Jul 24, 2023 - News
Retiring in America

Poll: Most working Americans 55+ have retirement angsts

Illustration of a nervous piggy bank with a sweat drop on its face.

Illustration: Lindsey Bailey/Axios

Roughly two-thirds of working Americans who are 55+ years old say they will delay retirement or are uncertain whether they can retire at the time they expected, according to a new Axios-Ipsos poll.

  • About 20% believe they'll never retire.

Why it matters: Millions of people who are nearing retirement age are financially unprepared.

  • About half of people between 55 and 66 have no personal savings, according to Census Bureau data.

Meanwhile, more seniors are experiencing homelessness and experts predict that trend will get worse, PBS Newshour reports.

State of play: Financial worries are the main reason people feel they can't retire, according to the Axios-Ipsos poll.

  • More than half of respondents who still work said they plan to move somewhere with a lower cost of living when they retire.

Of note: Just over 40% say they have never talked about saving for retirement with their friends and 57% say they have never talked to a financial planner about retirement, Axios' Erica Pandey reports.

Share who say they <span style="color: white; background-color:#A283FF; padding: 0px 4px; display: inline-block; margin: 5px 0px 0px; white-space: nowrap; border-radius: 5px">agree</span> or <span style="color: white; background-color:#FCB05F; padding: 0px 4px; display: inline-block; margin: 5px 0px 0px; white-space: nowrap; border-radius: 5px">disagree</span> with the following statements
Data: Axios/Ipsos poll; Chart: Axios Visuals

What's happening: Fewer employers are offering pensions — plans with lifetime annuities largely based on years of service — than in past decades.

  • That requires workers to be more disciplined in their own retirement planning, Loren Merkle of Merkle Retirement Planning in Grimes told us in May.

What they're saying: Don't be frugal with your retirement, Sri Reddy, senior VP for Retirement and Income Solutions at Principal Financial Group, tells Axios.

  • And if you're physically and mentally capable, try working a few years longer than you may have first expected.
  • Delaying retirement allows people to save more money and can stave off health problems associated with aging, he noted.
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