The unfortunate reality of retirement: Most Americans can’t afford it

One third of Americans are unprepared for retirement.

A recent survey by the American Advisors Group revealed this reality, as reported by LinkedIn’s The Work Shift. While BlackRock’s survey revealed that nearly a third of seniors plan to work past age 70 or not retire at all.

And the future doesn’t look so good for when the younger generation retires either. According to a survey by BMO Harris Bank, 60 percent of younger workers are lessening what they save for retirement, and a quarter of Americans of all ages are expected to have to delay retirement.

These survey results come just as the Social Security Administration announced the largest cost-of-living increase for retirees since 1981. While all Americans are dealing with rising food costs and high inflation.