By Ted Godbout
Source: National Association of Plan Advisors

Just as Congress gets ready to debate whether there is a “retirement crisis,” new survey results from an organization supportive of restoring defined benefit plans finds that Americans are increasingly worried about retirement.

According to the survey results from the National Institute on Retirement Security (NIRS), when asked whether the nation faces a retirement crisis, roughly 8 in 10 respondents (79%) agreed that there is a crisis, up from 67% in 2020. In addition, more than half of respondents (55%) say they are concerned that they cannot achieve financial security in retirement, while 83% believe that all workers should have a pension so they can be independent and self-reliant in retirement.

When it comes to inflation, nearly three-quarters (73%) of respondents said recent inflation has them more concerned about their ability to achieve a secure retirement; market volatility has also raised retirement worries, with 62% concerned.

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