Two-Thirds of Americans Worry about Retirement

If you’re worried about having enough money to retire, you’re in very good company these days.

A new poll from Harris finds that more than two-thirds (68%) of Americans — who are either employed themselves (or have a spouse who is) — worry that they will not have enough money to retire.

Forty percent of that group are worried that they will only meet expenses if they or a spouse take a second job.

Large majorities of Millennials (64%) and Gen Xers (74%) fear that a lack of retirement funds will force them to work later in life than they want.

What we’re seeing in these survey results are the real concerns of a “paycheck-to-paycheck” society – one in which middle class wages have not risen fast enough to meet rising costs for such things as housing, healthcare and education.

This is happening despite the positive economic data of recent months. Sure, there have been some encouraging declines in unemployment. People are spending (and borrowing) more freely, and house prices have recovered. But we have yet to see a real uptick in wages for the middle class.

With less money available to save and invest, too many Americans are falling behind in their retirement savings plans. This is keeping many of them up at night.