Amid persistent inflation and looming recession fears, retirement is one of the biggest financial concerns for Americans right now.
According to a new report from analytics and advisory firm Gallup, the American outlook on retirement is the “most pessimistic” since 2012. Only 43% of non-retired Americans expect to live comfortably in retirement — dropping five percentage points compared to last year (48%) and 10 percentage points from 2021 (53%).
Furthermore, 71% of non-retirees reported feeling at least “moderately worried” about funding their retirement, including 42% that reported feeling “very worried.”
Related: $1.2 Million Dollars in 6 Months – Retirement Strategy Secrets Revealed
The declining outlook on retirement comes amid months of economic uncertainty and the pending question of whether social security will run dry within the next decade — a fear that’s only been accelerated since the debt ceiling debate and the possibility of a default.
Since the U.S. hit the debt ceiling limit of $31.4 trillion in January, Congress is now tasked with negotiating a deal to raise the debt limit or default. Defaulting would mean the U.S. won’t be able to pay all of its bills on time, and government-supported programs — including social security — may be impacted.
Of those surveyed, 59% of retired adults reported Social Security as their main source of retirement funding.
In a separate Gallup survey released last week, when asked about the level of worry for eight financial risks, not having enough money for retirement was the “most troubling” for Americans.
This story originally appeared on Entrepreneur
