Over 25% of U.S. Adults Over 50 Expect to Never Retire, AARP Survey Finds

The AARP survey reveals that over 25% of U.S. adults aged 50 and older expect to never retire, and 70% are concerned about inflation outpacing their income. The findings highlight the growing financial challenges facing older Americans as they approach retirement age, which is anticipated to be a key issue in the 2024 presidential election.

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Over 25% of U.S. Adults Over 50 Expect to Never Retire, AARP Survey Finds

Over 25% of U.S. Adults Over 50 Expect to Never Retire, AARP Survey Finds

A new AARP survey reveals that over 25% of U.S. adults aged 50 and older who are not yet retired expect to never retire, and 70% are concerned about inflation outpacing their income. The survey, conducted in April 2024, also found that 1 in 4 older adults have no retirement savings, with everyday expenses and housing costs being the biggest barriers to saving.

According to the survey, one-third of older adults with credit card debt carry a balance of more than $10,000, and 37% are worried about meeting basic living expenses. The share of people over 50 who say they do not expect to retire has remained steady at around 24% since 2022. Experts attribute this trend to a lack of sufficient retirement savings.

Why this matters: The survey highlights the growing financial challenges facing older Americans as they approach retirement age. The findings are anticipated to be a key issue in the upcoming 2024 presidential election, as both Democratic and Republican candidates try to win the support of older voters, who traditionally turn out in high numbers.

The survey also raises concerns about the long-term financial health of Social Security and Medicare, which are projected to run short of funds to pay full benefits within the next decade. While President Biden has tried to court older voters by promoting a $35 price cap on insulin for Medicare recipients and Medicare's ability to negotiate drug prices, former President Trump has indicated openness to cutting entitlement programs.

AARP has called for states and the federal government to help promote retirement savings, especially in the absence of employer-sponsored plans, to address the serious retirement crisis facing the country. "Nearly 57 million people do not have access to employer-sponsored retirement plans," said AARP in a statement responding to the survey findings.

The survey results underscore the financial challenges facing a graying America as it struggles to make ends meet amid rising costs and uncertainty about the future of key social safety net programs. As the 2024 election approaches, the issue of retirement security is likely to remain a top concern for older voters and a central point of debate between the candidates.

Key Takeaways

  • Over 25% of U.S. adults 50+ expect to never retire, 70% fear inflation.
  • 1 in 4 older adults have no retirement savings, expenses are biggest barrier.
  • 1/3 of older adults with credit card debt owe over $10,000, 37% worry about living expenses.
  • Lack of retirement savings is driving trend of older adults not expecting to retire.
  • Retirement security is a top concern for older voters in the 2024 election.