'Workers should take proactive steps to fully understand their employers' retirement and financial planning services'
More than six in 10 employees in the United States are more afraid of retirement than death and divorce, according to a new report, which highlights financial anxieties in the workforce.
LiveCareer's poll of 1,031 employees found that 80% of employees plan to retire in their 60s.
However, 82% are already considering delaying their retirement due to financial reasons, and 92% are worried that they will have to work longer than planned.
In fact, the employees said they fear retirement more than:
These fears come amid financial concerns in the workplace, including becoming a financial burden (39%) and not having enough saved for medical emergencies or unexpected costs (39%) after retirement.
"Our survey reveals that financial stability is a primary concern among participants, with many fearing they won't be able to afford to retire and keep up with the bare essentials like healthcare, or that they might become a financial burden to their loved ones," said Jasmine Escalera, career expert at LiveCareer, in a statement.
According to the report, 59% of employees are concerned about the rising cost of long-term care in retirement.
Another 52% are worried about making poor investment decisions and losing retirement funds. Others cited these retirement-related concerns:
Escalera said the findings underscore the importance of retirement planning.
"Workers should take proactive steps to fully understand their employers' retirement and financial planning services," she said.
"This includes knowing the difference between 401(k) and Roth accounts, understanding company match programmes and taking advantage of free financial advice and planning benefits. By doing so, workers can better prepare for retirement's financial and personal impacts before it gets too late."
