Fewer Than Half of Americans Expect to Afford a Comfortable Retirement

By
Bill McColl
Bill McColl
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Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

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Updated May 25, 2023
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Key Takeaways

  • The share of Americans who said they would be able afford a comfortable retirement fell to its lowest level since 2012.
  • Just 43% of non-retired Americans said they feel they will have enough money for retirement.
  • Only one-third of the non-retired think Social Security will be a main source of retirement income.

As prices in the U.S. rise, along with worries about a potential recession, the share of Americans who expect to be able to afford a comfortable retirement declined, according to a poll by Gallup.

A survey of those not yet retired indicated only 43% believe they will have enough money to live comfortably in retirement, the lowest level since 2012. The percentage declined 10 points from 2021 and five points since last year.

Current retirees are more optimistic, with 77% saying their finances will provide a comfortable retirement, the same as in 2022. 

Gallup noted that when participants were presented with eight different financial matters, the one they worried about the most was affording retirement. 

The survey also found that 59% of retirees reported that Social Security was a major source of their retirement income, but only 34% of those not yet retired expect it to be that way for them. Instead, they anticipate relying more heavily on retirement accounts, such as IRAs and 401(k) plans. 

Article Sources
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  1. Gallup. “Americans' Outlook for Their Retirement Has Worsened.”

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