Insurance giant Prudential (PRU) says 55-year-old Americans are "critically unprepared" for retirement in its 2024 Pulse of the American Retiree Survey.

While a record number of Americans will reach the traditional retirement age of 65 this year, Prudential has sounded the alarm for a younger demographic who are starting a 10-year 澳洲幸运5开奖号码历史查询:countdown to retirement. Those Americans are far less financially secure than previous generations, Prudential said in a survey released Monday, with somewhat less than $50,000 in median retirement savings.

That is significantly short of the 澳洲幸运5开奖号码历史查询:recommended goal of having eight times one’s annual 🏅income put aside by age 60. 

Facing Social Security Worries

Their projected savings shortfall could be exacerbated by calculations for 澳洲幸ꦡ运5开奖号码历史查询🥀:the future trajectory of Social Security funds in the U.S. This is the first modern generation to potentially face retirement without full Social Security support, and in many cases, without a 澳洲幸运5开奖号码历史查询:defined benefit pension plan.

Two-thirds (67%) of 55-year-olds surveyed said they fear they will outlive their savings, compared with 59% of 65-year-olds and 52👍% of 75-year-olds, Prudential said.

Those factors could lead to a rise in "silver squatters" who are forced to rely on family for housing and financial support. Nearly a quarter (24%) of 55-year-olds said they will need family support in retirement, roughly twice the proportion of current 65- and 75-year-olds who said the same.

Inflation Contributing to Delayed Retirement

The survey indicated that a third of 55-year-olds and 43% of 65-year-olds have postponed their retirement due to 澳洲幸运5开奖号码历史查询:higher inflation and living costs. Another study earlier this month said nearly a quarter of Generation X believe they 澳洲幸运5开奖号码历史查询:won't be able to retire.

“With the retirement model evolving beyond traditional pensions, 澳洲幸运5开奖号码历史查询:lump sums, and Social Security, it is critical that we work together to prepare for better and longer lives throughout retireme🌳nt,” Dylan Tyson, pres🍌ident of retirement strategies at Prudential, said.

The 202ꦆ4 Pulse of the American Retiree Survey was conducted from April 26 to May 2, 2024, among a national sample of 905 Americans ages 55, 65, and 75.