healthy retirement For many Americans, that seems increasingly like a distant dream. Even though it's one of the things that keeps workers going, the reality is that more than half of all Americans today don't have a good plan in place for themselves. retirement and it will depend social security To make ends meet or as a sole source of income.
This alarming fact was discovered by Allianz Lifes 2024 Annual Retirement Survey. The company surveyed 1,000 people over the age of 25 in February and March of this year and found that 56% of Americans do not have a solid financial plan for their post-work future. Another thing we learned is that almost half (48%) are worried that they're living too frugally and not having fun. retirement This is arguably a bigger concern for people who can save as much as they want but don't have the savings to cover the difference. Potential profit amount And the expenses.
And those concerns persist, in fact, 42% said their biggest concern for retirees' financial well-being was the ever-increasing cost of living, and 35% said they were worried about living longer. retirement allowance. Along with this, 45% are concerned about the best way to receive distributions from their organization. Retirement savings for retirement To make it last longer.
Other legitimate concerns that arose were that 32 percent said they were worried about their health care costs and 30 percent thought they would spend too much on health care. retirement And you end up running out of money.
Kelly Lavigne, Vice President of Consumer Insights, Allianz Life Insurance explained the report's alarming findings in a statement. assets after retirement If you have an income, you're not ready to retire yet. so many Preparing for retirement While the focus is on accumulating assets, which is important, it's important to understand how those assets can fund your retirement. This requires making important decisions such as when to start claim social security Consider what resources you will need to raise funds. retirement. “
Other retiree-focused surveys
This is not the first study to find a similar pattern, and many Americans are coming close. retirement You won't have enough money to cover your immediate expenses and won't be able to save enough before taking the plunge. Even worse, many retirees don't have it. source of incomewhat is not social security.
“We've seen a lot of changes in the past few years,” said Jim Davis, senior wealth manager at Texas-based Aspen Wealth Management. I talked to newsweek “In previous generations, retirement This was often seen as a distinct, complete event in which people worked until a certain age and then left the workforce completely. However, more and more retirees are now choosing to take a step-by-step approach to reducing their work hours, rather than retiring completely. This change is primarily driven by a combination of economic needs, increased life expectancy, and the desire to stay mentally and socially active for longer. ”
His statement has been confirmed by recent research. Edelman Financial Engines by Greenwald Researchfound that one in three respondents believed they could never do it. retire completely And they will have to continue working at least part-time until their later years.
of Pew Research Center Also contributed to their sad fact 2023 reportThis means that approximately one in five Americans over the age of 65 will still be employed in 2023, nearly twice as many as 35 years ago.
The best of these studies came from a poll of 2,000 Americans. Retired person by financial advice services Motley Fool. They asked the question right after the 2.5% benefit in 2025. Cost of Living Adjustment for Social Security Benefits It was announced that 50% of people are considering returning to work due to lack of money.
