Poll Finds Millions of Americans Losing Hope for Retirement

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New surveys reveal that a significant number of older Americans no longer have hopes of retiring due to financial constraints. Retirement, o...

Jody Golden

Jody Golden

07 August 2023 6:43 am

Poll Finds Millions of Americans Losing Hope for Retirement

New surveys reveal retirement crisis among older Americans

New surveys reveal that a significant number of older Americans no longer have hopes of retiring due to financial constraints. Retirement, once considered a milestone in life, is becoming increasingly unattainable for many. Insufficient savings and financial burdens are preventing individuals from achieving a secure and comfortable retirement. This issue is not limited to young people but affects hard-working individuals of all ages.

Financial reasons cited as main factor for not retiring

According to a recent poll conducted by Axios and Ipsos, 29% of workers under the age of 55 stated that they do not believe they will ever retire. The poll also found that one in five Americans share this sentiment. Among those who do not think they will ever retire, 70% cited financial reasons as the main factor, stating that they cannot afford to retire or won't be able to afford it in the future. Only 19% of respondents said they do not want to retire, while 10% chose "other" as their response.

Expectations of retiring at a later age

According to two recent studies, a significant number of workers are expecting to retire at the age of 70 or even later. The Employee Benefit Research Institute found that one-third of workers anticipate retiring at 70 or beyond, or possibly never retiring at all. Similarly, the Transamerica Center for Retirement Studies reported that 40% of Generation X employees and almost half of Baby Boomers have accepted the idea of retiring after the age of 70 or not retiring at all.

Increasing retirement postponement

According to a recent survey by the Employee Benefit Research Institute (EBRI), more workers are planning to delay their retirement. The survey found that 33% of workers intend to postpone retirement in 2023, up from 29% in 2022 and 26% in 2021. This increase in retirement postponement comes at a time when the stock market is experiencing growth, with 75% of all 401(k) funds invested in the market. However, recent market turbulence has caused some concerns for Americans relying on these investments for their retirement savings.

Lack of retirement savings among Baby Boomers

According to recent census data, over 40% of Baby Boomers aged 55-64 have no retirement savings. This is due to various reasons such as limited options in small companies, being self-employed, or lacking the means to save. A NerdWallet analysis found that the median retirement savings account for this age group is only $71,168, which is far below the recommended amount of $1.8 million for a comfortable retirement, as revealed in a Charles Schwab survey.

Growing concerns about financial security in retirement

A recent survey conducted by the Employee Benefit Research Institute (EBRI) reveals that a growing number of Americans are worried about their financial security in retirement. The survey, conducted in 2023, shows that 36% of respondents have little or no confidence in their ability to live comfortably after retirement. This is a significant increase from the previous year, where only 27% expressed similar concerns. The rising trend of uncertainty about retirement finances is a cause for alarm among many Americans.

Lack of confidence among Generation X workers

A recent study by Transamerica reveals that only 17% of Generation X workers feel "very confident" about their retirement prospects. This is concerning, especially considering that the oldest members of this demographic are approaching the age of 60.

The content provided is an opinion piece discussing the retirement crisis in the United States. The author, Joseph Curl, emphasizes the need for urgent action to address this issue. He mentions his experience as a political journalist and encourages readers to send tips to his email address and follow him on Twitter. The views expressed in the article are the author's own and do not necessarily reflect those of The Daily Wire.
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