Need to Know: 2026 Retirement Confidence Report Released

The 2026 Retirement Confidence Survey from the Employee Benefit Research Institute and Greenwald Research offers a clear signal for employers, plan sponsors, and retirement plan advisors: Americans are still focused on retirement, but confidence is weakening, financial stress is interfering with savings, and workers are looking for more guidance, more clarity, and more dependable income solutions.

The annual survey, now in its 36th year, measures how workers and retirees feel about retirement readiness. The 2026 report is based on responses from more than 2,500 Americans ages 25 and older, including workers, retirees, and an oversample of caregivers. The survey was conducted online in January 2026.

For employers, the findings are more than a snapshot of individual anxiety. They point to a larger workforce challenge: retirement readiness is increasingly tied to day-to-day financial well-being, debt, inflation, access to advice, caregiving responsibilities, and trust in the future of Social Security and Medicare.

In other words, retirement confidence is not just about retirement. It is about whether employees feel financially secure enough today to prepare for tomorrow.

Retirement confidence is moving in the wrong direction

The headline finding is simple: fewer Americans feel confident that they will have enough money to live comfortably in retirement. According to the report, only about three in five workers and three in four retirees report confidence in having enough money for retirement. Worker confidence dropped to 61% in 2026, while retiree confidence fell to 73%.

That decline matters because confidence often influences behavior. Workers who feel discouraged about retirement may delay planning, reduce contributions, avoid seeking advice, or assume they will simply have to work longer. Retirees who are less confident may spend more cautiously, delay needed care, or worry that their assets will not last.

The report also shows that inflation and the cost of living remain major concerns. Only 58% of workers and 71% of retirees say they are confident they will have enough money to keep up with inflation and cost-of-living increases in retirement. At the same time, 78% of workers and 69% of retirees are concerned that the U.S. government will make significant changes to the American retirement system.

This combination of concerns is especially important. Workers are not only asking whether they are saving enough. They are also asking whether the rules of retirement will change, whether Social Security will remain dependable, whether Medicare will continue to provide meaningful support, and whether their savings will keep pace with rising expenses.

Financial well-being is under pressure

The report makes clear that retirement confidence is closely connected to broader financial well-being. Fewer than two in five workers and about half of retirees describe their household financial well-being as at least very good. Debt is also a significant obstacle, with 65% of workers and 40% of retirees saying debt is a problem for their financial situation.

Among workers, the debt picture is particularly concerning. Half of workers report having credit card debt, and nearly four in ten have more than $25,000 in non-mortgage debt. The report also notes that debt prevents many Americans from saving for retirement or living comfortably in retirement, with roughly three in five workers and three in ten retirees negatively affected by debt.

This is a critical takeaway for employers. Retirement plan participation and contribution rates do not exist in a vacuum. Employees who are managing credit card balances, student loans, caregiving costs, housing costs, or emergency expenses may understand the importance of retirement savings but still feel unable to act.

That means a strong retirement plan strategy should increasingly be paired with financial wellness support. Employees may need help with budgeting, debt management, emergency savings, student loan repayment strategies, and understanding how to prioritize competing financial goals.

Retirement education that focuses only on long-term savings may miss the immediate barriers employees face.

Workers expect to retire later, but retirees often leave work earlier than planned

One of the most revealing gaps in the report is the difference between when workers expect to retire and when retirees actually did retire. Workers report a median expected retirement age of 65. Retirees, however, report a median retirement age of 62.

That gap matters. Many workers plan to solve retirement savings shortfalls by working longer, but the report suggests that retirement timing is not always within the worker's control. Nearly half of retirees say they retired earlier than planned, and many early retirements were driven by health problems, disabilities, workplace changes, or other circumstances beyond the retiree's control.

This finding should concern anyone relying on "I'll just work longer" as a retirement strategy. Working longer can be a valuable option, but it is not a guaranteed plan.

It also reinforces the importance of saving earlier, increasing contributions when possible, and helping employees understand the financial impact of different retirement ages.

Employers and advisors can play an important role by encouraging workers to model multiple scenarios, including earlier-than-expected retirement, delayed Social Security claiming, healthcare costs, and income needs before Medicare eligibility.

Employees want more retirement planning support

The report also highlights a major guidance gap. The share of Americans who believe they have the right educational and support resources to help with major financial events has fallen since 2025. More than two in five workers and one in four retirees say they do not know where to go for good financial or retirement planning advice.

That is a major opportunity for employers and plan sponsors.

Workers are being asked to make complex decisions about saving rates, investment options, retirement age, Social Security timing, healthcare costs, debt, emergency savings, and income planning. Yet many are unsure where to turn. Some rely on family and friends. Others use online resources. About four in ten Americans currently work with professional financial advisors.

The report also points to growing openness to technology and artificial intelligence. Forty-eight percent of workers and 28% of retirees believe technology or AI will help manage their finances in the future.

This does not mean technology should replace human guidance. Rather, it suggests that employees may be open to a more layered support model: digital tools for education and modeling, plan-level resources for common questions, and professional guidance for more complex decisions.

For employers, the key is making guidance accessible, understandable, and action-oriented. Employees should not have to hunt for help. Retirement planning resources should be clearly communicated, easy to use, and integrated into the broader employee benefits experience.

Guaranteed income is gaining attention

Another important finding is workers' interest in guaranteed income. The report finds that more than eight in ten workers are satisfied with their workplace retirement savings plan overall, but that satisfaction does not necessarily mean they feel confident they have saved enough. Only 57% of workers believe their savings will last their lifetime. Among retirees, 69% feel they will have enough money to last their entire life, down from 74% in 2025.

This helps explain why guaranteed income options are appealing. More than four in five workers are interested in purchasing a guaranteed monthly income product with retirement savings. The report also notes interest in annuities within target-date funds and in a Social Security "bridge annuity" that would provide income until age 70 to help maximize Social Security benefits. Sixty-six percent of workers say they are interested in that type of bridge annuity.

This is a significant planning issue for retirement plan sponsors. For decades, defined contribution plans have focused primarily on accumulation: helping workers save and invest. But as more employees approach retirement, the next challenge is decumulation: helping participants turn savings into reliable income.

Workers are not only asking, "How much should I save?" They are increasingly asking, "How will I turn my savings into a paycheck?" and "How do I avoid running out of money?"

Guaranteed income options may not be right for every plan or every participant, but the report suggests that the appetite for lifetime income solutions is real. Plan sponsors should be prepared to evaluate these options carefully, understand fiduciary considerations, and communicate clearly about how they work.

Retirees are doing reasonably well, but expenses remain a concern

The report does include some encouraging news. Many retirees continue to report a good standard of living. Nearly half say their standard of living in retirement is excellent or very good, and many retirees say they are able to spend money how they want within reason.

However, expenses are still a source of concern. Forty-one percent of retirees say their overall spending in retirement is higher than they expected when they first retired.

That finding is important for workers who are planning for retirement now. Retirement costs are difficult to estimate, and many people underestimate expenses related to healthcare, housing, family support, inflation, taxes, and long-term care.

It also underscores the importance of realistic planning. Retirement income projections should account for both essential and discretionary expenses, as well as future uncertainty. Employees need to understand that retirement planning is not only about reaching a savings number. It is about creating flexibility, managing risk, and preparing for expenses that may change over time.

What employers and plan sponsors should take away

The 2026 Retirement Confidence Survey points to a retirement landscape that is more complicated than many employees are prepared to navigate alone.

For employers, the takeaway is not simply that workers are less confident. The more practical takeaway is that retirement plan strategy needs to become more holistic. A competitive plan design matters, but so do communication, education, financial wellness, advice access, income planning, and fiduciary oversight.

Employers should be asking:

• Are employees saving enough to make meaningful progress toward retirement readiness?

• Do employees understand the plan and know how to use it?

• Are debt and short-term financial stress preventing employees from contributing?

• Are workers receiving guidance at key life and career stages?

• Are near-retirees getting help with retirement income planning?

• Does the plan offer—or should it evaluate—solutions that address lifetime income?

• Are communications clear enough to build confidence and action?

The report suggests that employees want help. They are concerned about retirement, but many are not sure where to turn. That creates a meaningful opportunity for employers to strengthen both their retirement plan and the support system around it.

The bottom line

The 2026 Retirement Confidence Survey reinforces a message employers cannot afford to ignore: retirement readiness is under pressure. Confidence is down, debt is interfering with savings, many workers expect to work longer than retirees actually did, and employees are looking for better guidance and more reliable income solutions.

For plan sponsors, this is a moment to look beyond plan participation alone. The real opportunity is to help employees build confidence through practical education, stronger plan design, better communication, and access to the right advice at the right time.

Robin S. Weingast & Associates, Inc. helps employers evaluate retirement plan design, fiduciary process, participant education, and employee engagement strategies. If your organization is ready to strengthen its retirement plan and help employees feel more confident about the future, our team can help you identify the right next steps.

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For those interested, you can read the entire Retirement Confidence Report online.