Nearly half of working Americans doubt they will ever be able to fully retire, according to the 2026 Retirement Expectations Survey from Thrivent, a financial services company. The survey, which was conducted by Ipsos in June and reached more than 2,000 American adults, highlights that many people are increasingly viewing retirement as a transition rather than a definitive finish line.
Jason Rogoff, a financial adviser at Thrivent, noted that people are looking at retirement differently than they have in the past.
This widespread anxiety comes at a time when workers are grappling with several major concerns. More than half of the workers surveyed indicated that they fear relentless inflation, potential Social Security shortfalls, conflict in the Middle East, and the economic threat posed by artificial intelligence will negatively impact their retirement.
These findings may illustrate a broader lack of retirement confidence among employees in an era where Americans are largely expected to manage their own savings through IRAs and 401(k)s.
Robert Brokamp, a senior retirement adviser at The Motley Fool, described retirement as a significant math problem that requires either a high-quality tool or an expert to help individuals determine their specific needs.
The survey results show that more than a third of workers feel they are behind others their age in saving for retirement, and half of all workers reported that simply thinking about retirement makes them anxious.
When asked how much they believe they need to retire in comfort, only 23% of respondents chose a figure under $1 million. Brokamp noted that the average person often does not know what "enough" is, especially when other recent surveys have placed the retirement "magic number" at $1.2 million or higher.
The data also points to a disparity in financial security. Among the top 10% of people by net worth, more than 90% have retirement accounts, with a median balance of $900,000, according to the 2022 Survey of Consumer Finances. Brokamp suggested that this reflects a "K-shaped retirement trajectory" where the wealthy face fewer obstacles. Consequently, many workers assume they will have to keep working indefinitely.
The 2026 Retirement Confidence Survey from the Employee Benefit Research Institute found that roughly three-quarters of workers plan to work for pay after they officially retire. However, the same survey found that only 31% of current retirees are actually working, as returning to the workforce can be difficult, and many retirees eventually find they can get by on Social Security and modest savings.
To address these challenges, the Thrivent report offers several recommendations. Even small, consistent contributions can have a meaningful impact over time due to compounding; for instance, a single $1,000 contribution could grow into $15,000 over 27 years based on past stock market performance. Rogoff emphasized the importance of saving consistently, even if the amounts are small.
A common rule of thumb is to save 10% to 15% of one's salary in a retirement account invested in broad index funds. However, a full retirement plan is complex and must account for variables such as when to retire, life expectancy, and market performance.
Rogoff advised that it is essential to have an adjustable plan in place. A financial adviser can assist by running the numbers to determine safe retirement timing and spending levels. Furthermore, advisers stress the importance of an emergency fund covering three to six months of expenses to avoid tapping into tax-sheltered retirement accounts.
While a 2025 report from Investopedia estimated the average U.S. family should have at least $35,000 in emergency savings, any amount of savings is better than none.
Yet only 31% of retirees are actually working, the same survey found.
