Middle-Aged Americans Are Underprepared for Retirement, Study Finds

Middle-Aged Americans Are, Underprepared for Retirement, , Study Finds.

'Newsweek' reports that people in the United States who are approaching retirement age may be critically underprepared when it comes to their savings.

According to Prudential Investments, Americans around the age of 55 are facing a "midlife retirement crisis," lacking the funds for a comfortable post-working life.

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A recent survey by the major insurance provider found the average retirement savings of a 55-year-old to be $47,950.

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This falls significantly short of the recommended goal of having eight times a person's annual income saved by the time they reach 55.

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According to the survey, 57% of 55-year-olds said they expected to outlive the funds they have currently managed to save.

That's compared to 59% of 65-year-olds and 52% of 75-year-olds.

The survey also found that one-third of 55-year-olds and 43% of 65-year-olds have already been forced to postpone retirement due to inflation.

Attention today is rightly centered on the approximately 11,000 65-year-olds entering retirement every week, but we must also focus as an industry on the opportunity to help a slightly younger generation of workers entering the critical 10-year countdown to retirement, Caroline Feeney, executive vice president and head of Prudential's U.S. Businesses, via 'Newsweek'.

Further, the financial futures of certain cohorts—such as women—are especially precarious, Caroline Feeney, executive vice president and head of Prudential's U.S. Businesses, via 'Newsweek'.

The upside is that, with the right planning and strategy to protect their life's work, we can ensure this generation is well-prepared to live not only longer, but better, Caroline Feeney, executive vice president and head of Prudential's U.S. Businesses, via 'Newsweek'