Home Personal Finance Americans’ outlook on retirement darkens to an 11-year low

Americans’ outlook on retirement darkens to an 11-year low

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A Gallup poll first shared on CNN on Wednesday said recent signs of economic pessimism have heightened fears that Americans will not be comfortable retiring.

According to Gallup, only 43% of adults who are not retired believe they will have enough money to live comfortably in retirement. This is the lowest level for the index since 2012.

Americans’ retirement confidence has been significantly shaken in recent years. The proportion of adults who expect to live comfortably in retirement has dropped by 5 points over the past year, and by 10 points from 2021 onwards.

Less affluent Americans are especially concerned.

Gallup, which began surveying these indicators in 2002, found that 19% of low-income adults said they expected a comfortable life, the lowest on record. A record 88% also said they were worried about having enough money to retire.

Gallup said non-retirement prospects tend to fluctuate in tandem with national economic conditions.

Gallup editor-in-chief Mohammed Younis told CNN Wednesday that the overall retirement figures were “pretty grim”, citing persistent concerns about the high cost of living, the security of money in bank accounts and the risk of a recession. said to reflect.

The high cost of living makes it difficult for families to save for retirement.

“People are really feeling the pinch. Even though inflation has slowed, people still have a sense of inflation,” said Younis.

A Gallup poll, conducted from April 3 to April 25, found that women are more concerned about what happens after retirement.

Only 36% of women expect to have enough money to retire comfortably compared to 50% of men.

Younger Americans are more optimistic about their retirement prospects, with 54% of 18- to 29-year-olds expecting to have enough money to live comfortably. However, only 38% of those aged 30-49 said the same, and 39% of those aged 50-64.

Americans’ attitudes toward retirement vary greatly depending on their income level.

Only 19% of non-retired adults expect to have enough money to retire comfortably, compared to 36% of middle-income adults and 65% of high-income adults. is doing so, Gallup said.

Interestingly, those who have not retired are concerned about the prospect of retirement, whereas those who are already retired are not.

A Gallup survey found that 77% of retirees say they now have enough money to live comfortably, a figure that has remained unchanged from last year despite rising costs of living. yeah. According to Gallup, retirees always have significantly higher opinions of living comfortably (ranging from 71% to 83%), higher than those waiting to retire.

Questions about fiscal health and the future of Social Security may be part of the reason for the split.

A Gallup survey found that while 59% of retired adults say Social Security is their primary source of income in retirement, fewer retirees expect Social Security to benefit them. Only 34%. People waiting for retirement are expected to be forced to rely more on 401(k)s, IRAs, and other retirement savings accounts.

Gallup’s retirement survey is just the latest to point to a darker mood for consumers in the face of inflation, high borrowing costs and recession warnings.

Consumer sentiment remains historically low, Lowest price in half a year in Mayaccording to the University of Michigan.

A CNN poll released Tuesday found: 76% of adults say their finances are badup from 71% who felt so in March.

A Gallup poll released earlier this month found that only 35% of adults have “a fair amount” or “a fair amount” of food. Trust in President Joe Biden Doing or recommending what is right for the economy. This is roughly in line with the low confidence rating in the president (34% for former President George W. Bush in 2008).

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