The news is not looking good if you take stock in a new survey regarding retirement. According to research conducted by GoBankingRates.Com, 1 in 5 Americans fear they may never be able to stop working because there won’t be enough money to live on. Although the survey doesn’t address why these fears exist, is is safe to say lower wage-paying jobs and fewer job opportunities are having a significant impact. What should also be duly noted here is the fact that, because of a tight job market, you may find Millennials and older adults competing for the same jobs.
Baby Boomers, between the ages of 55-64 reflect the largest group that is skeptical of being able to leave the workforce at retirement age (27 percent), followed by Generation Y (25 percent) and Millennials (20 percent).
In addition to retirement woes, those surveyed are also worried about:
1) Living paycheck to paycheck
2) Living in debt forever
3) Losing their jobs
4) Losing all of their money in the stock market
5) Never being able to afford a home
6) Always having a low credit score
When it comes to gender, more women than men fear living from paycheck to paycheck, while more men are worried they will never be able to retire. Both men and women say their least fear is always having a low credit score.
If you break it down by region, it appears people living in the South have the greatest fears of never being able to retire and always living from paycheck to paycheck—-in comparison to people in the Northeast whose biggest fear is living in debt forever.
What are some of your biggest financial fears as you age?