Why So Many Americans Don’t Feel Prepared for Retirement

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Why So Many Americans Don't Feel Prepared for Retirement By: Liliana Hall Liliana Hall Reporter | Joined March 2025 Liliana Hall joined Money in 2025. She is an Austin-based reporter for Money, where she covers a range of topics, including financial news, policy, banking, investing, passive income, financial planning and student loan debt. Has also written: How Does Your 401(k) Match Stack Up Against the Average?

Social Security Schedule for 2026: When to Expect Your Benefit Payments Some Social Security Recipients Will Get Paid Twice This Month Millennials Are Finally Joining the Ranks of 401(k) Millionaires Most Americans Now Say Retiring at 65 Is No Longer Realistic See full bio Editor: Katherine Peach Katherine Peach Associate Editor | Joined January 2025 Katherine Peach is an associate editor with a focus on news and email at Money. She didn’t always intend to write about money. She’s a classically trained pianist who dreamed of becoming an archaeologist. However, in 2007 Katherine began working in financial publishing as an editor for Agora Inc. (Apparently, unearthing ideas about improving your personal finances isn’t such a bad career alternative!) Katherine’s writing and editing work has been featured in Investing Daily, Clever, Investor Junkie, The Palm Beach Letter, Truth & Plenty, Independence Monthly, NICHE, AmericanStyle, AntiqueWeek, Millennial Money, Money Done Right, TheStreet, Sure Dividend and many others. Katherine holds a Bachelor of Arts in Ancient Studies with concentrations in Archaeology and Ancient Languages and a minor in Literature from the University of Maryland, Baltimore County. She is a member of Phi Beta Kappa. Has also written: New Bill Aims to 'Actually' End Taxes on Social Security Inflation's Silver Lining: The Social Security COLA Estimate for 2026 Is Up Social Security Recipients Are on Track for a 2.5% Raise Next Year Why Some Social Security Recipients Won't Get Payments in June The Trump Administration Is Clawing Back Social Security Overpayments. Here's What to Know See full bio Published: Feb 23, 2026 8:30 a.m. EST 5 min read Money; Getty Images Retirement jitters are intensifying for older Americans as confidence in long-term financial security slips. According to a new survey from CNO Financial Group, 32% of middle-income adults ages 50 to 85 say their confidence in their retirement plans has declined over the past year. Another 41% question whether they’ll have enough money to live comfortably. Together, the findings point to a growing mix of financial anxiety, inflation worries and doubts about the future of Social Security and Medicare. Ads by Money. We may be compensated if you click this ad.AdLongbridge can help you protect your retirement with a Reverse MortgageIf you are over 62, work with a licensed Longbridge (NMLS# 957935) representative in your state today.HawaiiAlaskaFloridaSouth CarolinaGeorgiaAlabamaNorth CarolinaTennesseeRIRhode IslandCTConnecticutMAMassachusettsMaineNHNew HampshireVTVermontNew YorkNJNew JerseyDEDelawareMDMarylandWest VirginiaOhioMichiganArizonaNevadaUtahColoradoNew MexicoSouth DakotaIowaIndianaIllinoisMinnesotaWisconsinMissouriLouisianaVirginiaDCWashington DCIdahoCaliforniaNorth DakotaWashingtonOregonMontanaWyomingNebraskaKansasOklahomaPennsylvaniaKentuckyMississippiArkansasTexasSEE RATES "Middle-income Americans are under pressure as they navigate rising costs, market volatility and questions about the future of government programs and safety nets," Scott Goldberg, president of CNO Financial Group’s consumer division, says in the report. "This economic environment is challenging their sense of preparedness.” The unease isn’t limited to the CNO survey. A recent Pew Research Center study found that roughly 4 in 10 U.S. adults say they aren’t confident they’ll have enough income and assets to last throughout retirement, and only about a quarter report being "very confident" in their financial readiness. Among adults under 65, confidence levels are even lower. Rising financial anxiety extends beyond retirement savings As the traditional retirement age becomes less defined, the pressure to keep saving — and the uncertainty about when work will actually end — is fueling broader financial stress. Nearly half of those surveyed (44%) say they feel more anxious about their personal finances than they did a year ago. Those who have not yet retired are about twice as likely as retirees to report increased anxiety. At the same time, many workers feel they’re already behind. According to the Federal Reserve’s most recent Economic Well-Being of U.S. Households report, which reflects survey data collected in 2024, only about 35% of non-retired adults say their retirement savings are on track — down from 40% in 2021. The decline in confidence is also showing up in day-to-day finances. About one-third of respondents (34%) say they feel less confident in their ability to cover routine expenses like housing, groceries and utilities compared with a year ago. That share rises to 48% among those with less than $50,000 in investible assets, highlighting how unevenly higher costs are hitting middle-income households. Prices for essentials have remained significantly above pre-pandemic levels, with food prices up roughly 24% and housing prices climbing in step since 2020. Women, in particular, report lower levels of confidence. About a quarter say they aren’t confident they’ll have enough to live comfortably in retirement — nearly twice the share of men — reflecting longstanding income and savings gaps that can leave women more financially vulnerable later in life. Concerns about the stability of major federal programs are compounding the anxiety. More than four in 10 respondents say they feel less certain Social Security will be there when they need it — a worry that comes as a recent economic outlook from the Congressional Budget Office projects that the program's trust fund will run out by 2032, potentially triggering automatic benefit cuts unless Congress intervenes. Nearly half also expect Medicare benefits to be reduced. At the same time, many appear to underestimate potential health costs as they age: About half of respondents believe Medicare will fully cover long-term care, even though coverage is limited. "As financial confidence declines, middle-income Americans need to evaluate their retirement timelines, savings strategies and long‑term care plans," Goldberg notes in the report. "Important steps to mitigate risk and improve financial security include seeking professional guidance, diversifying retirement income sources and making use of valuable products such as annuities and long-term care insurance." Ads by Money. 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