Financial concerns are top of mind for people aged 50 and older, according to a recent survey by the American Association of Retired Persons (AARP). A third of respondents to the AARP survey say they are ‘very concerned’ that inflation will continue to rise faster than their incomes and a further 38% are ‘somewhat concerned’ by the issue. Nearly 30% of respondents say they are ‘very worried’ about not having enough money to live through their retirement years, and 34% are ‘somewhat worried’ about their retirement savings. Moreover, according to the AARP, 20% of the US population has no retirement savings at all. As a result, 26% of respondents who are not yet retired say they expect never to retire.
Source: AARP, April 2024