Financial pressures are threatening middle-class retirement

Mounting financial pressures and gender disparities are threatening the retirement security of America’s middle class, according to a new report from the Transamerica Center for Retirement Studies (TCRS). The report, “The American Middle Class: Influences of Gender on Retirement Security,” surveyed more than 7,600 U.S. residents with household incomes between $50,000 and $199,999. Researchers found that while many middle-class Americans express positive feelings about life, they are simultaneously grappling with significant financial distress, juggling competing priorities and facing deep insecurities about their future. Catherine Collinson, CEO and president of Transamerica Institute and TCRS, described the middle class as embodying the American dream but facing formidable challenges. “The middle class is feeling the effects of inflation, juggling competing financial priorities and making hard choices,” she said. The study found that 72% of respondents have taken actions in response to financial strain, from reducing daily expenses to accumulating new credit card debt. Paying off debt is the top financial priority for 58% of the middle class, while saving for retirement is a prior...