A recent survey by LiveCareer, a global online resume builder based in Guaynabo, Puerto Rico, has revealed widespread financial anxiety and concerns over lifestyle changes among today’s workforce. Retirement, which traditionally represents a period of relaxation and leisure, is now a source of dread for many workers. According to the survey, 61% of workers said they fear retirement more than death, and 64% think retirement is scarier than divorce.
More than half (54%) said retirement frightens them more than getting fired, while 53% said it scares them more than falling into poor health. Lifestyle changes are a significant concern, with almost half of respondents (48%) worrying about feeling disconnected from society and 46% fearing they will struggle to adapt to a new routine. Financial issues add to the anxiety, with 39% fearing they will become a financial burden to their loved ones.
The survey revealed that 92% of respondents are at least somewhat worried that they will have to work longer than anticipated due to financial constraints. Additionally, 82% have considered delaying their retirement for financial reasons. Other financial worries include the rising cost of long-term care (59%), potential poor investment decisions (52%), maintaining their standard of living (45%), shifts in government benefits (44%), investment stability (41%), and medical expenses (41%).
Debt is another significant factor, with 82% of workers having debts that could impact their retirement. This includes credit card debt (44%), car loans (41%), and medical debt (39%). Among those in debt, 35% have debts exceeding $100,000.
Workers’ retirement fears outweigh others
There is a pronounced gap between workers’ retirement expectations and their current financial realities. While 80% plan to retire in their 60s, many have not saved enough to meet this goal.
Only 42% feel confident they are on track with their retirement savings. For many, a lack of savings or confidence in retiring comfortably means planning to continue working part-time beyond their retirement. Besides financial worries, isolation and loneliness are major issues concerning retirees.
U.S. Surgeon General Vivek Murthy has highlighted that about half of U.S. adults experience considerable levels of loneliness, which can significantly affect their health. This has led to some retirees re-entering the workforce due to unanticipated financial and emotional challenges. Barbara Carbonell, Wellbeing Manager for Aon in Puerto Rico, emphasized the need for better financial education.
A study by San Juan-based Academia Claridad Financiera revealed that 70% of workers in Puerto Rico do not feel financially prepared for retirement. She noted that comprehensive financial education is limited in Puerto Rico, making it vital for employers to offer such resources. Employers should facilitate financial education as part of their wellness programs and human resource strategies,” Carbonell said.
“These efforts can significantly impact how workers address their retirement fears.”
In conclusion, financial anxiety and a lack of preparation for lifestyle changes contribute to workers fearing retirement more than death. Enhanced financial education and proactive retirement planning could alleviate some of these fears and lead to a more secure and confident transition into retirement.
