Several obstacles stand in the way of a comfortable retirement savings among Americans in their 50s, according to a survey by MedicareAdvantage.com. Almost 6 in 10 respondents cited healthcare expenses as something that was affecting their ability to save for retirement. Credit card expenses and COVID-19 losses also topped the lists of these respondents’ retirement savings concerns.
The Medicare insurance firm surveyed 1,054 adults in their 20s, 30s, 40s and 50s about the future of Medicare, Social Security and their overall vision of their own retirement. Most respondents expressed a lack of confidence in the future of these federal programs, and the findings painted a rather bleak picture of the quality of life many people expect in retirement.
Among the most concerning was that only 14% of those in their 50s said they were “very confident” that they will retire with a comfortable lifestyle. Further, only 6% said they would not be working at all once they reached retirement age.
“Confidence in the federal government as it relates to public benefits is lacking across the board, and most people feel the government should be doing more to financially support retirees,” report authors wrote.
