Americans Overwhelmingly Believe US Faces Retirement Crisis

A new survey from the National Institute on Retirement Security has revealed that a significant majority of Americans are concerned about their retirement security. The survey found that 80% of respondents believe the US is facing a retirement crisis, up from 67% in 2020. Inflation and market volatility were cited as major concerns, with 73% of respondents worried about inflation and 62% concerned about market fluctuations.

Debt was also identified as a significant obstacle to saving for retirement, with 77% of respondents saying it gets in the way of their savings goals. The survey also found that nearly half of respondents have less than $100,000 saved, while 18% have no savings at all. Workers are increasingly valuing retirement benefits when choosing jobs, with three-quarters citing them as a very or extremely important factor.

The survey's findings on cryptocurrency in workplace retirement plans were mixed, with 53% opposing its inclusion and 77% viewing it as risky. There is also a sizeable knowledge gap around retirement savings, with only 9% of respondents correctly estimating the annual income that $100,000 in retirement savings might generate.