Most workers (53%) say they simply don’t have enough income to save for retirement, according to the researchers.
Many Americans plan to work longer to cover their retirement savings shortfall. But it may be a pipe dream.by the nonprofit Transamerica Center for Retirement Studies 55% of workers plan to work after they retire. That includes almost 20% who plan to work full time and more than a third who plan to toil part time.
Total household retirement savings have increased—from $164,000 five years ago to $289,000 in 2022— but "for many, their savings may be inadequate for a retirement that could last more than 20 years," Catherine Collinson, CEO and president of Transamerica Institute and TCRS, told Yahoo Finance. "In theory, envisioning working longer and retiring later sounds like an ideal solution to not having enough retirement savings," Collinson said. "However, it can be very difficult to achieve in practice, especially if you're not taking good care of your health and keeping your job skills up to date."And, put simply, many workers aren’t doing the work to ensure they can, well, keep working.
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