Retirement Confidence Drops as Workers Worry About Government Changes to Social Security
The 2026 Retirement Confidence Survey found that only 61 percent of workers feel confident about having enough money to retire, down 6 percentage points from 2025. Four in five workers say potential government changes to the retirement system are a top concern.
Worker confidence in retirement security fell sharply in 2026, according to the annual Retirement Confidence Survey conducted by the Employee Benefit Research Institute and Greenwald Research.
Only 61 percent of workers said they feel confident about having enough money to retire comfortably, down 6 percentage points from the previous year. Retiree confidence also dropped, falling 5 points to 73 percent.
The survey identified several drivers of the decline. Four in five workers said potential government changes to the U.S. retirement system are a significant concern. Rising housing costs affect 7 in 10 workers' ability to save. Nearly 6 in 10 cite healthcare expenses as cutting into retirement contributions.
Fewer than 3 in 5 workers reported having sufficient emergency savings, down from 64 percent in 2025.
On a more positive note, 2026 brings higher contribution limits for retirement accounts. Workers can now contribute up to $24,500 to a 401(k), 403(b), or similar plan, up from $23,500 in 2025. IRA contribution limits rose to $7,500. Workers aged 50 and older can make additional catch-up contributions of $8,000, and those aged 60 to 63 can contribute an extra $11,250 under new rules.
Financial advisors say the higher limits are meaningful for workers who can afford to max out their accounts, but the survey data suggests many Americans are struggling to save at all. Building an emergency fund before increasing retirement contributions is often the right first step for households with limited cash flow.
The survey also found that many Americans are exploring retirement in Europe, attracted by lower healthcare costs and a different cost of living.
