EBRI Survey Finds Retirement Confidence at Its Lowest Point Since 2017

Retirement confidence among American workers and retirees has slipped to its lowest level in nearly a decade, according to the 2026 Retirement Confidence Survey. Conducted jointly by the Employee Benefit Research Institute (EBRI) and Greenwald Research, the survey is the longest-running of its kind and reflects responses from 2,544 Americans surveyed online in January 2026.

The findings paint a picture of growing financial strain — one shaped not by a single cause, but by a convergence of pressures that are affecting workers and retirees in different but overlapping ways.

Confidence Is Down Across the Board

Overall, 64% of Americans said they feel confident they have enough money to live comfortably throughout retirement, down from the prior year. Breaking that down further, worker confidence fell six percentage points to 61%, while retiree confidence dropped five points to 73%.

These declines reflect more than sentiment. They track with measurable changes in financial conditions — rising costs, heavier debt loads, and weakening emergency savings — that are making it harder for people to feel secure about what lies ahead.

“Americans are contending with a mix of immediate financial pressures and long-term uncertainty,” said Craig Copeland, director of wealth benefits research at EBRI. “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.”

The Pressures Driving the Decline

The survey identified several distinct areas where financial stress is intensifying. Each tells part of a larger story about how the retirement landscape has shifted.

Debt has become a significant obstacle for workers. Nearly two-thirds said debt is a problem for their household, and one-quarter called it a major problem. Half carry credit card debt, and close to one in three have more than $25,000 in non-mortgage debt. About three in five workers said debt is hurting their ability to save for retirement.

Healthcare costs are straining both sides of the retirement divide. Nearly six in ten workers said healthcare expenses are interfering with their ability to save, while two in five retirees said their actual healthcare costs in retirement have exceeded what they expected. Fewer than half of workers or retirees have calculated what they will need for healthcare in retirement — a gap that can create significant risk later.

Housing costs have added another layer of pressure. Seven in ten workers and half of retirees said they are concerned about the impact of rising housing costs on their retirement. Three in five workers and one-third of retirees said those costs are already affecting their ability to save.

Emergency savings readiness also weakened. Fewer than three in five workers said they have enough set aside to cover an unexpected expense, down from 64% in 2025. Among retirees, that figure fell from 74% to below 70%.

Social Security and Medicare Concerns Are Growing

Concern about the future of government-sponsored retirement programs has remained high and, in some cases, intensified. Four in five workers and seven in ten retirees said they are worried that the government will make changes to the U.S. retirement system.

Confidence in Social Security and Medicare has also softened. Only about half of workers — and six in ten retirees — said they believe those programs will continue to provide benefits of equal value in the future. For retirees who are already depending on those programs, this uncertainty adds a layer of financial anxiety that is difficult to plan around.

Concern Area	Workers	Retirees
Confident in enough money for retirement	61%	73%
Worried about government changes to retirement system	80%	70%
Debt negatively affects retirement saving or living	60%	30%
Healthcare costs higher than expected in retirement	—	40%
Concerned rising housing costs will affect retirement	70%	50%

The Gap Between Expectation and Reality

One of the more revealing findings in this year’s survey is the persistent disconnect between when workers expect to retire and when retirees actually did. The median expected retirement age for workers held steady at 65, and a growing share said they do not plan to retire at all. Nearly one in four adjusted their target retirement age in the past year, with most pushing it later.

Yet most retirees tell a different story. The majority retired before age 65, with a median actual retirement age of 62. Nearly half said they retired earlier than planned — and of those, three in four cited reasons outside their control, including health problems, disability, or changes at their employer.

This gap matters because it affects financial outcomes in ways that are hard to recover from. Retiring earlier than expected can mean fewer years of contributions, reduced Social Security benefits if claimed before full retirement age, and a longer period of time for savings to cover.

Interest in Guaranteed Income Remains Strong

Against this backdrop of uncertainty, the survey found strong interest in products that provide predictable income. More than four in five workers said they are interested in purchasing a guaranteed monthly income product using their retirement savings. Two-thirds expressed interest in a Social Security bridge annuity — a product designed to provide income between retirement and age 70, when Social Security benefits reach their maximum level.

This interest reflects a broader shift in how people are thinking about retirement income. When confidence in savings adequacy is low and uncertainty about government programs is high, the appeal of a guaranteed income stream increases.

The Guidance Gap

Despite the complexity of today’s retirement environment, many Americans still do not have a clear source of guidance. More than two in five workers and one in four retirees said they do not know where to turn for financial or retirement planning advice. Confidence in having access to the right educational resources also declined from 2025.

About four in ten Americans currently work with a professional financial advisor. Among those who do not, many said they expect to in the future — suggesting a growing recognition that navigating retirement planning alone is becoming harder.

What This Survey Reflects

The 2026 Retirement Confidence Survey does not capture a single problem. It reflects a retirement environment where multiple pressures — debt, healthcare, housing, inflation, and policy uncertainty — are compounding at the same time. Confidence is not declining because people have stopped caring about retirement. It is declining because the path to a secure retirement has become more difficult to navigate, and many people feel they are doing so without adequate tools or support.

For those approaching or already in retirement, the findings underscore why having a structured plan — one that accounts for income, expenses, healthcare, and unexpected changes — has become more important than ever.

Source: Employee Benefit Research Institute (EBRI) and Greenwald Research. Read the original release.