Majority of Americans over 50 worry they won't have enough money for retirement: Study
Majority of Americans over 50 worry they won't have enough money for retirement: Study
One of the survey’s biggest findings is that 61% of those 50 and up are worried they won’t have enough money for retirement.
Among AARP survey findings: 61% of Americans 50 and up are worried they won’t have enough money for retirement. And only 21 percent of people have a retirement plan.
An increasing number of people are worried that they won’t have enough money to live comfortably in retirement, and men aren’t as financially secure as they once were, according to an annual survey from AARP.
The AARP Financial Security Trends Survey, conducted in January and released in April, included interviews with more than 8,300 Americans over 30 across every state in the country. Conducted by NORC at the University of Chicago, the survey aims to analyze the financial experiences and attitudes among Americans.
One of the survey’s biggest findings is that 61% of those 50 and up are worried they won’t have enough money for retirement, Indira Venkat, senior vice president of research at AARP, told USA TODAY on Wednesday.
And if you break those numbers down even more, one in five of people who have not retired have no savings at all, Venkat said.
If you are still young and working try to remember this: time is on your side. Any small amounts you can put away now for later really helps. I know so many people who say they cannot afford to save and invest for retirement. I totally get it. If you are living paycheck to paycheck, trying to save any money sounds laughable / impossible.
However, if your employer has a 401k plan and they do any matching: do whatever you have to in order to meet that matching. It's a vital part of your compensation. If you are not investing up to that matching level, you are throwing part of your paycheck away. It's not just white collar office jobs that have 401k plans. Even some fast food places offer these, as do many blue collar jobs.
These are all short-term / individual things to consider. Long term we need more unions, more worker cooperatives, and more corporations paying their fucking taxes.
Yes. Because compound interest is exponential. At 10, 20, 30 years you have 2X, 4X, and 8X your money. Assuming about 7 pct interest.
If you start now, you can get away with putting a few hundred a month away. If you wait until you’re 40 or 50 you have to be putting thousands away per month.
What I hear is 61% of Americans should be voting for politicians that want to support and bolster social security.
Are those a thing? Where I live we have a liberal government and they don't give a single shit about the working class, just like the conservatives
Wait, so 61% of people are worried they don't have enough to retire but only 21% of people have any retirement plan at all? What the fuck do those 40% of respondents who worry but have no plan think is going to happen at 65?
Keep working until they die
Have you seen those elderly greeters at Walmart?
Do you know why they're working at Walmart?
It isn't for fun.
Seeing coworkers dying first-hand in the workplace will be more and more commonplace, should do wonders on morale.
More than 50% of americans in this age group have a 401k. 34% of all americans have one. There are also iras and the like.
Whatever happens happens. In fucked anyways so why worry about it now?
Are you suggesting they should simply start saving for retirement?
If so, that's 'let them eat cake' level out of touch.
I don't see how you possibly got that from their comment
Garbage. I'm over 50 and I'm not worried.
I know for a fact I'll be working till the day I die.
Not only Americans. Pretty much the whole West, especially people who were unlucky not to buy their own places. My rent is 1600, without bills, my projected rent is 2500. And mind you, I am well above the average.
I have zero trust that when it is time for me to retire I will have money to pay my rent, bills and have something left for food. Because my rent will also increase in price and also the inflation will be 40-60% higher. It is really f****d up situation.
Honestly if your rent is only 1600 then your probably not in one of the super high COL places either which is wild. Well paid people in NY and San Francisco are going to have to die on the job while barely making their rent in 50 years. Everyone's fucked if nothing changes.
I am not working in the states. I am working in a city where the average salary is 3000€, and rent is 25/sq.m. or ~2.3€/sq.f. and mind you in other places rent/salary is even higher like in Lisbon, which is popular expat and tourists destination
I’m 40 and I know i won’t. Must be nice to worry you won’t lol
Super nice.
I recommend travelling.
You still get your social security while abroad, which is enough to live off of in most countries.
A little goes a long way abroad.
I'm 26 and I don't expect to be able to retire. I just hope I can keep up in my field when I'm old. It's weird thinking of an old person fixing computers, though.
That's funny because I'm an old person in IT and we struggle to find new hires that know how to troubleshoot beyond basic issues. Most of them might have been the techy for thier family but few have experience with actual enterprise solutions, that's only something that comes with experience.
It's going to get increasingly harder to find competent young workers because entry level positions are getting automated away, as well as our deteriorating collective attention spans to actually give a shit
I just started my career in IT, I only have about 3 years of experience in the field. The biggest issue with finding young people, imo, is wanting people with experience. Fresh outta college kids aren't going to have the knowledge and experience most entry level positions are looking for. I got incredibly lucky with my career, but I know people who were brilliant in college (I was not) who are currently working retail because it's so hard to get into entry level positions.
That’s my fear. I work in tech and know I will become irrelevant one day.
40 and I’m not worried. I know.
My 401k provider keeps telling me I should have more saved for retirement but it's literally illegal for me to contribute more
Oh so does mine. It wants me to have like $450k in there by 45. I have $15k. Only like 125% of my pay for the next 5 years to make it! Forget the bills or eating. RIP
As a 40 year old person here I thought the retirement plan for my generation was to get a nice ergonomic office chair and die in it while still playing of my kids student debt and overvalued mortgage.
I don't want to work. I'd love to retire someday. I will however, work till I die, because I have to.
It's not in capitals interest to let people retire. The system is working properly and as designed.
The great machine in it's late last stages hungers even more, needs to be fed more and more workers to take their labour and wages.
To lower overall production and lower the working-for-survival hours of the population would only benefit humanity and the planets biodiversity, but would be just too cruel to the capital. In dire times like these we must think of the poor capital.
It's not in capitals interest to let people retire
Instead they just lay off people who have been on the payroll for "too long".
That's lowering costs ("efficiency"), as was keeping the salaries down.
"you're done when I say you're done"
Majority of Americans worry. They worry instead of acting.
What the fuck you want them to do? Start selling meth with Jesse?
Intentional heroin overdose
Money? Bruh I'm more worried about climate change meaning mass migration when whole regions become uninhabitable because they can't produce food any more.
Is that reasonable? Maybe. I looked for data once and saw an estimate that that's not going to happen until at least the year 2100. I don't know how accurate that is.
But even if it's not, there's still the current and tangible rise of fascist politics around the world, and while I'm in their ethnic demographic, I'm not nearly right-wing enough to be on their good side.
Easy don't retire.
Yepyep
"Worry" is such a nice word for a situation where an important share of population already know they won't have enough money.
