Rising costs, mounting debt, and growing fears over the future of Social Security and Medicare are shaking Americans’ faith in their financial futures, according to the longest-running retirement survey in the United States.
For the second consecutive year, retirement confidence among Americans has slipped.
According to the 2026 Retirement Confidence Survey, released today by the Employee Benefit Research Institute (EBRI) and Greenwald Research, just 64% of Americans now say they feel confident they have enough money to live comfortably throughout retirement, which is a decline from 2025 that reflects deepening anxiety about costs, debt, and the stability of government retirement programs.
The survey, now in its 36th year, polled 2,544 Americans ages 25 and older between January 2 and January 28, 2026, making it the most comprehensive and longest-running measure of retirement sentiment in the country.
Confidence Is Slipping for Everyone
The drop in confidence was felt across the board. Workers’ confidence in a comfortable retirement fell 6 percentage points from 2025, landing at 61%. Retirees, often assumed to be on more stable footing, were not immune either; their confidence also dropped 5 percentage points to 73%.
Craig Copeland, director of wealth benefits research at EBRI, said the data reflects a convergence of short- and long-term pressures hitting Americans simultaneously.
“Retirement confidence has clearly softened this year, and the data show why. Americans are contending with a mix of immediate financial pressures and long-term uncertainty. Many workers are struggling with debt, inflation, and rising housing and health care costs, while retirees are increasingly worried about the future of Social Security and Medicare. Together, those pressures are making it harder for people to feel secure about their retirement.”
Social Security and Medicare: A Growing Source of Anxiety
Concern about the future of government retirement programs emerged as one of the survey’s most prominent themes. Seven in 10 retirees and 4 in 5 workers said they are concerned the government will make changes to the U.S. retirement system.
Confidence in Social Security and Medicare specifically has also eroded.
Only about half of workers and 6 in 10 retirees said they believe those programs will continue to provide benefits of equal value in the future, a finding that signals widespread skepticism about the long-term reliability of programs millions depend on.
Debt, Housing, and Health Care Are Squeezing Budgets
Beyond government programs, the survey identified several concrete financial pressures weighing on Americans at every stage of life.
Debt remains a significant barrier, particularly for working-age Americans.
Sixty-five percent of workers said debt is a problem for their household, with one-quarter describing it as a major problem. Half carry credit card debt, and nearly 1 in 3 hold more than $25,000 in non-mortgage debt.
Roughly 3 in 5 workers and 3 in 10 retirees said debt is actively hindering their ability to save for, or live comfortably in, retirement.
Health care costs continue to be a major source of strain.
Nearly 6 in 10 workers said rising health care costs are hurting their ability to save, while 2 in 5 retirees said their actual health care expenses in retirement have been higher than they anticipated.
Fewer than half of both workers and retirees said they have done the math on how much they’ll need to cover health care in retirement.
Housing costs are adding to the pressure.
Seven in 10 workers and half of retirees expressed concern that rising housing costs will affect their retirement, and 3 in 5 workers said high housing expenses are already cutting into their ability to save.
Emergency savings also took a hit.
Fewer than 3 in 5 workers said they have enough savings to handle an unexpected expense, down from 64% in 2025.
Among retirees, fewer than 7 in 10 said the same, which is down from 74% the previous year.
Planning To Retire Later but Often Retiring Sooner
The financial strain is reshaping retirement timelines in notable ways.
While the median expected retirement age for workers held steady at 65, a growing share said they do not plan to retire at all. Nearly one-quarter of workers adjusted their target retirement age in 2025, with most pushing it later.
The reality for those already retired, however, tells a different story.
Most retirees left the workforce before age 65, with a median retirement age of 62, and nearly half said they retired earlier than planned, suggesting that life circumstances often override even the best-laid timelines.
Many Americans Don’t Know Where To Turn
One of the survey’s more striking findings is how many Americans feel adrift when it comes to retirement guidance.
More than 2 in 5 workers and one-quarter of retirees said they don’t know where to go for financial or retirement planning advice, and confidence in having access to the right educational resources declined from 2025.
Currently, about 4 in 10 Americans work with a professional financial advisor, while many who do not said they expect to seek one out in the future.
Despite the uncertainty, there are signs that Americans are interested in more structured solutions.
More than 4 in 5 workers expressed interest in purchasing a guaranteed monthly income product with their retirement savings, and two-thirds said they would consider a Social Security bridge annuity that would provide income until age 70.
Life in Retirement: Good, but Under Pressure
For those already retired, daily life is manageable, but not without strain.
A majority of retirees described their standard of living as at least good, though fewer than half rated it as excellent or very good. Two in 5 retirees said their overall expenses in retirement have been higher than expected.
What Experts Say Needs To Change
Lisa Greenwald, CEO of Greenwald Research, said the survey results point to a growing need for systemic support.
“These findings underscore how retirement planning is becoming more complex for Americans across life stages. People are not only worried about whether they have saved enough, but also about how rising costs, health care needs and policy changes could reshape retirement itself. The results show a clear need for more guidance, better planning tools and solutions that help people turn savings into lasting financial security.”
About the Survey
The 2026 Retirement Confidence Survey was conducted online from January 2 through January 28, 2026, among 2,544 Americans ages 25 and older, including 1,007 workers, 1,045 retirees, and an oversample of 492 caregiver respondents. The full report and accompanying fact sheets are available at ebri.org/retirement/retirement-confidence-survey.
The 2026 Retirement Confidence Survey was conducted jointly by the Employee Benefit Research Institute (EBRI) and Greenwald Research, with support from Bank of America, Fidelity Investments, JPMorganChase, T. Rowe Price, and other financial services organizations.
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