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According to a new AARP survey, 1 in 4 Americans over the age of 50 do not think they will ever be able to retire.
About 1 in 4 have no retirement savings, according to research released today by the organization that shows how older Americans are uncertain about their future and worrying more and more about how to make ends meet.
The biggest reasons why people are unable to save for retirement are everyday expenses and housing costs, including rent and mortgage payments.
“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’s 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.”
The amount of people over the age of 50 who are feeling less secure in their finances and do not expect to retire has steadily increased. It was 23% in January 2022 and 24% that July, according to the study, which is conducted twice a year.
“We are seeing an expansion of older workers staying in the workforce,” said David John, senior strategic policy advisor at the AARP Public Policy Institute.
He said this is in part due to older workers not having “sufficient retirement savings. It’s a problem and it’s likely to continue as we go forward.”
This information will play a pivotal role in this year’s presidential election, as Democratic President Joe Biden and Republican opponent Donald Trump try to win support from older Americans, who traditionally turn out in high numbers.
