(TruthAndLiberty.com) – A new survey by Ipsos and Axios has found that a growing number of Americans believe that they will never be able to retire. Retirement used to be a standard universal expectation held by the majority of Americans; however, affording retirement would require people to have savings, which is something that many American workers do not have.
The July poll specifically found that of those under 55, 29 percent stated that they did not believe they would ever be able to retire. When asked why that was, three-quarters of those who believe they could never retire argued that they would not be able to afford to stop working, while a much smaller percentage claimed that they were not interested in giving up their jobs.
President of Ipsos Public Affairs, Clifford Young argued that it is a balancing act for many people to make retirement work.
A different survey conducted by the Employee Benefit Research Institute (EBRI), found that a third of workers in America believe that they will be able to retire only after the age of 70. The Transamerica Center for Retirement Studies also noted in their own report that 40 percent of Gen X and around half of boomer workers believe that they will either never be able to retire or only be able to retire after they reach the age of 70.
The EBRI survey also showed that a growing number of people believed that they would need to delay requirements and extend their years working. However, the worries surrounding retirement are driven by many factors, one of the biggest of which is inflation. Over the course of 2021 and 2022, there has been a large increase in the cost of necessities, causing people to worry more about their ability to retire comfortably.
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