LiveCareer conducted a survey of 1,031 U.S.-based workers in June 2024 to assess their retirement plans and concerns. The findings highlight a widespread sense of financial unpreparedness and anxiety about retirement, revealing a significant gap between workers’ retirement expectations and their current savings.
- Retirement Concerns and Fears:
- Financial Unpreparedness:
- 82% of participants have considered delaying retirement due to financial reasons.
- 92% worry about having to work longer than planned.
- Fear of Retirement:
- 61% fear retirement more than death.
- 64% find retiring scarier than divorce.
- 54% are more frightened of retiring than getting fired or falling ill.
- Financial Unpreparedness:
- Gaps in Retirement Savings:
- Retirement Age Plans:
- 80% plan to retire in their 60s.
- 46% aim to retire between ages 60 and 65.
- 34% plan to retire between ages 66 and 70.
- 10% hope to retire before 60; 9% between ages 71-75.
- Projected Financial Needs vs. Current Savings:
- 86% estimate needing between $100,000 and $750,000 for retirement.
- Current savings levels:
- 3% have less than $10,000.
- 27% have $10,000 – $50,000.
- 24% have $50,001 – $100,000.
- 24% have $100,001 – $200,000.
- 14% have $200,001 – $500,000.
- 5% have $500,001 – $1,000,000.
- 2% have over $1,000,000.
- Retirement Age Plans:
- Impact of Economic Factors:
- Inflation and Pandemic Effects:
- 82% cite inflation as a major barrier to saving for retirement.
- 87% say the COVID-19 pandemic affected their retirement savings.
- Income in Retirement:
- 42% feel confident about their retirement savings.
- 43% plan to continue part-time work in their current field; 29% intend to switch to a different field.
- Inflation and Pandemic Effects:
- Top Financial Anxieties:
- Common Worries:
- 52% fear poor investment decisions.
- 48% worry about feeling disconnected from society.
- 46% are concerned about adapting to a new lifestyle.
- 44% are anxious about changes in government benefits.
- 41% worry about investment stability and medical expenses.
- Common Worries:
- Debt Concerns:
- Debt Impact:
- 82% of respondents have debts affecting their retirement plans.
- 35% have debts exceeding $100,000.
- Types of debt include:
- 44% have credit card debt.
- 41% have car loans.
- 39% have medical debt.
- Debt Impact:
The survey underscores a significant disconnect between retirement expectations and financial realities among U.S. workers. The widespread fears about retirement highlight the urgent need for proactive retirement planning. Workers should leverage available financial planning resources and understand their retirement options to bridge the gap and achieve a secure retirement.
