A new AARP survey finds that 20% of adults ages 50+ have no retirement savings, and more than half (61%) are worried they will not have enough money to support them in retirement. The findings also reveal a decline in overall sense of financial security among men, 42% of whom describe their financial situation as “fair” or “poor,” up from 34% in the beginning of 2022. However, roughly 40% of men who are regularly saving for retirement believe they are saving enough, compared to just 30% of women.
“Every adult in America deserves to retire with dignity and financial security. Yet far too many people lack access to retirement savings options and this, coupled with higher prices, is making it increasingly hard for people to choose when to retire,” said Indira Venkateswaran, AARP Senior Vice President of Research. “Everyday expenses continue to be the top barrier to saving more for retirement, and some older Americans say that they never expect to retire.”
Nearly one-third (30%) of older adults who carry over a credit card balance from month-to-month report carrying a balance of $10K or more, while 12% described their balance as $20K or more, up from 8% roughly a year ago.
Despite this, 33% of respondents ages 50+ believe their finances will be better 12 months from now, but the lingering effects of inflation and high costs are still apparent:
- More than one-third (37%) are worried about covering basic expenses, such as food and housing.
- More than a quarter (26%) are worried about covering family caregiving costs.
- Seven in 10 (70%) are worried about prices rising faster than their income.
- Over a quarter (26%) of people who are not yet retired say they expect to never retire.
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