(ConservativeJournal.org) – A recent survey revealed that nearly one in four American workers over the age of 50 believe they won’t be able to save up enough money to retire and anticipate they’ll continue working until the day they die.
The data comes from the American Association of Retired Persons (AARP) surveying their membership in January. They surveyed 8,000 people using interviews by phone. The value is relatively unchanged since the last time they performed the survey, they run it twice a year.
Roughly 25% of those who replied said they had no savings for retirement due to the high cost of living. The largest factors causing folks to spend away their hard earned cash are housing costs and every day expenses like utilities and food. Even though the rate of inflation has declined, the economy still hasn’t recovered.
Pandemic lockdown policies hurt everyone who wasn’t able to go remote or be considered an essential worker. Thirty-seven percent of the respondents said they were concerned about being able to afford their basic needs. The housing market was also thrown into chaos by people who were quick to purchase homes and relocate during the pandemic while new construction was halted due to limits on supplies and construction work.
The economy is set to be a major issue going into the November general election, with some indicators showing that inflation is spiking yet again. Biden’s apologists have been attempting to mitigate the public’s awareness of printing endless trillions and the impact it has on the value of the dollar; inflation is already poorly understood and esoteric to many Americans.
The median age of the American workforce has stepped up a bit from 40 in 2002 to just under 42 today. Pew Research Center put together a report that claimed one in five Americans over the age of 65 were still working in 2023 and showed that number has doubled over the past 35 years. Older Americans are also a huge voting bloc, making up over 30% of the electorate; Gen Z and the older Millennials comprise less than 12% of the voting public.
Some have compared the inability to retire to younger Americans inability to purchase a home. Both indicate an economy that is struggling to provide the basics.
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