A recent study conducted among 1,062 adults found that almost all of retirees, at 92%, said they needed or wanted more money for retirement.
Half of these respondents were adults 50 and older who previously retired but are currently working another job, while the other half are adults who are at least 65 and currently are working or planning to work past retirement age, according to the study by the nonprofit groups Easterseals and Voya Cares.
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The respondents who want or need more money consist of 89% of those who came out of retirement and 94% of those who are still working or planning to continue working past the age of 70.
The study also found that only 22% of respondents "strongly agree" with the statement they are confident they would have enough money saved to live comfortably in retirement, followed by 37% who "somewhat agree." These were followed by 17% who were neutral, 15% who said they "somewhat disagree," and 9% who "strongly disagree" with it.
The survey was conducted by the nonprofit groups in August 2022 and selected respondents through an online nonprobability sample.
The average balance of individual retirement accounts saw a slight increase from $101,900 in the third quarter of 2022 to $104,000 in the fourth quarter of the same year, though that amount marks a sharp decrease compared to the average total in the fourth quarter of 2021 at $135,600 — a decrease of 23%, according to a report by Fidelity released Feb. 23.
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Similar to IRAs, the average balance of 401(k) retirement accounts decreased over the same period of time. They went from an average of $130,700 in the fourth quarter of 2021 to an average balance in the fourth quarter of 2022 of $103,900.
“Given all the stresses in the world today, such as natural disasters and geopolitical events, Americans continue to confront challenging times in our economy,” said Kevin Barry, president of Workplace Investing at Fidelity Investments.