>Retirement is one thing. Making ends meet while you’re gainfully employed is another entirely. Just ask middle-class workers, who, according to a new report by the Transamerica Institute, have an annual household income between $50,000 and $199,999. Per the August 28 report, which was conducted by Harris Poll and Transamerica Center for Retirement Studies, just one in five (21%) of those 10,000 respondents said they’re “very confident” in their ability to one day fully retire.
>Worse: 40% of middle-class workers say their greatest fear is outliving their savings and investments. They’re equally concerned about having a decline in their health that would necessitate long-term care—or that Social Security protections will cease to exist by the time they need them.
>In a gut-punch to traditional expectations, fewer than a quarter of respondents said they actually believe their retirement nest egg is sizable enough to cover their expenses for the remainder of their lives. Middle-class respondents currently in the workforce have a median $66,000 saved for retirement, the survey found.
>That’s mainly because they’re overtaxed with financial obligations today that hamstring their ability to adequately save up. Most of all, they’re stuck paying off debt (59% of respondents said this is their biggest obstacle), beefing up their emergency savings account (42%), saving for a major purchase like a house or childcare (31%) or simply making ends meet as prices continue to skyrocket (31%).
>Middle-class Americans are attempting to prioritize their health and financial well-being amid a punishing economy, Transamerica Institute CEO Catherine Collinson wrote, but that makes them unlikely to enjoy long-term financial security.
38k. Really not stressing. Maybe these folks who make 200k should readdress their wants and needs because I’ve got 2 kids and 1 on the way and we’re still comfortable albeit with less steak nights.
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From inside the story:
>Retirement is one thing. Making ends meet while you’re gainfully employed is another entirely. Just ask middle-class workers, who, according to a new report by the Transamerica Institute, have an annual household income between $50,000 and $199,999. Per the August 28 report, which was conducted by Harris Poll and Transamerica Center for Retirement Studies, just one in five (21%) of those 10,000 respondents said they’re “very confident” in their ability to one day fully retire.
>Worse: 40% of middle-class workers say their greatest fear is outliving their savings and investments. They’re equally concerned about having a decline in their health that would necessitate long-term care—or that Social Security protections will cease to exist by the time they need them.
>In a gut-punch to traditional expectations, fewer than a quarter of respondents said they actually believe their retirement nest egg is sizable enough to cover their expenses for the remainder of their lives. Middle-class respondents currently in the workforce have a median $66,000 saved for retirement, the survey found.
>That’s mainly because they’re overtaxed with financial obligations today that hamstring their ability to adequately save up. Most of all, they’re stuck paying off debt (59% of respondents said this is their biggest obstacle), beefing up their emergency savings account (42%), saving for a major purchase like a house or childcare (31%) or simply making ends meet as prices continue to skyrocket (31%).
>Middle-class Americans are attempting to prioritize their health and financial well-being amid a punishing economy, Transamerica Institute CEO Catherine Collinson wrote, but that makes them unlikely to enjoy long-term financial security.
38k. Really not stressing. Maybe these folks who make 200k should readdress their wants and needs because I’ve got 2 kids and 1 on the way and we’re still comfortable albeit with less steak nights.
What retirement funds?