this post was submitted on 03 May 2024
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Majority of Americans over 50 worry they won't have enough money for retirement: Study (www.usatoday.com)
submitted 6 months ago by MicroWave@lemmy.world to c/news@lemmy.world
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Among AARP survey findings: 61% of Americans 50 and up are worried they won’t have enough money for retirement. And only 21 percent of people have a retirement plan.

An increasing number of people are worried that they won’t have enough money to live comfortably in retirement, and men aren’t as financially secure as they once were, according to an annual survey from AARP.

The AARP Financial Security Trends Survey, conducted in January and released in April, included interviews with more than 8,300 Americans over 30 across every state in the country. Conducted by NORC at the University of Chicago, the survey aims to analyze the financial experiences and attitudes among Americans.

One of the survey’s biggest findings is that 61% of those 50 and up are worried they won’t have enough money for retirement, Indira Venkat, senior vice president of research at AARP, told USA TODAY on Wednesday.

And if you break those numbers down even more, one in five of people who have not retired have no savings at all, Venkat said.

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[–] anon_8675309@lemmy.world 10 points 6 months ago

Yes. Because compound interest is exponential. At 10, 20, 30 years you have 2X, 4X, and 8X your money. Assuming about 7 pct interest.

If you start now, you can get away with putting a few hundred a month away. If you wait until you’re 40 or 50 you have to be putting thousands away per month.