As we face a more unpredictable financial future, more Americans than ever before are struggling to find a way to save for retirement. Saira Amir, Victoria Olsena, and Mohaimon Sharekh, three young professionals, highlight distinct career trajectories and perspectives on this increasingly urgent topic. While all face unique circumstances, they share a common struggle: the difficulty of setting aside funds for future retirement.
46-year-old self-employed stylist Saira Amir from Norfolk manages the juggling act to cover her bills with finesse. All the while, she successfully raises her three kids, 21, 20 and 11. In her photo, which is vibrant with colors, she’s wearing gold jhumka earrings, traditional Indian dress and bright pink lipstick, showcasing her culture and personality. For all her talent and grit, Amir’s future looks pretty bleak, financially speaking. She confesses to there being no money at the end of the month, if there ever was, for her to pay into a pension.
“I am more worried about surviving day-to-day than worrying about the future,” says Mohaimon, a 29-year-old hospitality worker originally from Bangladesh. He’s based in London and next hospitality gig as they pop up. Even as he does, he can’t seem to catch up financially. With a big smile and dressed in a cotton printed shirt, he emphasizes the importance of immediate needs over long-term savings.
That’s where 38-year-old Victoria Olsena, owner of a New York marketing consultancy focused on AI, comes in to offer a counter-point. Her story She originally hails from Argentina, but is now a British citizen and currently earns £50,000 per year. Her new income means she can afford groceries and daily transportation costs to go meet her clients. She protests it being “not enough” to save for her pension. Olsena expresses concern about the future: “People should realise that the future is going to be terrible and they should do something about it.”
The push and pull of the financial realities these people are working in wrangle with a national trend we’ve seen with workforce. With the reality of living paycheck to paycheck, saving for retirement can feel impossible. Mohaimon highlights his priorities, stating, “Even if I do get a good job with good pension benefits, I’d rather save for a deposit for a house. I’ll try to get £30k – £50k in my bank account. I think that’s more important than anything else.”
Amir expresses similar thoughts when it comes to self-employment risk. She shares that “being self-employed in this job is risky,” which amplifies her financial concerns. The juggling act of managing family responsibilities alongside a fluctuating income leaves her with little room to think about long-term savings.
As workplace savings advocate, Helen Morrisey, points out in the article linked above, regular contributions are key to building a healthy retirement fund. “So, if you are a basic rate taxpayer who would have paid 20% income tax it means you get 20% tax relief on your pension contribution,” she explains. However, she highlights that “it is exactly this long-term drip feed of contributions going into your pension over time that really builds up its value.”
For millions of workers that look like Amir, Olsena, and Mohaimon, retirement is a dream out of their reach or a future they cannot envision. Finding the proper equilibrium between short-term desires and long-term objectives is still a powerful obstacle. Mohaimon articulates this struggle succinctly: “A lot of my financial decisions are survival based – that’s my reality.”
Achieving financial security in retirement is more complicated than ever. The urgency of the day-to-day financial obligations they face eclipses the need to make sure they’re building for the long haul. As they navigate their financial journeys, each faces the daunting task of finding a way to secure their futures while managing everyday responsibilities.
