Do You Think You Will Ever Be Able to Retire? Take a Look at This:
The notion of retirement was once held as a sacred stage of life and a shared expectation in the workforce. But now it finds itself fading away. A satisfying retirement necessitates diligent savings, and yet, many toil under the weight of insufficient funds.
A poll conducted by Axios and Ipsos in July found an astonishing 29% of workers under the age of 55 boldly declared, “I don’t believe I will ever retire.”
“One in five Americans don’t think they’ll ever retire. Among the people who don’t think they’ll ever retire, a decisive majority (70%) say that they won’t ever retire because they can’t or won’t be able to afford to retire, versus 19% of people who just don’t want to retire (an additional 10% picked ‘other’ as a response),” the pollsters wrote.
In another study by the Employee Benefit Research Institute (EBRI), one-third of workers now anticipate reluctantly leaving the workforce at the ripe age of 70 or beyond, or worse, never doing so.
And a third report, this one from the Transamerica Center for Retirement Studies, relays a similar truth, revealing that 40% of Generation X employees and nearly half of the Baby Boomer generation had resigned themselves to the prospects of retiring after the age of 70.
The rising cost of healthcare is also a major factor contributing to Americans’ inability to retire. The average annual cost of healthcare for a retired couple is now over $25,000. This is a significant financial burden for many retirees, especially those who are living on a fixed income.
The decline of traditional pensions is also making it more difficult for Americans to retire. In the past, many workers were able to retire with a guaranteed pension that would provide them with a steady income in their golden years. However, pensions have become increasingly rare in recent years, and many workers are now relying on Social Security as their primary source of retirement income.
NEW POLL: “More Americans say they can never retire”
We don’t talk about this enough — as inequality skyrockets, retirement is unreachable.
Greed, refusing to pass policies that lift the bottom, robs us of our twilight years. Especially the young. https://t.co/NhcaovlJ10
— The Tennessee Holler (@TheTNHoller) August 4, 2023
