Financial strain, rising costs and growing concern about the future of the social safety net are sapping the retirement confidence of many American workers and retirees, according to the 2026 Employee Benefit Research Institute and Greenwald Research Retirement Confidence Survey, released Tuesday.
The survey found that 61% of workers expressed confidence that they will have money to live comfortably in retirement, down from 67% in 2025 and the lowest level since 2017.
The confidence of those already in retirement is higher than that of workers, with 73% looking forward to remaining financially comfortable for the rest of their lives. That figure is down 5 percentage points from last year.
Against this backdrop of waning confidence, a significant number of both workers and retirees said they do not know where to turn for retirement guidance.
"Retirement confidence has clearly softened this year and the data show why," Craig Copeland, director of wealth benefits research at EBRI, said in a statement. "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 2026 survey was conducted online in January among 2,544 Americans 25 and older. The sample included 1,007 workers and 1,045 retirees, as well as an oversample of 492 caregiver respondents.
Rising Costs and Debt
Concern about changes to the retirement system remains high, the survey found. Sixty-nine percent of retirees and 78% of workers said they are worried that the government will make changes to the U.S. retirement system.
It also found that confidence in the future value of Social Security and Medicare benefits declined. Only half of workers and 60% retirees said they were confident that those programs would continue to provide benefits of equal value.
Less than 40% of workers and half of retirees rated their household financial well-being as at least very good. Majorities of both cohorts, but fewer than in 2025, said they had sufficient savings to handle an emergency expense.
Debt remains a major obstacle to saving for or living comfortably in retirement, according to the survey. Sixty-five percent of workers and about 40% of retirees said debt was a problem for their household, and one-quarter described it as a major one.
Half of workers reported that they had credit card debt, and 39% had more than $25,000 in non-mortgage debt. Fifty-one percent of retirees have less than $1,000 in non-mortgage debt, while only 15% owe more than $25,000.
The survey found that health care costs constrain workers' ability to save for retirement, while retirees said health care expenses have been higher than they had expected. Fewer than half of both groups said they had calculated how much they will need to save for health care expenses in retirement.
Housing costs are another growing source of pressure. Seven in 10 workers and half of retirees are concerned that rising housing costs will affect their retirement. Sixty percent of workers and a third of retirees said high housing costs were already hurting their ability to save.
Seeking Advice and Income Solutions
Workers increasingly expect to retire later and keep working in retirement, according to the survey. The median expected retirement age for workers remained 65 years old, but a growing share, 16%, said they will never retire.
Nearly one-quarter of workers adjusted their target retirement age in 2025, with most moving it later. Yet retirees reported a different reality: Most retired before age 65, with a median retirement age of 62, and nearly half said they retired earlier than they had planned.
Forty-three percent of surveyed workers and 25% of retirees said they do not know where to go for financial or retirement planning advice. Confidence in having the right educational and support resources declined from 2025, the results showed.
At the same time, about 40% of respondents said they work with a professional financial advisor, and many who do not said they expect to do so.
The survey found that workers are keenly interested in guaranteed income options. Eighty-found percent expressed interest in purchasing a guaranteed monthly income product with retirement savings, and two-thirds said they are interested in a Social Security bridge annuity that would provide income until age 70.
A majority of retired respondents described their standard of living as at least good, but fewer than half rated it as excellent or very good. Some 40% said their overall expenditures in retirement have been higher than expected.
"These findings underscore how retirement planning is becoming more complex for Americans across life stages," Lisa Greenwald, head of Greenwald Research, said in the statement. "The results show a clear need for more guidance, better planning tools and solutions that help people turn savings into lasting financial security."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.