What do working Americans fear more than death? Retirement.
Recent surveys show that not only are many Americans financially unprepared for retirement, but some fear retirement more than death.
A national survey conducted by LiveCareer in June found that about 61% of working Americans fear retirement more than death, and 64% fear retirement more than divorce.
These concerns mirror the bleak picture painted by other surveys over the years as the population ages and life expectancies continue to increase.
A survey conducted by AARP in January found that about 20% of Americans over the age of 50 have no retirement savings. It also found that 61% worry they won’t have enough money when they retire.
How scary is retirement?
The baby boomer generation (people born between 1946 and 1964) will all be 65 or older by 2030. According to the National Council on Aging, about 78.3 million Americans will be in this age group by 2040.
Money isn’t the only thing that fuels retirement anxiety.
According to Psychology Today, loss of identity is another concern, and “for many people, work is a big part of their identity.”
Other concerns include health issues, which can affect retirees’ ability to live independently, due to fears of tripping or falling, and other worries about retirement, according to the University of Arizona.
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How much money do Americans need to retire?
What do working Americans fear more than death? Retirement.
According to the AARP, Americans are “15 times more likely to save for retirement if they have access to a plan at work.” However, about half of Americans don’t have access to a retirement plan at work.
According to the Economic Innovation Group, this problem is more prevalent among low-wage workers. People who make less than $37,000 a year are less likely to have access to a retirement plan.
How much are Americans saving?
According to the Department of Labor, the average American will live in retirement for about 20 years, but only about half of Americans have calculated how much money they need to retire.
What’s causing retirement anxiety?
What’s causing retirement anxiety?
In addition to a lack of retirement savings, many Americans are “overcoming enormous financial hurdles,” says financial institution CIBC.
“Student loans, high rent, car loans and other expenses” make it hard to save, CIBC said, adding that “middle-class living is 30 percent more expensive than it was 20 years ago.”
Source: USA TODAY Network reporting and investigations
