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October 30, 2023

More Americans worry they may never retire

  • A 2023 survey found that about 33% of workers anticipate retiring at 70 or later — or never retiring.
    • By JOHN DEALBREUIN
    Wealth of Geeks

    iStock photo
    With uncertain Social Security benefits and inadequate savings, the vision of a peaceful retirement seems more like an elusive dream than a reachable reality for many.

    The 2023 Employee Benefit Research Institute (EBRI) survey shows a decline in Americans' confidence regarding their ability to live comfortably in retirement. The last time a drop of this magnitude in confidence was observed was during the 2008 global financial crisis. Approximately 80% of workers expressed apprehension regarding the potential for a recession within the following year. About 90% of respondents said they are concerned regarding the persistence of high inflation.


     
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