WASHINGTON (NEWSnet/AP) — About 25% of U.S. adults over age 50 say they expect to never retire, and 70% are concerned about prices rising faster than income, an AARP survey found.

About 1 in 4 have no retirement savings, according to research released Wednesday.

Everyday expenses and housing cost, including rent and mortgage payments, are the biggest reasons why people are unable to save for retirement, the analysis shows.

AARP’s study, based on interviews completed with more than 8,000 people in coordination with NORC Center for Public Affairs Research, finds one-third of older adults with credit card debt carry a balance of more than $10,000 and 12% have a balance of at least $20,000. About 37% are worried about meeting basic living expense, such as food and housing.

The share of people beyond age 50 who say they do not expect to retire has increased steadily. It was 23% in January 2022 and 24% in July 2022, according to the study, which is conducted twice per year.

In the AARP survey, 33% of respondents older than 50 believe their finances will be better within a year.

Follow NEWSnet on Facebook and X platform to get our headlines in your social feeds.

Copyright 2024 NEWSnet and The Associated Press. All rights reserved.