1 in 3 U.S. workers not saving for retirement

As Americans struggle with inflation and other challenging economic factors, saving for retirement often takes a back seat to more immediate concerns. 

In fact, just 65% of workers say they are currently saving for retirement, according to the 2024 Financial Pulse Report from FlexJobs. But 20% of respondents who said they’re not currently saving for retirement, plan to do so. 

Current retirement savings vary by gender and generation, with 61% of men reporting they’ve been saving for retirement, compared with 52% of women. 

Also: IN-DEPTH: Moving the retirement readiness needle

Meanwhile, 61% of boomers say they’ve been saving for retirement, compared to 58% of Gen X and 46% of millennials. Of those not currently saving for retirement, 26% of millennials said they plan to, compared to 17% of Gen X and 11% of baby boomers.

When asked about Social Security benefits, a key factor in retirement planning, more than 3 in 4 respondents (77%)  said that workers should be allowed to retire and access Social Security before age 67. In fact, nearly a quarter of respondents (22%) believe workers should be allowed to retire and access Social Security benefits between ages 55 and 59; 33% between ages 60 and 64; 22% between 65 and 66; 17% chose the current retirement age of 67; while 2 % chose 68 to 6; and just 4% chose age 70+.

Related: Retirement savings is having a moment: New private and state 401(k) plans are on the rise

In addition to retirement planning, the survey also asked respondents about the other side of the career coin: starting pay ranges and entry-level expectations.

About a quarter of respondents (23%) said that $24,999 or less is the lowest pay they would be willing to accept or would have accepted for a first job, while another quarter of respondents were divided between $25,000 to $29,999 (12%) and $30,000 to $34,999 (12%) as reasonable pay starting pay ranges. Meanwhile, nearly half (49%) of respondents said that a more realistic starting salary should be between $40,000 to $49,000 (26%) or between $50,000 to $59,999 (23%).

In the face of financial realities, many job seekers said that while they are willing to accept a lower salary when starting their career, the majority also believe that realistic entry-level salaries should fall within a higher range.