With persistent inflation and looming recession fears, retirement is one of the top financial concerns for Americans right now.
According to a new report According to analyst and consulting firm Gallup, America’s retirement prospects are the “most pessimistic” since 2012. Only 43% of non-retired Americans expect to live comfortably in retirement — a five percentage point decrease from last year (48% ) and 10 percentage points from 2021 (53%).
Additionally, 71% of non-retirees said they felt at least “moderately concerned” about financing their retirement, including 42% who said they were “very concerned”.
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The deteriorating pension outlook is a result of months of economic uncertainty and the open question of whether Social Security will dry up within the next decade – a fear that has only intensified since debates over the debt ceiling and the possibility of a default.
With the US hitting the $31.4 trillion debt ceiling in January, Congress is now tasked with brokering a deal to raise the debt ceiling or default. A default would mean the US cannot pay all of its bills on time and government-sponsored programs — including Social Security — could be impacted.
Of those surveyed, 59% of retirees indicated that Social Security was their primary source of retirement savings.
In a separate Gallup Opinion poll published last week when asked about the level of concern about eight financial risks, don’t have enough money for retirement was the “most disturbing thing” for Americans.
