Most Americans Think There's a 'Retirement Crisis' — But Not for Themselves

Also striking, Blanchett said, is that it may not take much to change these perceptions. Individuals with as little as $10,000 to $50,000 in retirement assets were less than half as likely to describe themselves as being in crisis relative to those people who had not yet amassed any savings.

Specifically, while 48% of respondents aged 55 with no assets described their situation as a crisis, this dropped to 22% for households with $10,000 to $50,000 in savings. The figure fell to 11% for those with $50,000 and $100,000 in savings and to only 3% for those with assets over $500,000.

Getting people to retirement with savings levels of least $50,000, Blanchett said, would likely improve preparedness perceptions.

“Overall, this study suggests there is a significant amount of nuance around perceptions of a retirement crisis particularly depending on age, income and employment status,” Blanchett said. “Everyone’s path to financial security later in life is unique, and those unique needs should be considered as part of the solution to these challenges.”

Other Key Findings

Far fewer Americans describe their own retirement situation as in crisis, the survey shows, with only 39% somewhat or strongly agreeing with this statement. At the same time, about one-third feel indifferent on the question, and 29% outright disagree.

Notably, perceptions of a personal crisis drop significantly by age, particularly among retirees who have already left the workforce. This reflects prior survey work suggesting it is the unknown aspects of life after work that seem to drive feelings of dread and worry more than a clear understanding of what the retired life will look like for most people.

In the end, the biggest predictor of whether someone believes there is a national retirement crisis was if they viewed their own retirement situation as in crisis, Blanchett noted.

For instance, of the 30% of respondents who somewhat or strongly agreed that their personal retirement situation was in crisis, 87% believed there was a national retirement crisis. In contrast, among those who did not describe their personal retirement as in crisis, only 40% believed there was a national crisis.

Pictured: David Blanchett