Planning for retirement can be stressful, and compounding economic factors can worsen the apprehension. Even if you’ve consistently saved for an extended period, the viability of social security in the long term and the weakening of the dollar can make your future unpredictable.
Market fluctuations, long-term care costs, and survival of social security insurance are among the top concerns for workers and retirees.
Despite these concerns, the overall value of retirement plans—annuities, government pensions, private sector pensions, 401(k)s, 403(b)s, and IRAs—is increasing. Total retirement assets reached $39.9 trillion in Q1 2024, up 4.3 percent from Q4 2023.
Account balances in IRAs increased the most, totaling $14.3 trillion, an increase of 5.5% from Q4 2023. Mutual funds proved to be the most common investment within retirement plans: 65% of assets held in 401(k)s, and 43% of IRA assets were mutual funds.
Despite relatively strong portfolio growth, retirement concerns persist.
Top retirement concerns
Among the top worries for workers, the ability to have enough money saved in retirement accounts to support them through retirement and safeguarding social security insurance are the most pressing.
American workers increasingly feel that Congress doesn’t understand how difficult it is for workers to save for retirement personally and would like the government to take action by preserving Social Security.
