Survey Finds 59% of Retirees Do Not Have Enough Money for Retirement

In a perfect world, when Americans hit 65, they retire, travel the world, and do all the things they wish they had time for while working. However, that rewarding lifestyle may no longer be a reality. 

A new survey of more than 800 Americans age 65 and older found that while 78% of seniors have retired, more than half do not have enough money to maintain their retirement. For those seniors still in the workforce, they don’t expect to retire until they’re at least 73 years old. 

The primary concern among all seniors, whether working or not, is finances. 

Despite retiring at or before age 65, 59% of retirees surveyed said they don’t have enough money for retirement. More than 1 in 3 (35%) said they don’t feel financially stable, and 35% have struggled to make ends meet after they stopped working. In fact, 1 in 4 retirees said they had to return to work because they lacked sufficient resources. 

Unexpected emergencies and associated costs are the top financial struggles among retirees 65 and older. Right behind that is travel: 3 in 5 surveyed say travel is an expense they can’t afford. 

Our survey found that seniors have saved enough money to live until an average age of 87, but with longer life expectancies, nearly half say they haven’t put away enough money to last the rest of their lives. Meanwhile, 37% of those surveyed report everyday living expenses, such as basic home repairs and maintaining their lifestyle, aren’t affordable in 2024. 

More than half of seniors have changed their lifestyle due to financial hardship, with 88% blaming the high cost of living. The most popular changes include:

1. Cutting back on dining out or entertainment
2. Reducing travel and leisure
3. Delaying or forgoing major purchases

Of seniors hoping to retire in 2024, 77% report pushing retirement back due to finances. Meanwhile, 3 in 5 seniors who have not yet retired said finances are the main reason they’ve had to delay retirement. Our survey also found that seniors delay retirement by an average of five years. 

However, others may take longer to retire — 20% said they do not think they can retire before 2030, and 26% do not believe they’ll ever stop working. 

While Americans 65 and older who have not yet retired only have an average of $337,953 in savings, more than 1 in 10 (11%) said they have nothing saved. 

Among all Americans aged 65 and older, retired or not, the top financial concerns are unforeseen expenses, increased cost of living, and outliving their savings. 

Nearly 3 in 4 (72%) Americans do not have a financial planner. While 37% say they don’t have one because they know what they’re doing financially, 42% surveyed say it’s too expensive, and 13% are embarrassed about their finances.

The main savings tactics seniors use to prepare for retirement are a savings account, 401 (k), pension, IRA, and private investments. Seniors are relying heavily on Social Security, with 95% planning to use Social Security benefits for their retirement. 

“The statistics this survey revealed are truly alarming. Now more than ever it will be important for people who are currently working — particularly if they’re nearing retirement — to be extremely aggressive with saving and investing for the future,” said BadCredit Finance Expert Erica Sandberg. “To be safe and secure, I encourage everyone to take a dedicated approach to reducing budgetary waste, too. Review your spending carefully and eliminate those things you don’t really want.” 

“Also, be mindful about borrowing money. The more you spend on financing fees, the less you will have for the years when you won’t be earning an income,” Sandberg continued. “Charging what you can’t really afford will turn into high-interest balances. It can offer temporary relief but will hurt your future. If you have debt now, take steps to pay it down as quickly as possible.”

Whether you’ve retired or retirement remains out of reach, the best way to start saving is to begin putting away money as soon as possible. Don’t make excuses: starting small can pay off in the long term. 

In July 2024, we surveyed 819 Americans 65 and older about their retirement or future retirement plans. Survey respondents ranged in age from 65 to 95, with an average age of 70. Of those surveyed, 40% were male, 59% were female, and 1% were nonbinary or chose not to answer; 78% were retired, and 22% were not. 

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