Savings for retirement.
Nearly 7 in 10 workers believe they could work until retirement and still not save enough to meet their needs, a new survey from the Transamerica Center for Retirement Studies and the Transamerica Institute found.
“Today's workers are stuck between a rock and a hard place,” said Catherine Collinson, CEO and president of the organizations. “They are traversing disruptions in the economy, a tenuous employment market and the high cost of everyday living -- while being expected to self-fund a greater portion of their retirement income compared with prior generations. Many are struggling to save adequately.”
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Among the key findings:
- Seventy-nine percent of respondents believe their generation will have a much harder time achieving financial security compared with their parents' generation.
- Seventy-two percent are concerned that Social Security will not be there for them when they are ready to retire.
- The same percentage have taken measures to address financial strain from rising inflation, and 56% are still financially recovering from the pandemic and its aftermath.
- Forty-three percent are worried that artificial intelligence and robotics will make their job skills obsolete.
- More than half of employed workers (52%) expect their primary source of retirement income to come from self-funded savings, including 401(k)s, 403(b)s and IRAs (41%), and other savings and investments (11%). Yet only 28% of employed workers "strongly agree" they are building a large enough retirement nest egg.
- More than 8 in 10 employed workers are saving in an employer-sponsored retirement plan and/or outside the workplace, and they began saving at the median age of 26.
- An alarming 37% have tapped into their retirement accounts, including 31% who have taken a loan and 21% who have taken an early and/or hardship withdrawal.
- Employed workers have saved a median estimate of $82,000 in all household retirement accounts.
"As workers are navigating transformations in the economy and workforce, policymakers can pave the way for strengthening the retirement system by ensuring the sustainability of safety nets such as Social Security and Medicare; facilitating the expansion of workplace retirement savings programs; promoting financial literacy; and fostering innovation to make living into old age more affordable," Collinson said. "Employers also play a vital role by offering job opportunities, professional development and on-the-job experience, and valuable employee benefits. A collective and collaborative effort across the public and private sectors is critical for future-proofing retirement so that all Americans can retire with dignity."
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Alan Goforth
Alan Goforth is a freelance writer in suburban Kansas City. In addition to freelancing for several publications, he has written a dozen books about sports and other topics.
