Median retirement savings for 55-year-olds falls short of recommended goal.
Social Security trust funds expected to be depleted by 2035.
Two-thirds of Americans in their mid-50s express concern over outliving retirement savings.
Retirement Insecurity: A Growing Concern for Americans in Their Mid-50s
Americans in their mid-50s are facing a retirement savings crisis, with median retirement savings falling short of the recommended goal and many expressing worry about outliving their savings.
According to a survey by Prudential Financial, around two-thirds of 55-year-olds are concerned they will outlive their savings. This concern is compounded by the fact that Social Security's trust funds are expected to be depleted by 2035, leaving many Gen Xers facing retirement without full Social Security support or a defined benefit pension plan.
Theresa Edwards, a 74-year-old caregiver, can’t afford to retire due to housing costs and medical expenses.
Robin Delucia, a retiree, had to return to work due to insufficient retirement savings and high living expenses.
Angel Herion, a 23-year-old with an autoimmune disorder, can’t afford to save for retirement due to medical expenses and unstable employment.
Larry Fink, CEO of BlackRock, has warned that the ‘you’re on your own’ approach has shifted Americans from financial certainty to financial uncertainty.
Accuracy
Theresa Edwards can't afford to retire due to housing costs and medical expenses.
Social Security pays less than half of average wages and faces possible benefits cuts.
Only about half of American households have retirement accounts.
Robin Delucia had to return to work due to insufficient retirement savings and high living expenses.
Americans in their mid-50s are critically underprepared for retirement with median retirement savings around less than $50,000.
Prudential Financial reports that around two-thirds of 55-year-olds are worried about outliving their savings.
Social Security’s trust funds are expected to be depleted by 2035, leaving many Gen Xers facing retirement without full Social Security support or a defined benefit pension plan.
The ‘Silver Squatters’ trend shows that 24% of 55-year-olds expect to need financial support from family in retirement, twice as many as 65- and 75-year-olds.
Gen Xers started investing late at the average age of 32, which affects compound growth.
41% of GenXers say that post-pandemic inflation is killing their retirement dreams.
Accuracy
Around two-thirds of 55-year-olds are worried about outliving their savings.
Social Security's trust funds are expected to be depleted by 2035, leaving many Gen Xers facing retirement without full Social Security support or a defined benefit pension plan.
