While decreases in discretionary spending during the pandemic might seem like they would have bolstered retirement savings, new research from WTW (Willis Towers Watson), a global advisory firm, suggests that the retirement outlook is dire for many Americans. The 2022 Global Benefits Attitudes Survey, which looked at 9,600 workers at various American companies, found that increasing numbers of older employees are planning to wait to retire until long past the standard age of 65: In fact, 36% of workers over 50 say they'll work until they're at least 70.

Across the entire workforce, the number of employees anticipating late retirement is slightly lower, with 30% of people saying they'll likely work until they're at least 70, if they retire at all.  A bit part of their motivation may be a lack of retirement savings; the same survey found that nearly 70% of all workers are not saving enough money for retirement, focusing instead on using their money for financial goals like handling debts. Nearly 40% of workers under the age of fifty are saving less than 5% of their income for retirement.

Also: Are early retirees overspending in retirement?