Retirement confidence declines as worries grow over Social Security, rising expenses

Sixty-four percent of Americans say they feel confident they have enough money to live comfortably throughout retirement — down from last year — according to the Employee Benefit Research Institute (EBRI)’s 2026 Retirement Confidence Survey.

The 36th annual survey, conducted online in January, is jointly produced by EBRI and Greenwald Research.

Worker confidence fell to 61%, down 6 percentage points from 2025, while retiree confidence fell 5 percentage points to 73%.

“Retirement confidence has clearly softened this year and the data show why,” said Craig Copeland, director of wealth benefits research at EBRI. “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.”

Seventy percent of retirees and 80% of workers said they are concerned the government will make changes to the U.S. retirement system.

Only about half of workers and 60% of retirees said they are confident Social Security and Medicare will continue to provide benefits of equal value in the future, the survey said.

Debt, health care, housing costs strain households

Sixty-five percent of workers said debt is a problem for their household. Half of workers have credit card debt — and nearly one-third have more than $25,000 in non-mortgage debt.

Nearly 60% of workers said the cost of health care is hurting their ability to save for retirement, while 40% of retirees said health care expenses in retirement have been higher than expected.

Seven in 10 workers and half of retirees are concerned that rising housing costs will affect their retirement.

Although the median expected retirement age for workers remained 65, a growing share said they do not plan to retire. Most retirees retired before age 65, with a median retirement age of 62.

Many lack guidance

More than 40% of workers and 25% of retirees said they do not know where to go for financial or retirement planning advice.

“These findings underscore how retirement planning is becoming more complex for Americans across life stages,” said Lisa Greenwald, CEO of Greenwald Research. “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.”

The survey was conducted online among 2,544 Americans ages 25 and older.

This article was written by Jonathan Delozier and generated with the assistance of HousingWire Automation. It was reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.