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OAN’s James Meyers
3:39 PM – Wednesday, April 24, 2024
A new poll has revealed that one-quarter of U.S. adults aged 50 years and older who are not yet retired say they don’t expect to ever retire.
An AARP survey found that 70% of participants are concerned about prices rising faster than their income.
The survey revealed that about one in four Americans have no retirement savings, according to data released.
Americans continue to reel as they deal with record inflation prices, including increased rent, gas, and food causing them to be unable to save for retirement.
The newly released survey could show a significant impact this election year in the race between Joe Biden and Donald Trump to get a second presidential term.
The survey was conducted with 8,000 people involved in coordination with the NORC Center for Public Affairs Research, and found that one-third of older adults with credit card debt carry a balance of $10,000 and 12% have a balance of $20,000 or even more.
“Far too many people lack access to retirement savings options and this, coupled with higher prices, is making it increasingly hard for people to choose when to retire,” said Indira Venkateswaran, AARP’s senior vice president of research. “Everyday expenses continue to be the top barrier to saving more for retirement, and some older Americans say that they never expect to retire.”
Additionally, the share of people 50 and older who say they do not expect to retire has remained steady. Furthermore, it was 23% in January 2022 and 24% July 2022, according to the study.
“We are seeing an expansion of older workers staying in the workforce,” said David John, senior strategic policy advisor at the AARP Public Policy Institute. He said this is in part because older workers “don’t have sufficient retirement savings. It’s a problem and it’s likely to continue as we go forward.”
Data released from the 2022 congressional elections, showed that voters 65 and older made up 30.4% of all voters, while Gen Z and millennials accounted for 11.7%.
Another major issue Americans are focused on when it comes to retiring is the status of Social Security and Medicare.
The latest annual report from the program’s trustees says the financial nets for millions of senior Americans will be short of money to pay full benefits within the next decade.
Another poll from AP-NORC from March 2023 found that most would oppose cuts to Medicare or Social Security benefits.
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