powell believes technology can help fill a gap in retirement planning, he also emphasized that it cannot stand on its own.<\/p>\n

\u201cFor the foreseeable future, you\u2019ll need a human being in there as well to give you a lot of that guidance,\u201d Powell said. \u201cI think you\u2019ll end up with a blend of both technology and people, but the technology absolutely helps get the information and the products to the consumers much faster.\u201d<\/p>\n

He said consumers can also leverage technology<\/a> on their own to research retirement planning and gain a general understanding before they speak with a professional \u2014 and, in fact, many have begun doing just that.<\/p>\n

\u201cI think at least taking that approach first with financial advice is a really good thing because you are walking in as an educated consumer, and just being an educated consumer is a really important thing just in general,\u201d Powell said.<\/p>\n

However, he also said advisors can play a crucial role in helping clients cut through the overwhelming amount of information online while they\u2019re making the transition from online research to real-life action.<\/p>\n

\u201cThe challenge now is not so much the availability of information; it\u2019s more like combing through all the information. It\u2019s almost like information overload \u2014 I have all these choices in front of me all day long and they\u2019re instantly available or near-instantly available now, so how do I make the right choice? That\u2019s where your financial advisor comes into play,\u201d Powell said.<\/p>\n

He urged advisors to meet clients where they are when leveraging technology and using methods most comfortable to them.<\/p>\n

\u201cAnytime you are appealing to a specific group, you have to know your customer,\u201d he said. \u201cSo, when I\u2019m speaking to a baby boomer versus a Gen X or a millennial or Gen Y, et cetera, you have to understand how your own customer base consumes information and what\u2019s most comfortable to them.\u201d<\/p>\n

iPipeline is a Pennsylvania-based global provider of digital solutions for the L&A industry, founded in 1995.<\/p>\n

\u00a9 Entire contents copyright 2026 by InsuranceNewsNet.com Inc. All rights reserved. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com.<\/strong><\/p>\n

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Rayne Morgan<\/a> is a journalist, copywriter, and editor with over 10 years’ combined experience in digital content and print media. You can reach her at [email protected]<\/span><\/a>.<\/p>\n<\/div>\n<\/div>\n

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<\/a><\/strong> <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

… reach more people. \u00e2\u0080\u009cTechnology<\/span> can get the information … better. I think, generationally, technology<\/span> will absolutely help … tech<\/span> can\u00e2\u0080\u0099t stand on its own Although Powell believes technology<\/span> … of both technology<\/span> and people, but the technology<\/span> absolutely helps …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-113918","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts\/113918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/comments?post=113918"}],"version-history":[{"count":0,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts\/113918\/revisions"}],"wp:attachment":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/media?parent=113918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/categories?post=113918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/tags?post=113918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}