US Workers Reject Crypto as Retirement Option Due to Risk Concerns

A recent survey by the National Institute on Retirement Security found that most Americans do not want cryptocurrency near their retirement money. The poll, which interviewed 1,203 US adults, showed that 77% consider crypto in retirement plans to be risky, with 46% labeling it as very risky.

The results of the survey are concerning, given that 80% of respondents believe the US faces a retirement crisis, up from 67% in 2020. Additionally, 61% fear they will not be financially secure after stopping work.

The savings numbers also explain the fear: nearly half of Americans have less than $100,000 put away, and another 18% have nothing at all. Even $100,000 may not provide enough income in retirement, as only 9% of respondents knew it produces roughly $4,000 in first-year retirement income under a standard withdrawal rule.

Dan Doonan, executive director of the National Institute on Retirement Security, said that Americans are telling us that retirement security is becoming harder to achieve as they struggle with the affordability of everyday life. Housing, healthcare, debt, and other expenses are competing with the need to save for retirement.