The RCS is the longest-running survey of its kind, measuring worker and retiree confidence about retirement, and is conducted jointly by the Employee Benefit Research Institute (EBRI) and Greenwald Research.
The 2025 RCS was fielded with two samples (for a total of n=2,767): a general population sample of 2,047 Americans, including 1,042 workers and 1,005 retirees, plus an oversample of 720 non-Hispanic Black or African American respondents (resulting in a total of 520 Black workers and 481 Black retirees between the two samples). The survey of both samples was conducted online January 2 through February 3, 2025. All respondents were ages 25 or older.
The general population sample was weighted by age, sex, household income, and race/ethnicity. All Black or African American respondents (regardless of sample) were weighted separately by age, sex, and household income to reflect the Black/African American population in the United States. Unweighted sample sizes are noted on charts to provide information for margin of error estimates. The margin of error would be ± 3 percentage points for workers, ± 3.1 for retirees, ± 4.3 for Black workers, and ± 4.5 for Black retirees in a similarly sized random sample.
Workers Retirees Figure 12: Figure 11: Figure 10: Figure 9: Figure 8: Figure 6: Figure 7: Figure 13: Figure 1: Figure 14: Figure 2: Figure 15: Figure 3: Figure 16: Figure 4: Figure 17: Figure 5: Figure 18: Retirees Retirees Among Two Retirees’ confidence Seven in 10 Eight in 10 Worke About half of Retirees’ confidence Seven in 10 Social Security re Three The Fewer than half of retirees s More than three i Many Significantly -thirds of workers cost of rs’ - worke worker quarters of are are confid worker retiree more also concerned about health worker worker up from last year, more retirees rs s and r ence in Social Security rem conce s likely to be n four r mains s workers care is are co are s would s etirees in Medicare continuing feel co expres in Social rned a conce the etirees ncerne negati find use an seek ay nfiden s confi top bout changes to the confident rned a a default Security remains their o agree source d that vely advice t emerg dence Social in havi bout the verall spending is impac they can spend the co in having of investment to Security benefit ency s that Medicare will incom ng ains figure ting ha to pay st have enoug govern consist of livin steady, with avings e Ame enough money out if they have retirem retired lf comparable h mon option of ment m g ent, with half accou highe money worker ricans will ma ent when ey to li with aking two r than s’ nt how ke it -ve to Key Findings Key Findings Key Findings Key Findings 2025 Key Findings 2025 Key Findings Key Findings Key Findings Key Findings RCS Overview RCS Sponsors they want. reductions as well harder to system, continue to guaranteed believing comfortably in retirement; a via live ability planned thirds believing benefits they expected, expect/receive saved significant changes payroll deduction. comfortably in retirement than last to save, enough. six in 10 remains and fewer save and it Yet, will continue to provide lifetime yet nearly it will down in retirement. More workers are concerned about consistent with 2024; as reductions only about have to the benefits income continue to from half Six two retired earlier. in 10 government American agree they provide last in five quarter are (GLI) appealing. equal would year. in Medicare provide have to those benefits retirement system. utilize a seven in 10 spend less Social changes to year. calculated very confident. benefits received of expect benefits. Security benefit Other options for generating match for student equal value because feel of equal the retirement system. how to by retirees confident. rely much on they are worried value to reductions. today. workplace they will loan today. to today. Few need plans, while are very confident. income also have for health repayments. about running expenses. retirees out of strong appeal. use personal savings. money. Retirement Health Guaranteed Social Security remains Americans While expenses Workers would Americans Workers expect Workers’ care and retirees’ are desire expenses income like concerned in to help from retirement retire later help options confidence remain the saving for about top financial advisors for are are and plan a concern source appealing to higher changes remained emergencies of to for for actual and work to many, retirees. unchanged the workers, durin through retirement retirement most g Workers also expected retirement. especially retirees their between system, planning, income report find as life Confidence but for specifically the in retirement January part retirement Americans cost less of their workplace than of 2024 plan. health reduction half is about and in retirement. work with care January what of hinders retirement Social they expected. 2025. a financial their Security plan. ability advisor. and Medicare to save. benefits. Median Retirement Age… Cost of Health Care Is Neg Reasons atively Imfor pact Seeking Financial Help From ing A Professional th W EBRI and Greenwald hile the median Top Top Appeal of expWorkers’ Workers’ Retirees’ Retirees’ ect Worker Retiree would ed re Retirement tLikelihood of iConcerns Concern Concerns Concern re Confidence Confidence like Workers' Confidence Retirees' Confidence ment Workers’ Retirees’ to Sources age thank Surrounding Surrounding Income About About for Expenses Confidence Confidence Using Employer Retirement in in Having Enough the Did w of Income Having orkers Changes Changes 2025 Options You in has Scenarios Scenarios Retire…? RCS sponsors Enough Retirement in in Medicare System Lifestyle he in Social Security in Social Security in Medicare System in Workplace Retirement to to ld Retirement -Offered American American Retirement ste Money in Money in Retirement ady Impacting Impacting at who Benefits* age Retirement Retirement helped Retirement Retirement shape System System Plans* this year’s 35 Annual Retirement Confidence Survey (RCS) Retirement Preparation Ability to Sa (2 ve/ 025 Live Works in w Ret ithirem /Plan ent s to Work with Financial Advisor, Workers n=651; 2025 Retirees n=485) 79% of workers Workers ( (Concer Concerned ab ned ab( out the out the Plan to U. U. retir S. S. gov gov e or ha ern ern (Offered ment ment ve retir making making ( ( ( ( ( ( ( ( ( ( ( (2 2 2 2 2 2 2 2 2 2 2 2 DC ed: 0 0 0 0 0 0 0 0 0 0 0 02 2 2 2 2 2 2 2 2 2 2 25 5 5 5 5 5 5 5 5 5 5 5 pla 2 Wor Wor Wor Wor Wor Retir Retir Retir Retir Retir Retir Retir 02 n: chan chan 5 kers kers kers kers kers ees n= ees n= ees n= ees n= ees n= ees n= ees n= Wor 202 ges ges 5 n=1, n= n=1, n=1, n=1, kers Wor 1 1 1 1 1 1 1 1 to to ,0 ,,0 ,0 ,0 ,0 ,0 ,0 n= 005 0 0 0 0kers 0 0 0 0 0 0 4 4 4 4 the r the r 45 5 5 5 5 5 2 2 2 2 2 951 ) ) ) ) ) ) ) ) ) ) ) ) n=55 etir etir ; 20 ement sys ement sys 2 35 ) Retirees n= tem: tem: 1 2 20 0 00 2 25 5 5) Wor Workers kers n= n=7 84 27 0) ) 65, a growing share report planning to retire at 70 or beyond. Two in 10 workers 74% Wsurvey. hile four in five retirees and three-quarters of workers believe they have the right 64% of workers De M T A A T M he he mon bout ost ajorit sp co share it w g e st ies torke w wo hig of orke of of re -h trs he hi A co ( rd al rs me 87 tiree s nfide tw %) h care of w ricans repo ho s ere xpec nc are orke port e is offer , a rs t A ing So w me and rt orr cial e ta posi ricans he d y al a Se ir for most most w lifcurit te orkpl iv are st e y t hre y l con out e ace A t o in re e me loo be -ce quart re ricans. k f t a ireme rne tireme or source e d re rs about nt t Curr of re nt ireme is sav bet of et nt iree tincome nt he ing t ly e , , r w s s U w tbe pl .it han S. orke h an, l g iev 67 in re ov e rs % of aroun e xpec e fi trnme ireme nd w td orke ed nt nt .rs 56% of 35% of The RCS is the longest-running survey of its kind, measuring worker and retiree confidence about r 71% etireme of retirees nt, and is of workers 26% of retirees 41% of workers also adjusted their target retirement age in 2024, with most of them now educational and support resources to help with major financial events in their lives, 69% of 82% of ma t t dropped Ret and 7 that he hre iy ki re e tng hav he e 8% in 10 s s confirm cost ie of ret g bu nif e bel noug t not iof heal cant iie re v t e e his h sis g chang hav sa confident s nif th care is e vint icant ing ng iment e s is nv tlo y to , e hi handl t,w he st tas he nde iment th y ne A ab w e ring merican ret iarl an l lout hav opt yt e he al a ions merg e l iqu r (e 94 re noug tart hat %) te iire re ncy e re ment ment r prov h agre port mone exp i de sa sy e Soc eist v nse. ng y g ie ng iuara tal m, o w s Se A li itrat v w h ddit e nt curi it t e h his comfort e.ie onal 79 More t s d ye % of as lnt ifet ly i a ment ,ab ime workers ly . 74% of retirees Workers (n=1,042) NET: Workers (n=1,042) Retirees (n=1,005) 78% workers retirees are concerned the U.S. Strongl Ea yrl A ier t gree han plV V aV V V V ery ery n SV V ery ery ery ery o nery ery mew e c c d c c c c o o o o o o c c n nn n n n o o fi fi hfi fi fi fi den den n n aden den den den c c t A ern ern t tgr W t t t tA ed ed ee o brk ou ers t wh V V S S V V V V S ery ery o o en o ery ery ery ery R mew mew mew eti p o o / / / /S S S S r s r s lrees a o o o o h h o o n h mew mew mew mew a a n me me a t ted t c c D wh wh o o h h h h is n n a a a a a c c a a t t t tgree c c c c ern ern t confi t confi o o o on n n n ed ed fi fi fi fiL den den den den a den den ter th t t t t St t troa nn gl p y D lan isn aed gree Very appealing Somewhat appealing conducted jointly by the Employee Benefit Research Institute (EBRI) and Greenwald Research. say their overall lifestyle Workers Retirees 65 62 22% of retirees Higher Much higher than expected Somewhat higher than expected About the same as expected Lower than expected Not applicable 68% pl twanning o in five to wre ork tiers re lat and er.one in five retirees say they do not know where to go for believe they have al T it and 7 sou tncome hroug han hal hings mos rce 1% thout aren hal of t f o of ret of w income f be ’t of re ne t orkers w tiire re he orkers ce e ment .mos s ss How being ari agre .t hav l y e Confiden v v al w e e at e orse, uab tr, hat pl l ne e anne as l e arl tthe houg t ce imp som y d cost tam w rov how h, ie ce ong w e as of heal hat ment as t he mos re ma conce yt ire t w tto t ny h care is sa ie ll cov ret s he yrne has tihe r ire e pl d ie r e r ne an. ( an eme v s liF fest e ( ig 66 g n ur at iy %) ncre e lie v s e re rg i3 s l– y as port ab e 4) incy mp e .out d Sixt Soc act from t yhe p iial ng e 74 rce % nt government will make 2025 EBRI/Greenwald workers retirees in retirement is tbetter han American Funds / Capital Group MetLife bel woie rker ve sthey doret no irees t Chang Ches ange tha s tth wo at u wld ou reduce ld reducy eo y ur our Social Sec Social Sec urity urity rret etiirrem eme ent nt b benef enefitit 75% 87% 50% 80%60% enough signif saving icas nt to c hanges to 74% Figuring out if you have saved/are sav Soc ing ial en So ec ugh uri ty for retirement financial or retirement planning advice. At least seven in 10 Americans 82% agree that 73% expected lof t sa t e Se as he xp me as curi the i r e yab e nse in tar ( w yi orkers l iis e tF y xp a i g re to ma ur e tct isa e re and 8 jor s e v ment 1 d. e– sou i2) n A 0% . re .rce bi tof t g ire g of ment e he r income sha re,t re iw re hil e of s compa ere w ab ho tire out e are con s re t al d wso o wiisee n fi tce h tv rne he m e t re d sha o tw fi ire nd re orry e of s ov not ab w eorkers ral e out tlhat e chang xp (36 enses %) e s 44% 94% 72% 72% 72% than expected 54% ? The 2025 RCS was fielded with two samples (for a total of n=2,767): a general population sample of 2,047 Ameri 67% cans, 21% 80% 80% undkno erstw and where Social to Sec go urity Inc The rea Using c .S. gov oernment st of living m will aking mak signif e it ic ha ard nt er fo char y ng o es u t to o s the ave Americ as muc ah n Agr 71%ee the cost of health 53% 79% the Am70% erican 70% handle an emergency 52% 52% 52% 78% ? Retirees, on the ot 69% her hand, report retiring at a younger age than workers 69% 69% 69% 69% Around seven in 10 Americans found a workplace plan de 28% 39% fault investment 43% 42% 77% 71% 81% 77% 68% 68% 68% 68% 51% 76% Default investment option in the p Inc lan reth asa e t to inc th lue des age an at inc wom hice h y fe ou ature wou . As ld q th uali e fy for 49% financial services companies understand how to help them with retiremen 67% t and are foint r go ere ost ded in a 67% Bank of America 50% 75% 75% Calcula Mut ted ho ual w of mucA h merica 50% 84% How to save and invest more for retirement outisde of your workplace plan care 47%is negatively t w he ma hat ho al tching tcoul e h care xpe d re ct exp i e duce txp e to ct ebe. nses ha at tihe ons More ir Soc compa ve re ibee al tire Se re e n highe curi s d al w so tiy mon th bene retire re r las ey tport han expec as m t y en fiy e tSoc o . t ar, u sy Awa st l mos iw em al nt he Se te t n d e curi t ig ihe n re ht ty y i n t as found ire 10 a ment conce ma exp jor s (Fe ig rne nses t ource ure 66% d o of including 1,042 workers and 1,005 retirees, plus an oversample of 720 non-Hispanic Black or African ret Ame irement ri 49% ca 74% syn stem. A workpl 49% ace retirement savings plan 49% 49% 49% 65% Changes that would reduce your Medicare benefit 57%expense 65% 40% 73% 49% 78% Overall expenses/spending 15% 30% 45% 9% An emergency 64% 48% savings account that 64% you could contribute to 64% 48% 48% 64% 48% 48%48% 56% (vs. 48% 64% in 2024) You are able to spend money how you want within reason 33% 44% 54% ? 38% 13% 10% 44% participant nears retirement, a portion of the savings 71% in the fund will be anticipate. Most retirees (t47% hree in five) reSoc port ial Sre ect ur iring ity or M ee arl dicia e re r than age 65, with a 47% financial/retirem 55% 45% ent ? default investment Some Confiden option A that mericans t re incl tireude e70% are al s see s an m 70% re al bol ady locat ste us re ion t ing d by t o he g the uara ir re ir t sa int re v e ment ing ed s,li fet g pl ood ans ime income mone to mo pa neyy y y m for ou ap anage (and peal your ment isng pou . se), impacting their ability to 46% financial planning, showing their confidence in these institutions. Over three in five 27% 53% Retirement 56% Confidence Survey 47% respondents (resulting in a total of 520 Black workers and 48 60% 1 Black retirees between the two samples). The survey of be highe 13 ire ncome t)i.re es re thro than r port than ugh l as w pe at orry y xp y roll e e ar ( d ab ct edu e F out d ctio ig( ure a F n a igre nd ure 11 duct a ). c 1 cess 6). i67% on as t nee o td he edi for r Medicare benefits (Figures 5–6). 42% 46% 71% (vs. 51% in 2024) Creating a plan/sa 59% ving for long-term59% care expenses in retirement allocated to a GLI feature. At retirement, the participant can decide to use planning advice 51% 58% would likely need to cover 78% Edward Jones Nationwide option that includes an 43% 43% 43% 50% 64% 57% Personal retirement savings o 57% r investments 29% save/live in retirement median Inc The rea Using c .S.re go tv io re ernment st o ment f living m age will aking mak of signif e 62 it ic ha . ard nt er fo char y ng o es u t to o s the ave Americ as muc ah n 47% 42% 56% 56% and i e Amerg bout nv t ee hre ncies, stment e-qu as art s. one Ret ers i re of in e fi w s vorkers, are al e havso e si tg aken a le nif ssi cant conce loan ly more rne or d w ab tihan re thdra out t w he tial re ie from ncre s, was e the re ing iir nt cost erest of ed 73% ? (vs. 68% in 2024) YesChanges that would reduce your Medicare benefit retirees and workers report being emergency taught Increased to sav expenses taxes e fo and in r Social v Sec est urity for the future as a child. 42% 42% this feature. Confidence in both samples was conducted online 54% January 2 through February 25% 35% ? 3, 2025. 41% A 45% ll responden 66% 79% ts were ages 25 or older. 40% 40% long-term car46% e expense46% s in Health care or dental expenses 53% income feature 40% ? 13% 24% 50% 46% 10% 52% 52% 39% 52% 33% Transition Into Retirement mon retire ey as men yo t u sywa stem nt 40% 45% 51% 51% How to invest the m 51% oney in your wor44% kplace savi51% ngs plan 35% 38% 38% 50% in t Ye W W Re lre ivorkers hil t ing t t ireme his ,iree e too , opt many the s nt show fe co ion U w pl nt . A S. w an. inue ( F me a e orke igure co furt M ricans expe tno any o rs he 15 show pl my r an ) of l.ack gt for oing ho co of se ct nfide he co /re int w alho nfide o t port nc h care a te oo re nc So about ce k cial e e mon ss ,xpen as ion, Se te he on curit y infl ses ir lfrom t yfi at about in nan yion as re he ce ta ireme im ir hal s source pact pl in f an re nt are ing t.did ireme F con of income our sp so t e in 1 fi nt nd de o . 0 19% ing nt in t , hat and 72% 37% 43% 37% retirement* Top 3 Sources of Income Work for pay (vs. 29% in 2024) Empower Principal Medicare and 48% 42% 29% Significantly different from 35% 2024, half of retire 35% es say they retired about when 46% About four in 10 Americans currently Inc wo rerk as ed wit tax h eprofessi s for Socialo Snal ecurit fin y ancial 45% advisors, and of 39% Increased taxes for Medicare 31% The general population sample was weighted by age, sex, household income, and 33% race/ethn 39% icity. All Black or 44% 33% What to do with the money in your workplace retirement savings plan when you retire Workers Retirees More w re Soc pa housi orkers tiy re i al for unf ment ng ov Se e hav cost curi r,, ne ore not e s ty arl cal compa see w ne yicul llfour n arl cont circu at yre as ie n fi 38% id d how nue ms ma w ve it t ance t h ny sa o 38% 20 much prov y unde 24 the s,, w isu y de rst mone are abl ch as hich and bene he y p it t fi .e ay lhe ps t T s w to s iof equa y ng o e w - xp pend t hi for a illl ne ai rds n 38% le mone t of w home v he d al tiue o r orkers incre cov y or t o how car repai t e as oday r he and four e the in re al y or bel t h w t r iant re in fi ment ie , v ve e 32% Workers Retirees You will have to mak Yoe u are hav substantia ing the l cuts t retirement o your spend lifestyl inge bec you aenvisio use of ned 26% 45% 17% 13% 43% Social Security The amount of taxes you have to pay 31% 13% 24% 48% 8% 7% 7168% % of Guaranteed Income Product as planne 40% d. Fo Stronur gly a in 10 gree re Somew t A ire regular d hate aarl gree indiie vidua r t Disagr han pl l reee tireme anne nt accd, oun a t or siIR g Anificantly smaller share The stock market will be volatile and unpredictable A quarter of workers who are contributing to their employ 17% 30% er’s retire 44% ment 42% savi60% ng 73% s Fidelity Investments Protective 37% tho Pla se w tform/e ho xcdo hang n’t, e tha hal t he f lp o sf p w eop ork le ers nearand ing retitw reme o nt inb 1 uy 0 aret solire ution es h they ope to w 34% ork with an advisor African American respondents (regardless of sample) were weighted separately by age, sex,59% and ? (vhous s. 51% in eh 202ol 4)d income inflation ( t re e w confidence hat 23 xp ittihin %) re e Me e nses or , re s ma unde dica as ki on. ng ( lre ong F rst en iO g w and ure v 28% i-lds e t l cont e r rm 3) hal Soc mee . A care e f 42% iinue al of ret round t t Se (22 to curi %) ixp re prov ,hre e e t or co s y nses dis e and t ide -qu agre v in ering a bene art re hee e t i re v rs tfi hat ari ment t of ret s m ous e edica tqu he . i e re al ymp s e tpend ls o exp lagre oy those ment ens le e28% ss e re that tand cl ( ce han 21 it%) v he e t.he d y ai by hav mi y coul ng re et ire d es EliminationI nc or rea reduc se ti to on the of th ae ge a tax t dedu which ctibil yo ity u of wo 401(k) uld q u or a ot lify he fo r r 27% Reducing debt 45% of retirees 31% 40% workers a Source Gradua of lRetirement Income like for generating income in retirement. Some choices will provide 39% GLI and 13% 13% 29% Workers Retirees than last year (Figure 12). While over two in five retirees who retired early say 50% 87% plan expect to use savings from their workplace retirement savings plan to in the future. This could be due to lack of ac37% cess to such professionals. Workers tend to reflect the Black/African American rpopul etiremea ntt sion avings in c the ontri Uni bution ted s States. Unweighted sample sizes 63% are noted on charts Social Security or Medicare 28% 28% 26% A defined benefit or traditional pension plan 44% t e de becaus oday noug cisions . h Ret esa tthe ihat v re ing y e s iare w mp s te to nd act handl orrie to be more the d eir ab an eme retout irement confident running rge ncy bene out e . fi xp Tw t s of m e o at nse. -t l hi e one rd as s ty e som . xp Addit re ess w confi ihat onal w ly de e ,35% llsev .nce Yet e n ,i n Social jus in 10 t Social Secur find ity their 19% overall tra woul nsit d ion utilize an T srav omel, e w e illnt m ertain anage m ien nves t, or le tments isu to re hel exp p w en ith ses draw income without a 34% 64% ?(vs. 59% in 2024) FINRA 10% 26% Prudent 47% ial / PGIM9% 8% 22% 27% 33% 29% Creating a will or esta 32% te plan 32% 32% 28% they did so because they could afford to, nearly seven in 10 retirees indicate 94% 31% 36% A pu Curre qu rchase art ntle yr , a of an empl product workers Retiroy ees ( t hav e hat r- n= sp e 1 g onsore ,0 luara ong 05) -nt te d e rm e emerg s care ins mont ency hly urance i ncome saving and one s for l account ife once -third is l ikel hav the yy e t re o he ti27% re al.t h to u to se prov famil ide New fed yinf and f orma era rie l tpro ion nds as sou g ra for ma m(s) that repla rgi rces o n of e cfes f rrin or the ancial esy stst im em a inf t where emplo eo s.rmati The ma on, yrgi ers aln ong of e w rrit or w h ooul nlind e 22% be ± 3 percentage empl poi oynts er- for workers, ± 30% 64% expend of work ituresers in guarantee. The U.S. economy will go into a recession in the Housing nex co t 12 sts mo will ris nths e 18% ? 36% 41% 35% 58% 71% 38% 28% 41% 28% 25% t Se re wto curi ire in 10 ets yagre and s workers e e the veand a n y are hav in 10 i qu n art Me ing e dica t r he of re re ret t( iire re F Inc ig e ment rur s eas unde e ed s 7 ltaxe ifest –10 rst s and for y ).l e M t edic he it v ar ye ee ry nv w isi eone ll. d. A quarter 13% 25% 60% 27% 24% Full-time sto 27% p 24% You spend less than perhaps you could because you are worried about A Roth individual retirement account or IRA Calcula 23% ted how much sponsored 17% 73% 22% provid 22% e retirement plans 25% (vs. 29% in 2024) retirem 41% ent to be higher the reason was something out of their control. 35% ? 53% 16% 3.1 for retirees, ± 4.3 for Black workers, and Figuring ±o4. ut 5 yofor ur lif21% e Bl in a su ck ran ret ce n irees eeds in a similarly sized random sample. 21% How resou be us saving e rces and e vs d by eaccount r, w orkers 71% of w rese s (re arc HSA ma orkers h. s) A in conce trou o he (Jacks Fnd iglp ur hal e w rne on i14 tfh d o N )he f.at t r hat et ial onal ire t h cost the es, io ncre n s th in as e reo ing tith re er ment cost 13% han of l . d, W iv orke uise a ng rs w Tf33% .are iin l lRow m ancial ake e Pri it 18% ce 31% 22% (vs. 22% in 2024) 20% 20% of retirees 66% of retirees 12% emergency 14% Housing expenses running out of money* 14% Medicare of retirees strongly agree with this sentiment 12% (Figure 1 23% 7). money you (and your 51% spouse) 9% 81 5%% of workers 18% 18% 18% 18% 18% 18% 18% 18% 20% A workplace The ability to qualify for your employer's matching contribution 17% 17% 17% 15% 17% 17% than expected 15% Over hal Nef wof w federorkers al program( exp s) th eat ctr a eplac guara es the nt system eed wher income e employ product ers provide to be a source of 15% 8% 55% 2% 16% 16% 16% 16% 12% 35% 84% 56% 16% 70% savings account Other 15% advisor as their most Home u equ sed so ity, reau l es rce tate, f o orr p ret ropire erty men for rental t pl ann inc 15% om in eg, significantly mo 15% 15%re th 13% an in 13% harde Confiden al How so e lev r ss e for t r, likel ce som he y in m te o hav Soc A to Emericans lim isa al ina e Se v mone e tio curi as n or are much red ty y sa and Me uc tv aki tio e as n of d ng ti t he n t s he dica ty he e tax d ps w ire r ant HSA t ed ,o am uc unde (F s tib iong g in t ilit ur yrst he of e bot and 4) 4 cas 0.1 h w (k Hav )* Soc e of orkers ing ial a no sa Se fut and ret curi ure 11% vtihe y ng . T ial s, re 11% o tbeing e h s, is were taught to invest would likel12% y need to c 20% 25% over You will have to make substantial cuts to your spend 14% ing because of 12% 14% How to withdraw from your savings to produce income retirement savings 8% 10% 33% to 13% the retire 13% ment plan by demonstra 13% ting pay13% ment of student 13% 33% 13% 11% 63% retirement plans 66% of retirees 12% 12% 12% 9% 9% Another key difference in retirement patterns that the RCS has consistently 31% through payroll The stock maJ. rket will b P. Morg e van olatile Chase & and unpred Co. ictable Voya 11% 16% 23% ? 40% 48% 56%71% income in retirement. However, a sign 8% ificantly smaller share of retirees, one-third Investment option for retired employees th9% at manages their portfolio 54% 49% health expenses in retirement and save for the future 7% 7% 7% 7% 9% 8% inflation plan 2024. unabl pre care unc In add pare han e e it xpen ion t g for o afford ed tse t re o from t the ireme han tir o re last ow in 202 nt t y n ,ire, e hal e ar. xpen 4. and f of w i ses, nfl orke at re ion w trs iree and s ere are four the al in fi so top co pl ve ann re nc ting iree erns for t s re voice v he iew ne d ed xt by the less 6% ? 7%6% 6% loans 6% 8% 6% 6% (vs. 28% in 20 6% 24) deduction 8% 55% are worried about the Long-term care expenses 7% 7% New Ne rules w r5% ule that mig s that mig ht htencou e6% ncoura rage ge o or r incentiv incentiviziz e e emp emplo 5% 10%y lo er ysers to 10% to use ua se a sta s te 23% ta or te 18% 53% Not sure A product 28% that guarantees monthly income for life (vs. 20% in 2024) assuming they will withdraw income once retired. It could suggest a target 5% Help with saving for 5% a home 4% 4% 4% 4% shown is how worker’s desire to retire “gradually, over time” (50% expect) Worker as a s chil 4% R d et irees 33% ? 1% overall, indicate it is a source of income. 4% (vs. 28% in 2024) 20% 3% 3% 3% 2% 6% 19% 51% 35% 3% 23% 46% increasing cost of living confident am ge Su ne ount ggrat est Yo ed iuon, of s pend w Ci t he orkers as tat i less ir on sev Soc t : Empl .ha e O n in al v y in 10 Se e oy ou r ee c sev curi o of uld Benefi e t bec n re y ibene tn tire Merce a R 10 us esear e e w s fe fi yare con der o torkers .ch u rA al wo ddit Irnst eti uld rie tare w l u im fi onal ike t tde e/ ent Gr ont plan llorried ee eav y ,t he nw pr ab e ogra a al yout d ab w m R i*l t esear lout hav hre m e ch, e iaki n fi e “2025 noug ng ve s EBR w ub h orkers mone Ist /G ant reeinw al y ald Retirement Confidence Survey or federal retirement plan program* withdrawal rate, but the income is not guaranteed. It will last as long as the Social Security 1% Personal Employee Benefit Research Institute Greenwald Research 8% 31% ?15% 32% ? 29% contrasts with retirees’ “full-time stop” experience (73% actual). Similarly, three- 43% making it hard to save Those who seek help w Yes ant to cover topics like if they have enough saved or are 78% College savings for a child 65% 65% Financial support from family or friends find their health care money in leg tha ec a yc ic nherita ount las nc ts.e Summ The ary U .S. Repo ecorno t,” my Ap wi ril ll go 24, 20 into 25a . recession in the Housing nex co t 12 sts mo will ris nths e 19% 28% ? 34% 5%42% 53% 70% 18% cut and more to le s av to e sp an etnding han four inherit becaus ance in fi.v More e e re of tiire nfl ov e at e s r, ihav on, six e t in he t10 houg st ret ock m ht ire e ab s arket dis outagre how being e tthe hat vol age at the ile at y, ne and housi we hich d to ng Spending to support or help a family 90 mem 1 D S ber treet SW, Suite 802 4201 Connecticut Ave. NW, Suite 62 re 0tirement savings 6% 12% 22% 7% 53% as much money as Some other changes Some other changes 3% 1% 18% and dental expenses F F F F F F Fiiiiiiir r r r r r rst st st st st st st year year year year year year yearsav qu art ing ers enof ouw gh orkers for ret think iremen that t, t in he ves y ti w nilg l w ou ork tside for p thay eir w in re orkp tire lace ment pl an (75 , %) creat , whil ing a pl e an 73% Washington, DC 20024 Washington, DC 20008 1% or investments (vs. 24% in 2024) (vs. 39% in 2024) Other 1 1 1 1 1 1 1 9 9 9 9 9 9 99 9 9 9 9 9 9 2 2 3 2 2 3 1 1 1 1 1 1 19 9 9 9 9 919 9 9 9 9 9 94 4 4 4 4 499 1 1 1 1 1 19 9 9 9 9 99 9 9 9 9 9 2 9 9 9 9 9 9 004 2 2 2 2 2 20 0 0 0 0 00 0 0 0 0 04 4 4 4 4 4 20092 2 2 2 2 20 0 0 0 0 00 0 0 0 0 09 9 5 5 9 9 2012 2 2 2 2 2 40 0 0 0 0 01 0 1 0 1 14 4 9 4 4 9 202 2 2 2 2 2 10 0 0 0 0 0 51 1 1 1 1 15 5 5 5 5 5 20 2 2 2 2 2 20 0 0 0 0 0 16 1 1 1 1 1 16 6 6 6 6 6 2 2 2 2 2 2 20 0 0 0 0 0 01 1 1 1 1 1 17 7 7 7 7 7 7 2 2 2 2 2 20 0 0 0 0 0 20 1 1 1 1 1 18 8 8 8 8 8 19 2 2 2 2 2 20 0 0 0 0 02 1 1 1 1 1 10 9 9 9 9 9 920 2 2 2 2 2 20 0 0 0 0 02 2 2 2 2 2 37% 2 0 0 0 0 0 0021 2 2 2 2 2 20 0 0 0 0 02 2 2 2 2 21 1 1 1 1 12022 20 20 20 20 20 2022 22 22 22 22 22 202 2 2 2 2 2 23 0 0 0 0 0 02 2 2 2 2 2 they 3 3 3 3 3 3 2 w 02 2 2 2 2 2 a 2 0 0 0 0 0 04 nt 2 2 2 2 2 24 4 4 4 4 4 . 2 2 2 2 2 2 2 0 0 0 0 0 0 02 2 2 2 2 2 2 5 5 5 5 5 5 5 (vs. 24% in 2024) sp cost the ey nd s cl ris ai le ing m ss .t Soc han t More iD al ishe ab w Se ilorkers y ity curi coul insut ranc yd agre can i e becaus ince om mp te, hat no act et t re th he t rou the ire y gh w ment am Soc oul iount ad l Se sa lc ike u v rtiity he ng t*o l y s e ire s av not ce ei v a a elpri .e Tg he orit acy median y for their a a a a a a ask sk sk sk sk sk ske e e e e e ed d d d d d d 5% Workers Retirees to be higher than Phone: (202) 659-0670 11% Phone: (202) 686-0300 f onl or y lo 3 ng in -te 10 rm ret ciare rees expe say nse thes, y act and ual what ly hav they e w pl orked an to do for w pa ity h si th nce eir w re otrk iring plac (29 e %). Strongly agree Somewhat agree Disagree * Newly added in 2025 1% *I *Itte em m ttr ru un nc ca atte ed d expected ifam re nhe port irit lie ance e s d than l and expec . ast year. te d claiming age remains age 65, however. Don’t know 3% Noret t previre iousmen ly asked * t De sav scription in sgs have pl beean n truncw atehe d n they retire (Figure 18). *Not previously asked ? ? ? N ? N *N N ? ?=Si =Si =Si =Si =Si =Si o o oe ttt w p p p g g g g g g ly r r rn n n e e e n n n if if if v v v if if if aic ic ic iou iou iou ic ic ic da a a d a a an n n e n n n s s stttd ly ly ly tttly ly ly ly ly ly in a a a h h h h h hs s s igh igh igh igh igh igh 2 k k k0 e e e2 e e e d d d e e e5 r r rr r r tttttt h h h h h h ?a a a a a a =Si n n n n n n p p p p p p g r r rr r rn e e e e e eif v v v v v viou iou iou ic iou iou iou an s s s s s s t ly y y y y y ye e e e e e h a a a a a aigh r r rr r r,,,,,, ? ? ? ? ? ? e=s =s =s =s =s =s r tign ign ign h ign ign ign an if if if if if if ic ic ic ic ic ic pa a a ra a a e n n n n n n v ttttttly ly ly iou ly ly ly low low low low low low s ye e e e e e er r rr r ra tttr ttth h h h h h , a a a a a a ?n n n n n n =s p p p p p pign r r rr r re e e e e ev v v v v vif iou iou iou iou iou iou ica s s s s s sn y y y ty y yly e e e e e ea a a a a a low r r rr r r er than previous year Please note percentages in the following tables and charts may not total to 100 due to rounding and/or missing categories. Any trend changes or differences in subgroups noted in text are statistically significant; if no trend changes are * Not previously asked Source: EBRI/ Greenwald Retirement Confidence Survey 2025. S S S S S S S S S S S S S S S n So o o o o o o o o o o o o o o o otu u u u u u u u u u u u u u u u er r r r r r r r r r r r r r r rd c c c c c c c c c c c c c c c c,e e e e e e e e e e e e e e e e t::::::::::::::::h E E E E E E E E E E E E E E E E eB B B B B B B B B B B B B B B B reR R R R R R R R R R R R R R R R w IIIIIIIIIIIIIIII////////////////e Gr Gr Gr Gr Gr Gr Gr Gr Gr Gr Gr Gr Gr Gr Gr Gr ree e e e e e e e e e e e e e e e n e e e e e e e e e e e e e e e eo n n n n n n n n n n n n n n n n w w w w w w w w w w w w w w w w sign a a a a a a a a a a a a a a a ald ld ld ld ld ld ld ld ld ld ld ld ld ld ld ld ifR R R R R R R R R R R R R R R R ice e e e e e e e e e e e e e e e attttttttttttttttn ire ire ire ire ire ire ire ire ire ire ire ire ire ire ire ire t d m m m m m m m m m m m m m m m m ife e e e e e e e e e e e e e e e fe n n n n n n n n n n n n n n n nrtttttttttttttttte C C C C C C C C C C C C C C C C nc o o o o o o o o o o o o o o o oe n n n n n n n n n n n n n n n ns ffffffffffffffffide ide ide ide ide ide ide ide ide ide ide ide ide ide ide ide . n n n n n n n n n n n n n n n nc c c c c c c c c c c c c c c ce e e e e e e e e e e e e e e e S S S S S S S S S S S S S S S Su u u u u u u u u u u u u u u ur r r r r r r r r r r r r r r rv v v v v v v v v v v v v v v ve e e e e e e e e e e e e e e ey y y y y y y y y y y y y y y y 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 20 0 0 0 0 0 0 0 0 0 0 0 0 0 0 02 2 2 2 2 2 2 2 2 2 2 2 2 2 2 25 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 24 27 11 13 22 13 12 28 26 30 29 26 25 23 24 25 17 18 27 18 21 12 22 15 21 17 16 14 16 23 28 20 19 15 29 10 30 19 20 10 14 11 4 4 8 8 7 9 3 1 2 9 5 7 5 2 6 3 6 Source: EBRI/ Greenwald Retirement Confidence Survey 2025 1998 2008 2018 2021 2023 2024 2025