Transamerica Report Finds Middle Class Struggles With Retirement

A new report from the Transamerica Center for Retirement Studies and the Transamerica Institute reveals that middle-class Americans with household incomes between $50,000 and $200,000 are struggling to secure their financial futures. High costs of living, inflation, and mounting debt serve as primary obstacles, with 80% of non-retired middle-class workers stating that living expenses hinder their ability to save.

The findings show a median retirement savings of $64,000 for this group, a figure the report describes as significantly below adequate levels. A stark gender gap exists within these savings, as women hold a median of $49,000 compared to $82,000 for men. The data indicates that women are more likely to report higher levels of burnout and a greater reliance on Social Security.

Beyond immediate costs, the report identifies systemic pressures affecting long-term security. Approximately 45% of workers fear that AI and robotics may render their skills obsolete, while 36% of workers and retirees report that caregiving responsibilities have created financial and time constraints. Catherine Collinson, CEO and president of the Transamerica Institute and TCRS, has called for increased policy and employer support to address these retirement disparities.