Survey Reveals Only 28% of Voters Believe Workers Can Save for Retirement — Is the Government Failing?

Retirement is supposed to be a peaceful and well-deserved break after years of hard work. But for millions of Americans, it’s turning into something scary. A new survey has revealed a serious concern—many working individuals are simply not prepared for life after retirement, and they want the government to step up and do something about it.

In fact, only 28% of U.S. workers feel they have the right tools and knowledge to save enough for retirement. And guess what? A shocking number of people fear running out of money more than dying. Yes, you read that right.

A Nation Worried About the Future

The findings come from a fresh survey conducted by BlackRock, a global investment management firm. They asked American voters about their thoughts on saving for retirement. What came out is worrying, to say the least:

• 1 in 3 people said they haven’t saved anything for retirement.
• More than 50% fear running out of money more than death.
• Over half of the participants said they worry about their financial situation every single day.

These numbers are more than just statistics. They reflect how anxious and unprepared many Americans feel when it comes to their long-term financial security.

$2 Million — The New Retirement Goal?

Another big reveal from the BlackRock survey is the amount of money people now believe they need to retire comfortably: a staggering $2 million. This is a huge shift from older estimates and can feel impossible to reach for many middle-income families.

With inflation, rising living costs, healthcare expenses, and market uncertainties, this figure doesn’t seem that far-fetched. But for someone living paycheck to paycheck, even saving $100 a month can feel like a stretch.

This situation has left many Americans wondering: Is the government doing enough? And if not, what can be done?

The People Want Government Help

The survey shows that 80% of voters believe the government should play a bigger role in helping people prepare for retirement. Whether it’s President Trump, the current administration, or future leaders, Americans clearly want legislative support.

Some ideas being floated around include:

• Expanding access to retirement accounts like 401(k) and IRA for more workers.
• Offering government-matching contributions for low-income workers.
• Providing financial literacy education at schools and workplaces.
• Introducing universal retirement savings plans.
• Giving tax benefits for consistent savers.

A Bold Suggestion: Work Beyond Age 65?

One of the most talked-about opinions in the retirement debate came from Larry Fink, the CEO of BlackRock. In his 2024 annual letter to investors, Fink said the idea of retiring at age 65 may be outdated.

“It’s a bit crazy that our anchor for the right retirement age—65—originates from the Ottoman Empire,” Fink wrote.

While Fink made it clear that no one should be forced to work longer, he believes that delaying retirement can help people financially and emotionally. It allows for:

• Extended salaried income.
• Higher Social Security benefits.
• More years to invest and grow savings.

Of course, this only works if someone is healthy and has a job that allows them to continue. For workers in physically demanding jobs, this might not be realistic. But for others, it’s worth considering.

What Can You Do to Prepare for Retirement?

While we wait to see what the government does, there are things you can do right now to take control of your financial future. These steps don’t require a fortune to get started and can make a big difference in the long run.

1. Max Out Your Retirement Contributions

If you have access to retirement plans like 401(k) or IRA, make it a priority to contribute as much as you can afford. These accounts grow through compound interest, so the earlier you start, the more your money will grow.

If you’re over 50, catch-up contributions allow you to invest more annually.

Financial guru Dave Ramsey advises to first get out of debt, then go all-in on savings. His popular 7-step plan has helped thousands secure their retirement, even if they started late.

2. Diversify Your Investments

Putting all your retirement money into just one type of investment—like stocks—is risky. A single market crash can wipe out your savings.

Instead, build a balanced investment portfolio that includes:

• Stocks and bonds
• Exchange-traded funds (ETFs)
• Index funds
• Real estate investment trusts (REITs)

This strategy helps reduce risk and can give you more stable growth over time.

3. Build Alternative Income Streams

Retirement doesn’t have to mean zero income. Many retirees are now working part-time or doing freelance work in fields they enjoy. Some ideas include:

• Freelancing in writing, design, or consulting.
• Teaching a hobby or skill online.
• Selling handmade products or vintage items.
• Doing part-time work in a local store or cafe.

These small efforts can help cover your monthly expenses and reduce your reliance on savings.

4. Reduce Debt Now

The more debt you carry into retirement, the harder it becomes to manage. Make it your mission to pay off credit cards, car loans, and personal loans as soon as possible. Avoid taking on new debt unless absolutely necessary.

5. Create a Simple Retirement Plan

You don’t need a financial advisor to get started. Write down:

• How much you currently have saved
• Your monthly expenses
• Your income sources (pension, part-time work, Social Security)
• How much more you want to save before retiring

This basic plan can help you set targets and track your progress.

A Message to the Government: Act Now

The truth is, retirement security is becoming a national issue, not just a personal one. More people are living longer, healthcare costs are increasing, and many workers—especially those in the gig economy—don’t have access to employer-sponsored retirement plans.

If this trend continues, America could face a retirement crisis that puts huge pressure on public programs like Social Security and Medicare.

That’s why so many are calling on leaders, including Donald Trump, to act now—before it’s too late.

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