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Retirement is one thing. Making ends meet while you\u2019re gainfully employed is another entirely. Just ask middle-class workers, who, according to a new report<\/a> by the Transamerica Institute, have an annual household income between $50,000 and $199,999.\u00a0Per the August 28 report, which was conducted by Harris Poll and Transamerica Center for Retirement Studies, just one in five (21%) of those 10,000 respondents said they\u2019re \u201cvery confident\u201d in their ability to one day fully retire. <\/p>\n Worse: 40% of middle-class workers say their greatest fear is outliving their savings and investments. They\u2019re equally concerned about having a decline in their health that would necessitate long-term care\u2014or that Social Security protections will cease to exist by the time they need them.<\/p>\n In a gut-punch to traditional expectations, fewer than a quarter of respondents said they actually believe their retirement nest egg is sizable enough to cover their expenses for the remainder of their lives. Middle-class respondents currently in the workforce have a median $66,000 saved for retirement, the survey found.\u00a0<\/p>\n That\u2019s mainly because they\u2019re overtaxed with financial obligations today that hamstring their ability to adequately save up. Most of all, they\u2019re stuck paying off debt (59% of respondents said this is their biggest obstacle), beefing up their emergency savings account (42%), saving for a major purchase like a house or childcare (31%) or simply making ends meet as prices continue to skyrocket (31%).<\/p>\n Middle-class Americans are attempting to prioritize their health and financial well-being amid a punishing economy, Transamerica Institute CEO Catherine Collinson wrote<\/a>, but that makes them unlikely to enjoy long-term financial security.\u00a0<\/p>\n Almost half of respondents expect they\u2019ll work long beyond age 65; 15% say they don\u2019t expect to retire at all. To be sure, however, the outlook is rosier for some than for others. The median retirement age among middle-class workers is 62, and per Transamerica, half the people in that bucket actually retired before that.<\/p>\n This group\u2019s concerns and needs epitomize the dire straits that many workers will be facing as the human lifespan continues expanding\u2014and the workforce ages rapidly along with it. More Americans will turn 65 this year than ever before<\/a> in history. In 2023, per Pew Research<\/a>, nearly one in five Americans 65 and older were working\u2014double the amount that were working in the 90s. And the trend is only set to gain more steam: Adults 55 and over will make up one-fourth of the global workforce by 2031, Fortune\u2019s <\/em>Alexa Mikhail wrote<\/a>.\u00a0<\/p>\n That can be a good thing for everyone. \u201cOlder workers are bringing a whole different layer of experience\u2014a savvy ability to problem-solve\u2014that when you mix it with younger brackets, it produces a high amount of output,\u201d Gary A. Officer, CEO of the Center for Workforce Inclusion, told Fortune\u2019s <\/em>Mikhail.<\/p>\n But that may be cold comfort to those currently in the thick of their careers who don\u2019t see the exit ramp they\u2019ve always envisioned\u2014and planned for. Better awareness of options, long-term planning and alternative investments could no doubt be helpful in rewriting their narrative, Collinson said. But it\u2019s no substitute for \u201cbetter, stronger societal support.\u201d<\/p>\n<\/div>\n\nRecommended Newsletter: <\/strong>Subscribe to Next to Lead, Fortune\u2019s weekly newsletter offering expert leadership strategies and insights for every stage of your career. Subscribe now<\/a>.<\/div>\n<\/div>\n