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Study: Half of Americans 55-64 worry they don’t have enough saved for retirement

MGN

Information surveyed through SeniorLiving.org

SAINT PAUL, Minn. (KYMA, KECY) - Researchers recently found that older adults are the least likely of all generations to feel anxious today than before the pandemic began.

However, according to SeniorLiving.org's data, half of U.S. citizens between the ages of 55 and 66 are concerned they don't have enough in the savings bank for retirement.

"About 46 percent of older adults are worried they won’t have enough money saved up for retirement, while those between 55 and 64 were even more likely to have this fear than those already 65 and up," Founder of Lexica Labs Ritu Pant shared. "Nearly 40 percent of people over 65, many of whom are on Medicare, are fearful of having high medical bills."

Surveyors asked participants to rate their level of concern over more than three dozen topics, ranging from spiders to terrorism, to see what Americans fear most.

"Behind the death or illness of loved ones and societal issues, not having enough retirement savings was the No. 1 fear for older adults," continued Pant.

Participants' answers reveal older adults may not have similar worries as younger Americans, but those between 55-66 are likely to have financial concerns like future living costs or facing high medical bills as they age. 

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