A new AARP survey reveals that one in five adults over 50 have no retirement savings in the U.S.
Additionally, 61% are concerned about not having enough money to sustain themselves during retirement. What is even more concerning, according to the study, is that nearly 30% of older adults who carry a credit card balance from month to month report having a balance of over $10,000.
The survey also shows a decline in the overall sense of financial security among men: 42% of whom describe their financial situation as “fair” or “poor,” compared to 34% in early 2022.
However, approximately 40% of men who regularly save for retirement believe they are saving enough, compared to only 30% of women.
Daily expenses remain the main obstacle to saving more for retirement, and some older Americans say they never expect to retire. Additionally, 37% are concerned about covering basic expenses, such as food and housing, and 26% are worried about covering family care costs.
“The United States is facing a severe retirement crisis. AARP has a long history of supporting legislation to expand access to retirement savings, but Congress must act more swiftly to provide the financial support that older Americans need and deserve,” said Nancy LeaMond, Executive Vice President and Chief Advocacy & Engagement Officer.
For more information about the survey, you can visit the following link.
