The Daily Mail article relates that "[s]ome 20 percent of adults in the US fear they will never be able to retire - of them 70 percent said the reason was that they wouldn't be able to afford it." And of those 20%, about 1 in 5 indicated that they didn't plan on retiring because they didn't want to. The story continues:
The survey - by Axios and research group Ipsos - asked 1,238 adults, 210 of whom were older than 55, a variety of retirement related questions.
Almost half the respondents under 55, around 44 percent, said they have had to change their retirement plans due to economic factors out of their control and only 36 percent older than 55 thought they would be able to retire when they had planned.
Many people said they didn't have faith that Social Security would cover their bills - 37 percent of Americans who aren't retired said they thought Social Security would probably cover less than a quarter of their expenses in retirement.
And while a large minority many Americans are saying they don't expect they will ever be able to afford retirement, the vast majority said they thought retirement would make them feel better.
Around 63 percent of non-retirees predicted they would feel better upon retirement and 68 percent said they in fact did feel better having retired.
And of those that had already retired, just 37 percent of people said Social Security covered less than half of their expenses - five percent said it covered all their expenses.
Inflation will eat SS away. Might cover a burger or two.
ReplyDeleteI fully expect payroll taxes to go up at some point.
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