Modern Retirement Survey
Americans work their entire careers to attain a comfortable retirement, but as the economy continues to shift, financial pressures have made that goal difficult to attain for the modern generation of retirees. Inflation and the cost of living have left many older Americans worried or upset about their post-career finances. To learn exactly how modern-day seniors are feeling about their retirement, AAG, a national leader in retirement solutions, conducted the Modern Retirement Survey with more than 1,500 senior homeowners, aged 60-75 across the United States.
AAG Modern Retirement Survey Results:
Cause for concern
Inflation is a major cause of concern for seniors. Two-thirds of older Americans are worried that economic inflation will have a negative impact on their retirement.
RESULTS:
66% of seniors answered “YES”, they are worried inflation will impact their retirement.
Retirement is more expensive than most seniors had planned for. More than half of American seniors say the cost of living
is higher than anticipated
at this point in their lives.
RESULTS:
53% of seniors answered “YES”, the cost of living is higher in retirement than they had expected.
Not only is life more expensive for today’s seniors, but more than a third of them have less money than they planned to have at this point in their lives.
RESULTS:
36% of seniors answered “LESS”, when asked if they have more or less money than they believed they would have at this point in their lives.
For many seniors, their financial supply is running out. Nearly one third of older Americans believe they will outlive their money.
RESULTS:
Results: 37% of seniors answered “YES”, they feel like they need to increase their monthly cash flow.
Nearly 40% of today’s seniors believe their generation had a harder time achieving retirement than their parents did.
RESULTS:
39% of seniors answered “Yes”, they feel the last generation had an easier time retiring than they did.
The overwhelming majority of older Americans believe that retirement difficulties will be worse for their children. Over 80% of seniors do not think the next generation will be able to retire comfortably.
RESULTS:
81% of seniors answered “NO”, they do not feel the next generation will be able to retire comfortably.
Traditional retirement strategies did not work for over a quarter of America’s seniors.
RESULTS:
28% of seniors answered “NO”, their retirement plan did not work out as planned.
AAG’s Modern Retirement Survey was conducted on December 8, 2021, and included 1,580 participants. Responses include numerous formats, including yes-and-no answers, ranking preferences, and multiple-choice replies. 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 Americans achieve more financial flexibility, stability, security, and peace of mind for their retirement.
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Many modern seniors feel that their employers failed to help them retire correctly. More than a third of modern retirees do not feel that their employer did enough to help them obtain the retirement they worked for.
RESULTS:
37% of seniors answered “NO”, their previous employer did not do enough to help them achieve the retirement they wanted.
The COVID-19 pandemic impeded retirement plans for some older Americans. Nearly one in five seniors said that the pandemic has had a negative effect on their retirement plans.
RESULTS:
19% of seniors answered “YES”, the COVID-19 pandemic affected their retirement planning.
Affording retirement is hardest on divorced and widowed women. Nearly two-thirds of widowed or divorced women say that the cost of living is higher than they had expected it to be.
Senior women who are divorced or widowed are the most concerned about inflation. Over 70% expressed concern about the effects inflation will have on their retirement.
RESULTS:
61% of widowed or divorced female seniors answered “YES”, the cost of living is higher in retirement than they had expected.
RESULTS:
72% of widowed or divorced female seniors answered “YES”, they are worried inflation will impact their retirement.
Nearly half of the widowed or divorced senior women in the U.S. do not have the amount of money they planned to have during their retirement years.
Many single senior women are worried about how long their finances will last. One in three divorced or widowed senior women in the U.S. believe they will run out of money during their retirement years.
RESULTS:
44% of widowed or divorced female seniors answered “LESS”, when asked if they have more or less money than they believed they would have at this point in their lives.
RESULTS:
34% of widowed or divorced female seniors answered “YES”, they feel they will outlive their retirement funds.
Half of single or divorced senior women in the U.S. are not comfortable with their current financial state and have a desire to increase their monthly cash flow.
RESULTS:
50% of widowed or divorced female seniors answered “YES”, they feel like they need to increase their monthly cash flow.
RESULTS:
Result: 29% of seniors answered “YES”, they feel they will outlive their retirement funds.
Many older Americans are in need of additional funds to secure an adequate retirement. More than one third of older Americans say they need to increase their cashflow in order to live comfortably.
RESULTS:
37% of seniors answered “YES”, they feel like they need to increase their monthly cash flow.
Many older Americans are in need additional funds to secure an adequate retirement. More than one third of older Americans say they need to increase their cashflow in order to live comfortably.
©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