More than half of Americans say they do not have enough savings for retirement: survey

Time to Read: 2 minute
More than half of Americans say they do not have enough savings for retirement survey
More than half of Americans say they do not have enough savings for retirement survey
Khushbu Kumari

In the midst of a high and sustained inflation rate, Americans who are already approaching their retirement stage anticipate that they do not have enough savings for a decent retirement and some confess that they are not yet financially stable to leave their jobs.

In a survey published by Bankrate, the results were that more than 50% of Americans say they do not have enough savings for retirement, amid inflation and high interest rates.

Analyst Mark Hamrick noted that “amid the tumultuous events of recent years, including a short but severe recession and a period of sustained high inflation”, most Americans say “They are not where they need to be to achieve their retirement savings goals,” he said

In detail, 56% surveyed indicated that they are behind with respect to retirement savings compared to 37% who describe themselves as “completely behind” regarding this issue.

Since last year, high inflation has caused the average American to see their savings diminish, not only for retirement but also for emergencies, due to the high prices of food, goods, services and rents.

Although the Federal Reserve continues to fight against high inflation, which reached 9.1% in the middle of last year, it is still stubbornly high, also generating mistrust among American consumers.

Hamrick added in a statement that “compared to our survey from about a year ago, there has been no progress on this front.”

No financial stability

On the other hand, the analysis of the Bankrate survey also showed that 6 in 10 baby boomers declared that they were not prepared to leave work since they did not have the financial stability necessary to do so, while of Generation X,7 out of 10 respondents said they felt that way.

While 49% of millennials and 42% of Generation Z  The younger generations , who range in age from 18 to 26, also indicate that they feel the same concerns as baby boomers and Generation To retire comfortably, have at least $1.8 million dollars saved, experts highlight that this perspective increased due to high inflation that severely hits the purchasing power of the population.

Currently, The United States is immersed in a season of strikes from different sectors of the economy, workers are mainly demanding fairer wages and working conditions and this happens because a large part of the population anticipates that inflation will remain above 3% for next year.

Another concern that comes to light when the topic of retirement is discussed is social security. According to data revealed by the insurer Allianz Life, 72% of Americans close to retirement indicated that they do not have Social Security benefits in their retirement plans and 79% worry about the future of Medicare.

Read full article

Trending Photo News

Related News

Recent News:

About | Terms of use | Privacy Policy | Cookie Policy