Retirees believe that Americans planning a comfortable retirement in 2026 will need an average of $823,800 in savings and investments.
That number increased from $580,310 in 2025 — an increase of nearly $250,000 in one year. 40 percent believe $1 million or more is necessary. And the truth of what this group has saved looks very different.
Retirees reported an average savings of $288,700 — about one-third of what they believe young retirees need and down from $308,040 last year. Less than one in four retirees (23%) had at least $500,000 saved for retirement, while 29% said they had no retirement savings at all.
Women reported the lowest balances, averaging $261,763 compared to $330,305 for men, the study showed.
An attitude of crisis is taking hold
Nearly two-thirds of retirees (64%) say the US is in a retirement crisis, while only 41% believe retirement will happen for the average American in 25 years.
Almost half (48%) are not sure that they can maintain the current standard of living for the rest of their lives, while 23% are not sure that they will be able to do so even in the next year.
Almost half of retirees (51%) say they do not have a plan if their savings run out and 43% say they would rather die than face that outcome. About 55% prioritize saving their money over enjoying retirement.
The financial crisis is already changing behavior. Fourteen percent said they avoided doctor’s appointments or treatments to save money, and 12 percent admitted to skipping meals.
Late start, never ending regret
Most retirees did not start saving early.
Fifty-seven percent were 30 or older when they started saving for retirement, 31% were at least 40, and 32% were 50 or older or never started saving at all.
Almost all retirees (92%) say people underestimate the amount of money needed to retire comfortably and 58% say they are surprised.
More than half (55%) say they do not have enough savings for a comfortable retirement.
Regret is common. Sixty-one percent say they have retirement regrets – often wishing they had saved more money.
Fifty-eight percent save less than the recommended 15% of their income, while 38% wish they had taken the risk of investing when they were younger.
Homes as both an anchor and a risk
Homes remain important to retirement security.
About 73% of retirees own their home – although only 23% still have a mortgage – and 73% say they couldn’t afford to buy a home in today’s market.
Almost three-quarters (73%) say they will do everything they can to stay in their home even if they can’t afford it.
At the same time, 25% don’t feel confident they can cover their housing costs a year from now, and 29% are struggling with basic home repairs.
Almost half (45%) say their home is the key to a comfortable retirement.
Not trusting the government and programs
Retirees want more help.
81% say the government needs to do more for retirees, but only 14% believe the government is considering the best interests of retirees.
More than half (54%) are not confident that Social Security will provide full benefits for the rest of their lives — and 36% believe benefits will end in their lifetimes.
One year into the Trump administration, 55% say they are very pessimistic about the US economy.
Inflation, health care costs, and the future of Medicare and Social Security remain concerns – we summarize why many retirees view today’s retirement landscape with dismay.
