46% of retirees have no plan if retirement savings run out, nearly quarter of Gen Z doesn’t expect to retire

By Christopher Murray

Published February 27, 2024 3:40pm EST

About 19% of retirees have already outlived their retirement savings, according to a Clever study

Many retirees are struggling to make ends meet during retirement. About 66% of current retirees say the U.S. is facing a retirement crisis, a Clever study reported.

This crisis is largely due to a lack of funds for retirement. Nearly 40% of respondents to Clever’s survey are seriously concerned they’ll outlive their retirement savings. Many retirees have already outlived their savings.

Certain retirees face a lack of savings more than others. Retired women are 33% more likely than men to struggle financially during retirement, the survey said. Approximately 28% of women have nothing saved for retirement, compared to 20% of men.

To retire comfortably, experts estimate that retirees need a little over $1 million saved, but the exact number depends on how the retiree wants to live and where.

"The first question I want to know is where do you want to live? If you’re living in New York where I am, well that number is going to be higher than in other states or out of the country even," said Craig Ferrantino, a financial advisor in Melville, N.Y.

The average retiree doesn’t have anywhere close to $1 million saved. Most retirees have just $142,500 in savings, according to Clever’s study. Almost half (46%) of retirees are unprepared for the possibility of running out of retirement savings.

Younger generations are already worried about retirement

Gen Zers aren’t expecting to have enough saved for retirement either. Roughly one quarter (23%) of Gen Zers don’t expect to retire at all, a McKinsey & Company report found.

The younger generation attributes this inability to retire in the future to current low wages. Working Gen Zers reported a lack of fair pay for their work, more so than other generations — 26% of Gen Zers say their pay doesn’t allow them a good quality of life compared to 20% of other generations.

Millennials aren’t much more optimistic about their retirement. About 72% of millennials are pessimistic about ever reaching a financially secure place in retirement, a survey from the National Institute on Retirement Security reported.

Older generations don’t share the same amount of pessimism, although it’s still present. Forty-three percent of Baby Boomers are concerned about a financially secure retirement, while just 26% of the Silent Generation reported feeling down about their retirement options.

Retirement changes for smaller companies may be on the horizon

A recent bill introduced by Rep. Richard Neal, a Democrat from Massachusetts, would require employers with more than 10 employees to automatically enroll their employees in certain retirement accounts.

Currently, most employers have the option to offer automatic retirement enrollment, but it’s not required. If passed, the bill would require most companies to implement automatic enrollment, with an option for employees to opt-out if they wish. The legislation would go into effect in 2026.

Saving for retirement is an important financial step, but it’s difficult to do if you’re burdened by debt. If you would like to get a sense of what debt consolidation loan options are available to you, visit Credible to compare rates and lenders.

46% of retirees have no plan if retirement savings run out, nearly quarter of Gen Z doesn’t expect to retire

46%的退休人员对如果退休储蓄用完的情况没有任何计划，近四分之一的Z世代(1995-2010年出生)不期待退休

Many retirees are struggling to make ends meet during retirement. About 66% of current retirees say the U.S. is facing a retirement crisis, a Clever study reported.

许多退休人员在退休期间都在努力维持生计。Clever的一项研究报告称，约66%的当前退休人员表示，美国正面临着退休危机。

This crisis is largely due to a lack of funds for retirement. Nearly 40% of respondents to Clever’s survey are seriously concerned they’ll outlive their retirement savings. Many retirees have already outlived their savings.

这场危机主要是因为缺乏退休资金。在Clever的调查中，近40%的受访者非常担心自己活很久，准备的储蓄不够。许多退休人员已经把他们的储蓄花完了。

Certain retirees face a lack of savings more than others. Retired women are 33% more likely than men to struggle financially during retirement, the survey said. Approximately 28% of women have nothing saved for retirement, compared to 20% of men.

有些退休人员比起其他退休人员更缺储蓄。调查显示，退休女性在退休期间经济困难的可能性比男性高33%。大约28%的女性没有为退休储蓄，而男性只有20%。

To retire comfortably, experts estimate that retirees need a little over $1 million saved, but the exact number depends on how the retiree wants to live and where.

专家估计，为了退休后更舒适，需要存下100万美元多一点，但具体需要多少取决于退休人员想要怎么样的生活以及在生活在哪里。

"The first question I want to know is where do you want to live? If you’re living in New York where I am, well that number is going to be higher than in other states or out of the country even," said Craig Ferrantino, a financial advisor in Melville, N.Y.

“我想知道的第一个问题是，你想生活在哪里？如果你生活在我所在的纽约，这个数字会比其他州甚至国外都高”，纽约Melville的财务顾问Craig Ferrantino说道。

The average retiree doesn’t have anywhere close to $1 million saved. Most retirees have just $142,500 in savings, according to Clever’s study. Almost half (46%) of retirees are unprepared for the possibility of running out of retirement savings.

退休人员的平均储蓄离100万美元差很远。根据Clever的研究，大多数退休人员只有142500美元的储蓄。近一半（46%）的退休人员对可能出现退休储蓄花完的情况没有做好准备。

Younger generations are already worried about retirement

年轻一代已经开始为退休担心

Gen Zers aren’t expecting to have enough saved for retirement either. Roughly one quarter (23%) of Gen Zers don’t expect to retire at all, a McKinsey & Company report found.

Z世代预期不会有足够的退休储蓄。来自McKinsey & Company公司的一份报告发现，大约四分之一（23%）的Z世代根本不希望退休。

The younger generation attributes this inability to retire in the future to current low wages. Working Gen Zers reported a lack of fair pay for their work, more so than other generations — 26% of Gen Zers say their pay doesn’t allow them a good quality of life compared to 20% of other generations.

年轻一代将未来无能力退休归因于当前的工资太低。目前在工作的Z世代称他们的工作缺乏公平的报酬，这一点比其他几个世代更为严重——26%的Z世代表示他们的报酬无法让他们获得好的生活质量，而相比之下其他几个世代的这一比例为20%。

Millennials aren’t much more optimistic about their retirement. About 72% of millennials are pessimistic about ever reaching a financially secure place in retirement, a survey from the National Institute on Retirement Security reported.

而千禧一代(1980-1995年出生)对他们的退休也没有乐观多少。国家退休保障研究所的一项调查显示，约72%的千禧一代对退休后能否获得经济保障持悲观态度。

Older generations don’t share the same amount of pessimism, although it’s still present. Forty-three percent of Baby Boomers are concerned about a financially secure retirement, while just 26% of the Silent Generation reported feeling down about their retirement options.

年级更大的世代并不这么悲观，尽管悲观的情绪仍然存在。43%的婴儿潮世代(1945-1965年出生)担心退休生活的经济保障，而只有26%的沉默世代（1925年至1945年出生）表示对他们的退休选择感到失望。

Retirement changes for smaller companies may be on the horizon

小型企业的退休改变可能即将到来

A recent bill introduced by Rep. Richard Neal, a Democrat from Massachusetts, would require employers with more than 10 employees to automatically enroll their employees in certain retirement accounts.

Massachusetts民主党众议员Richard Neal最近提出的一项法案，要求员工人数超过10人的雇主自动将员工登记到某些退休账户中。

Currently, most employers have the option to offer automatic retirement enrollment, but it’s not required. If passed, the bill would require most companies to implement automatic enrollment, with an option for employees to opt-out if they wish. The legislation would go into effect in 2026.

目前，大多数雇主都可以选择提供自动退休登记，但这不是强制要求的。如果该法案获得通过，将要求大多数公司自动登记，员工如果自己愿意，可以选择退出。该法案将于2026年生效。

Saving for retirement is an important financial step, but it’s difficult to do if you’re burdened by debt. If you would like to get a sense of what debt consolidation loan options are available to you, visit Credible to compare rates and lenders.

为退休储蓄是财务上重要的一步，但如果你背负着债务，这很难做到。如果你想了解你可以选择哪些债务合并贷款，请访问Credible网站对比利率和贷款人。