With the economy recovering slower than many expected, more Americans have begun to worry about financing their retirement, according to the Pew Research Center.
A survey conducted by Pew found that 38 percent of adults said they are “not too” or “not at all” confident that they will have enough retirement savings. When a similar survey was conducted in 2021, one-quarter of respondents had the same feeling.
Not only are more Americans concerned about their financial state in retirement, but these worries are hitting younger adults. The survey noted retirement worries peak among those in their late 30s, the age group to suffer the biggest losses of wealth since the recession.
The majority of adults between the ages of 36 and 40 said they are “not too” or “not at all” confident that their income and assets will last throughout retirement, while 34 percent of those aged 60 to 64 and 27 percent aged 18 to 22 expressed the same concerns.
Those in their 30s and 40s that are concerned about their retirement finances may want to consider increasing their savings, as payday advance loans won’t be available to them to cover unexpected expenses in retirement, as they’ll no longer have a job.
Americans Forced To Delay Retirement Until Their 80s
In addition to more Americans being concerned about financing their retirement, they have been forced to delay retirement until their 80s, according to a Wells Fargo Survey.
The study of 1,000 adults with income less than $100,000 showed that 30 percent of respondents plan to work until they are 80 or older. A year ago, 25 percent of respondents felt that same way.
Additionally, 70 percent of respondents expect to work during retirement because they don’t feel as though they’ll be able to afford to retire full-time. Nearly three-quarters of those who plan to work into their 80s said they don’t think their employer will want them working that long for a number of reasons, including health issues.
The survey also found that one-third of Americans could potentially end up living in poverty in retirement if they are unable to work.