Do You Know If Your Retirement Is at Risk?
April 22, 2024
An analysis of data from the Federal Reserve Survey of Consumer Finances found that 47% of U.S. households were at risk of not having adequate retirement income, but only 19% were aware of their risk. On the other hand, 53% were not at risk, but only 38% knew it. This means that more than four out of 10 households were either too worried about their retirement readiness or not worried enough. It may be surprising that lower-income households were more likely to be too worried, while higher-income households were more likely to be not worried enough.
Percentage of households that correctly or incorrectly assessed their retirement readiness, by income group
Not worried enough
- Low 26%
- Middle 26%
- High 32%
Too worried
- Low 20%
- Middle 14%
- High 9%
At risk and know it
- Low 29%
- Middle 18%
- High 8%
Not at risk and know it
- Low 24%
- Middle 41%
- High 50%
Source: Center for Retirement Research at Boston College, 2023
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