One in four Americans say they won't be able to retire

2024-04-27 22:34:15, Kosova & Bota CNA

About a quarter of Americans over age 50 who have not yet retired say they may never be able to. A survey by the AARP organization also found that 70% of them are worried about the faster increase in prices, despite the increase in wages.

Nearly 1 in 4 of them have no savings at all for a retirement fund, says the study published by the AARP organization, which shows how Americans are increasingly concerned about how they will meet their economic needs, although economists and politicians -makers say that the American economy has managed to withstand two years of record inflation without serious consequences.

Daily expenses and the cost of housing are the main reasons why Americans can't save for retirement.

That data takes on importance this year as Democratic President Joe Biden and Republican rival Donald Trump scramble to win the support of older Americans, who traditionally turn out more at the polls.

Daily expenses leave no room for savings

The AARP poll asked 8,000 people and was conducted in coordination with the NORC Center for Public Affairs. According to the survey results, one third of adults have outstanding amounts on credit cards over $10,000 and 12% of them have debts over $20,000. 37% are concerned about whether they will be able to meet basic living expenses, such as food and shelter.

According to census data, voters over the age of 65 make up about 30.4% of all voters, while the so-called Generation Z (those born before the mid-2000s) and the Millennial generation (those born before the 2000s) they are about 11.7% of voters.

President Biden has tried to appeal to older voters by voicing his support for setting a $35 price cap on insulin and giving the Medicare health insurance program the authority to negotiate directly with manufacturers on prescription drug prices. .

Former President Trump, during an interview in March with the CNBC television channel, signaled that he might be open to budget cuts to the social security program 'Social Security' and that of health insurance 'Medicare'.

Caroline Leavitt, Trump's campaign press secretary, said Tuesday in a statement to the Associated Press that Mr. Trump "will continue to vigorously defend Social Security and Medicare during his second term," as she said./ VOA