50% of people don’t think it’s realistic for the average American to expect to retire comfortably, according to a new nationally representative survey conducted by WalletHub. These concerns aren’t unfounded, given the heavy debt burden many households carry, the lack of adequate savings, and the uncertainty surrounding the future of government benefits.
The survey explored a wide range of retirement-related issues, from whether people have a retirement plan, to what they see as the biggest threats to their plans to what is considered the best way to prepare for retirement. You can find the complete results in the infographic below.
Key Stats
- Retirement doubt: 50% of people don’t think it’s realistic for the average American to expect to retire comfortably.
- Americans worry about retirement: Nearly 2 in 5 people feel anxious when thinking about retirement.
- Many people lack a plan: More than 1 in 4 Americans don’t have a retirement plan.
- Many people may never retire: 43% of people say they expect to work until they die.
- Debt takes precedence: Most Americans (53%) think paying off debt is more important than making retirement contributions.
- Dependency risk: More than 1 in 4 Americans are counting on family members to support them financially when they retire.
Survey Methodology
This report reflects the results of a nationally representative online survey of over 200 respondents. After we collected all responses, we normalized the data by gender and income so that the sample would reflect U.S. demographics.
Full Survey & Responses
| Are you confident that you will have enough money to retire? | |
|---|---|
| Yes | 55% |
| No | 45% |
| How does thinking about retirement make you feel? | |
| Anxious | 39% |
| Empowered | 22% |
| Motivated | 21% |
| Pessimistic | 9% |
| Scared | 9% |
| Do you have a retirement plan? | |
| Yes | 71% |
| No | 29% |
| What threatens your ability to retire the most? | |
| My financial decisions | 31% |
| Stock market | 23% |
| Social Security benefits | 23% |
| Job market | 16% |
| Federal government debt | 8% |
| Are you counting on family members to support you financially when you retire? | |
| No | 71% |
| Yes | 29% |
| Do you expect to work until you die? | |
| No | 57% |
| Yes | 43% |
| Is it more important to make retirement contributions or pay off debt? | |
| Pay off debt | 53% |
| Make retirement contributions | 47% |
| What is the best way to prepare for retirement? | |
| Hire a financial advisor | 35% |
| Live frugally | 28% |
| Use a budgeting app | 15% |
| Lower your expectations | 14% |
| Invest in the S&P | 8% |
| Is it realistic for the average American to expect to retire comfortably? | |
| No | 50% |
| Yes | 50% |
Note: Percentages may not total 100% due to rounding.
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