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 •
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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