A new poll jointly conducted by news organization Axios and polling company Ipsos revealed that one-in-five respondents — or 20% — believe they will never have the opportunity to retire. The belief is driven by financial concerns stemming from prevalent economic issues like inflation and rising living costs, according to the results.
“When it comes to how Americans finance retirement, few feel Social Security will cover most of their expenses,” the results said. “Instead, most Americans—both retired and those who aren’t—look to retirement accounts to finance this life stage. Interestingly, majorities of retired Americans lean on pensions in their retirement, while few Americans who aren’t retired plan to do the same.”
Many respondents also said they never talk to anyone about saving for retirement, including personal acquaintances like family and friends or professionals like financial planners.
“Most Americans feel that the point of working hard is to enjoy retirement and spend time with friends and family,” the results said. “Majorities of retirees say it’s easier to take care of their mental, emotional, and physical health after retirement, while fewer people who aren’t retired agree. Most Americans who are retired say they feel better than ever now that they’ve retired.”
Among the people who said they believe they’ll never be able to retire, 70% of those respondents say it’s because they believe retirement will never be affordable for them. 19% of such respondents said they simply do not want to retire.
“Most retirees (82%) have no regrets about their retirement planning, while half of people who aren’t retired under 55 (49%) and 59% of people over 55 feel the same,” the results said. “Yet, two in five unretired Americans (40%) say they would prefer to work as long as they can and not fully retire. This is especially true for respondents over the age of 55 who have not retired.”
Respondents over the age of 55 who have not yet retired are unsettled in terms of whether or not they will retire when they expect to, according to the results.
“About one-third of these respondents (36%) say they will retire when they planned, about a quarter (23%) report they will have to retire later than they planned, and 40% aren’t sure if they will retire at the time they expected,” the results said.
The poll was conducted earlier this month in English over a two-day period by Ipsos with “a nationally representative probability sample” of 1,238 general population adults age 18 or older, according to the results. The sample includes an oversample of 210 adults aged 55 and older.
