1 in 4 US adults over 50 say they expect to never retire
FILE - Older adult woman at home sitting at kitchen table paying bills or online banking using laptop computer. Getty Images
More than one-quarter of U.S. adults over age 50 say they expect to never retire, an AARP survey found.
About 1 in 4 have no retirement savings, according to research released Wednesday by the organization that shows how a graying America is worrying more and more about how to make ends meet.
Everyday expenses and housing costs, including rent and mortgage payments, are the biggest reasons why people are unable to save for retirement.
"Far too many people lack access to retirement savings options and this, coupled with higher prices, is making it increasingly hard for people to choose when to retire," said Indira Venkateswaran, AARP's senior vice president of research.
"Everyday expenses continue to be the top barrier to saving more for retirement, and some older Americans say that they never expect to retire."
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The share of people older than 50 who say they do not expect to retire has steadily increased. It was 23% in January 2022 and 24% that July, according to the study, which is conducted twice a year.
"We are seeing an expansion of older workers staying in the workforce," said David John, senior strategic policy advisor at the AARP Public Policy Institute.
He said this is in part because older workers "don't have sufficient retirement savings. It's a problem and it's likely to continue as we go forward."
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The data will matter this election year as Democratic President Joe Biden and Republican rival Donald Trump are trying to win support from older Americans, who traditionally turn out in high numbers, with their policy proposals.
Based on the 2022 congressional elections, census data released this week shows that voters 65 and older made up 30.4% of all voters, while Gen Z and millennials accounted for 11.7%.
This story was reported from Detroit. The Associated Press contributed.