The Retirement Savings Crisis Is Real — and How Seniors Are Coping
Nearly 90% of seniors think the United States is experiencing a retirement savings crisis. Fearful of outliving their savings, many older homeowners are making hard lifestyle choices and difficult kitchen-table decisions to cut expenses.
AAG RETIREMENT SAVINGS CRISIS SUrVEY RESULTS
CRISIS CENTRAL
A runaway majority of seniors think the United States is in a retirement savings crisis.
RESULTS:
89% of seniors answered “Yes,” there is a retirement savings crisis.
HITTING HOME
For many seniors, the condition of their retirement savings could use a healthy shot in the arm.
RESULTS:
43% of seniors rated the condition of their retirement savings as fair or poor.
SENIOR SAVINGS STRUGGLE
Facing a rising tide of expenses, nearly half
of seniors are struggling to save for retirement.
TOO CLOSE FOR COMFORT
A comfortable retirement is beyond the reach of many seniors.
RESULTS:
47% of seniors say they find it difficult to save for retirement.
RESULTS:
44% of seniors feel they have not saved enough to retire comfortably.
AAG’s Retirement Savings Crisis Survey was conducted on November 2, 2022 and included 1,523 participants. The survey was conducted on a digital platform so that participants from all regions of the United States could answer from the safety of their homes. All participants were selected randomly with age and homeownership being the only qualifying factors.
AAG is a national leader in providing home equity solutions, including reverse mortgages, designed to help older homeowners achieve more financial flexibility, stability, security, and peace of mind for their retirement.
AAG, a national leader in retirement solutions, surveyed more than 1,500 seniors, ages 60-75 across the United States, to gain more understanding and better insight into the homeowners retirement savings crisis.
ROSEY RETIREMENTS UNDER PRESSURE
Regarding their retirement savings, more than half of seniors are suffering from an enthusiasm gap.
RESULTS:
57% of seniors say they are only somewhat optimistic or not optimistic at all that their level of savings will last through retirement.
REALITY MEETS THE ROAD
Making ends meet has become a pain point for nearly four of 10 seniors.
RESULTS:
Almost 40% of seniors are worried about making ends meet.
DISCRETION IS THE BETTER PART OF VALOR
To reduce expenses, many seniors are reducing their discretionary purchases.
RESULTS:
Almost 60% of seniors are cutting back on non-essentials to save money.
LESS FUN IN THE RETIREMENT SUN?
The retirement savings crisis is forcing an overwhelming majority of seniors to scale back their TED (travel, entertainment, and dining) purchases.
RESULTS:
Seniors have dialed back their dining out (80%), travel (71%), and entertainment-movie (62%) costs to reduce expenses.
©2023 AAG/American Advisors Group are divisions of Finance of America Reverse LLC which is licensed nationwide | Equal Housing Opportunity | NMLS ID # 2285 (www.nmlsconsumeraccess.org) | 8023 East 63rd Place, Suite 700 | Tulsa, OK 74133 | Privacy
©2023 AAG/American Advisors Group are divisions of Finance of America Reverse LLC which is licensed nationwide | Equal Housing Opportunity | NMLS ID # 2285 (www.nmlsconsumeraccess.org) | 8023 East 63rd Place, Suite 700 | Tulsa, OK 74133 | Privacy