{"id":1993045,"date":"2023-08-07T12:03:01","date_gmt":"2023-08-07T16:03:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/millions-of-americans-give-up-hope-theyll-ever-be-able-to-retire-poll-finds\/"},"modified":"2023-08-07T12:06:16","modified_gmt":"2023-08-07T16:06:16","slug":"millions-of-americans-give-up-hope-theyll-ever-be-able-to-retire-poll-finds","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/millions-of-americans-give-up-hope-theyll-ever-be-able-to-retire-poll-finds\/","title":{"rendered":"Poll finds millions of Americans lose hope for retirement."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmillions-of-americans-give-up-hope-theyll-ever-be-able-to-retire-poll-finds%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1993045&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><h2>Retirement Crisis: A Fading Dream \u2064for Many Americans<\/h2>\n<\/p>\n<p>It\u2019s not \u2064just young people who are getting\u2064 screwed \u200dby the current economy.<\/p>\n<p>New surveys are finding that a \u2063striking proportion of older hard-working Americans\u200d no longer harbor aspirations of retirement.<\/p>\n<p>The\u200c notion of\u2064 retirement, once held as a sacred stage of life and a shared expectation \u200din the workforce, now finds itself fading away. A \u200dsecure and comfortable retirement necessitates diligent\u200c savings, and yet, many\u200d toil under the weight of insufficient funds.<\/p>\n<p>A <a href=\"https:\/\/www.ipsos.com\/en-us\/axios-ipsos-retirement-survey\" target=\"_blank\" rel=\"noopener\">poll<\/a> conducted by Axios and Ipsos in July found an astonishing 29% of workers under the age of 55 boldly declared, \u201cI don\u2019t believe I will ever retire.\u201d<\/p>\n<p>\u201cOne in five Americans don\u2019t think they\u2019ll ever retire. Among\u200d the people who don\u2019t\u200d think they\u2019ll ever retire, a decisive\u2063 majority (70%) say that they won\u2019t ever retire because \u200dthey can\u2019t or\u2064 won\u2019t be able to afford to retire, versus\u200b 19% of people who just don\u2019t \u2062want to retire (an \u200dadditional 10% picked \u2018other\u2019 as a response),\u201d\u200b the pollsters wrote.<\/p>\n<p>In \u200banother <a href=\"https:\/\/www.ebri.org\/docs\/default-source\/rcs\/2023-rcs\/rcs_23-fs-2.pdf?sfvrsn=708d392f_4\" target=\"_blank\" rel=\"noopener\">study<\/a> by the Employee Benefit Research Institute (EBRI), a \u2064staggering one-third of workers now anticipate reluctantly bidding adieu to the workforce at the ripe age of \u200b70 or beyond, or worse, never doing so.<\/p>\n<p>A third <a href=\"https:\/\/transamericainstitute.org\/docs\/default-source\/research\/post-pandemic-retirement-realities-multigenerational-workforce-report-july-2023.pdf\">report<\/a>, this one from the Transamerica \u200dCenter for Retirement Studies, echoed a similar sentiment, revealing that 40% of Generation X employees and \u2064nearly half of the Baby Boomer generation had resigned themselves to\u2064 the prospects of retiring after the \u2062age of 70 \u2014 or surrendering altogether.<\/p>\n<p>It \u200bappears that apprehensions surrounding retirement are on the rise. The \u2062EBRI survey \u2062unveiled a disconcerting reality; the percentage of workers intending to postpone \u200bretirement magnified to 33% in \u200b2023 from 29% in \u200b2022 and just 26% in 2021.<\/p>\n<p>Ironically, the summer of 2023 seems an inopportune moment for Americans to find themselves grappling \u200cwith dwindling retirement coffers. A substantial 75% of all 401(k) funds lay invested in the ebbs and flows \u2064of the stock market, which, at large, is experiencing\u200d an upward trajectory, notwithstanding some recent\u200d market turbulence.<\/p>\n<p>Census <a href=\"https:\/\/www.census.gov\/library\/stories\/2022\/08\/who-has-retirement-accounts.html#:~:text=Demographics%20of%20Ownership&#038;text=About%20half%20(49.5%25)%20of,23%20owned%20a%20retirement%20account.\" target=\"_blank\" rel=\"noopener\">data<\/a> reveals a staggering statistic: more than 40% of Baby\u200b Boomers aged 55-64 have no <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-first-100-days-promote-big-government\/\" title=\"Biden\u2019s first 100 days promote Big Government\">retirement savings<\/a>. Reasons range from limited options in small\u2062 companies to being self-employed or lacking the means to save. A NerdWallet <a href=\"https:\/\/www.nerdwallet.com\/article\/investing\/the-average-401k-balance-by-age\" target=\"_blank\" rel=\"noopener\">analysis<\/a> shows\u200d that this \u200dage group\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/millions-of-americans-give-up-hope-theyll-ever-be-able-to-retire-poll-finds\/\" title=\"Poll finds millions of Americans lose hope for retirement.\">median retirement savings account sits<\/a> at a modest $71,168. However, this <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/it-sucks-house-dem-unleashes-on-bidens-budget\/\" title=\"\u2018It Sucks\u2019: House Dem Unleashes on Biden\u2019s Budget\">falls woefully short<\/a> of the commonly accepted wisdom that workers will need around\u200b $1.8 million for a \u200bcomfortable retirement, as revealed in a recent Charles Schwab <a href=\"https:\/\/content.schwab.com\/web\/retail\/public\/about-schwab\/schwab_2023_401k_participant_survey_findings.pdf\" target=\"_blank\" rel=\"noopener\">survey<\/a>.<\/p>\n<p>As if this weren\u2019t concerning enough, many Americans express doubt \u200babout their ability to live comfortably in retirement. According to the 2023 EBRI survey, 36% of respondents\u200d have little or no confidence in their financial security after\u200c retirement. Alarmingly, this figure has increased from 27% just \u200da year ago.<\/p>\n<p><b data-stringify-type=\"bold\">The picture is no brighter for Generation X workers, with only 17% feeling \u201cvery confident\u201d about their retirement prospects,\u2063 according to\u200d Transamerica\u200b research.\u2064 It\u2019s worth noting that the oldest \u200dmembers of this demographic are nearing the\u200b age of 60.<\/b><\/p>\n<p>Amidst these sobering realities, it\u2019s clear that urgent action is\u2063 needed to address the retirement crisis in the United \u2064States.<\/p>\n<p><em>The\u200b views expressed in this piece are the author\u2019s own and do not necessarily represent those of The Daily Wire.<\/em><\/p>\n<p><em>Joseph Curl has covered politics for\u200d 35 years, including 12 years as White House correspondent for a national newspaper. He was\u2062 also the a.m. editor of \u2062the\u200d Drudge Report for four years. Send tips to josephcurl@dailywire.com and follow him on \u200cTwitter @josephcurl.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Surveys reveal older Americans, not just the youth, suffer from the economy. Many hard-working individuals no longer dream of retirement, a once revered and anticipated phase. The concept, once universally embraced in the workforce, is now diminishing.<\/p>\n","protected":false},"author":159,"featured_media":1993046,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1993045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1993045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/159"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1993045"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1993045\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1993046"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1993045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1993045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1993045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}