There's a Retirement Crisis on the Horizon — See How Your Savings Compare to the Rest of Your Generation's Thirty percent of Americans believe they'll never be able to retire.
By Amanda Breen Edited by Jessica Thomas
Key Takeaways
- Nearly 40% of Americans are contributing nothing to a retirement fund; 30% say they'll never be able to retire.
- People thought they would need nearly $1.3 million to retire comfortably in 2023, up from $1.25 million the year before.
In 1991, the average reported retirement age was 57; in 2022, it was 61, according to a Gallup survey of more than 1,000 U.S. adults.
The increase is perhaps not surprising given recent inflationary pressure, but it paints a troubling picture of what's ahead if Americans don't set themselves up for retirement in the years to come.
And a new survey from personal finance resource GOBakingRates suggests that many of them won't. The research, which surveyed over 1,000 U.S. adults, revealed that nearly 40% of Americans are contributing nothing to a retirement fund — and 30% of them say they'll never be able to retire.
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