Study: 2 in 3 Americans Aren't Meeting Retirement Savings Goals, Lagging Behind Peers [2025 Survey]

Saving for retirement is critical for financial security, but with market volatility, a changing labor landscape, and increased costs of living, is it even plausible to plan for retirement anymore?

Since 2020, our research team has conducted a survey of Americans on their retirement plans, feelings, and savings habits to understand retirement goals and the major roadblocks Americans are facing to meet those goals.

In our 2025 survey, we found that more Americans are facing retirement uncertainty due to the rising costs of goods, market insecurity, and a lack of earnings. In fact, a majority said they feel like they're not saving enough for retirement.

Key findings

• 93% of Americans have financial fears about life after retirement.
• 63% said they aren't currently saving as much for retirement as they would like to.
• 50% of Americans believe they're behind their peers with retirement savings, while only 1 in 5 think they're ahead.
• More than 3 in 4 (77%) of Americans said the rising cost of living has been an obstacle to saving for retirement. Roughly 1 in 3 believes they'll outlive their retirement savings.

How many Americans are meeting their retirement goals?

While saving money of any amount for retirement is beneficial, the more you can save — and the earlier you start doing it — the better. While it's generally advised to max out Roth and 401(k) limits, we also realize that isn't realistic for many people.

We asked Americans if they're currently saving as much for retirement as they'd like to be.

Alarmingly, the majority of respondents feel like they aren't doing enough: nearly two-thirds of all respondents, 63%, said they are saving less than they'd like for retirement. The proportion of people who feel they aren't doing enough is consistent regardless of age, with between 61% (Millennials) and 66% (Baby Boomers) of respondents across all generations reporting that they aren't saving as much as they would like.

Half of Americans feel they're trailing behind their peers when it comes to retirement savings

Of course, wealth is relative, and how people feel financially may have as much to do with others as it does with their own finances. To see how people felt they were doing with retirement savings compared to others, we asked if respondents felt they were saving above, below, or about the same as their peers.

When asked how they felt their retirement prep stacked up against others, 50% of Americans said that they feel like they're trailing behind their peers, including nearly a quarter of the population (24%) who said they are far behind their peers. Conversely, just 23% felt they are saving at a rate ahead of their peers.

Generationally, nearly a third of Boomers, 31%, report feeling as though they're far behind their peers, the highest percentage of any age group. Feeling behind, especially for those closer to retirement age, can be daunting. With talks of raising the retirement age, those who feel behind may benefit from a few extra years of saving.

The Roadblocks Americans Face When Saving for Retirement

While the importance of planning and saving for retirement is well known, many different factors can slow down or even halt savings progress.

The most common roadblocks to savings are increases in the cost of living, which 77% of respondents said has impacted their retirement plans, and inflation, something that 75% of people said has been an issue.

These roadblocks are similar and related in some ways, as inflation can have some impact on the cost of living. The big difference between them is that cost of living is more localized and individualized. It measures what it costs to maintain a certain standard of living in a given area based on major expenses like housing, food, and healthcare. By contrast, inflation has a much broader scope relating to prices on all goods and services across the entire country.

The impact of inflation on retirement savings has increased tremendously in a short time, as just 40% of people cited it as a retirement roadblock in our 2023 survey.

Other major obstacles include not earning enough to save (61%), housing expenses (53%), and healthcare costs (44%). Credit card debt is also weighing heavily on many, with 44% citing it as a barrier.

Younger Americans said student loans are blocking retirement savings

More than 1 in 5 people, 22%, said that student loan debt is keeping them from saving as much as they'd like for retirement, though the impact of this particular retirement roadblock is much greater on some generations than others.

More than a quarter of Millennials (28%) and Gen Z (26%) respondents, for example, cited student loans as an impediment to retirement, compared to just 6% of Baby Boomers and 17% of Gen X.

Americans of All Ages Share Similar Fears Surrounding Life During Retirement

Planning for retirement is difficult, but financial concerns don't stop just because someone's left the workforce for good. Retirees can experience plenty of financial anxiety even after retiring.

To understand the financial fears about retirement that worry people the most, we presented survey respondents with a list of more than a dozen potential sources of monetary stress they might encounter in retirement. We then asked them to select up to three stressors that they are most concerned about.

Cost-of-living (COL) increases are the number one financial concern respondents said they have about life in retirement. Increases in the cost of living were the top retirement roadblock in our survey as well, showing just how worried most people are about how expensive modern life has become.

The cost of healthcare was the silver medal concern, while rising inflation took bronze. Another top worry, and one that goes hand-in-hand with everything ranked above it, is that the amount that people have saved for retirement won't be enough to last the rest of their lives and that they will actually outlive their savings.

The final top-five concern was Social Security, specifically whether there will be enough left for people to receive money once they retire. While a significant portion of all respondents said they're worried about whether there will be enough Social Security funds left for them once they reach retirement, this was actually the number one financial fear overall among Baby Boomers.

Advice from Our Experts

The path to retirement doesn't have to feel daunting. The FinanceBuzz team asked a panel of experts to weigh in on some common questions to help ease retirees' fears.

Responses may have been slightly edited for brevity and clarity.

What do you see as the biggest barriers to a secure retirement today?

What should Americans be doing now if they're fearful for their financial future?

Is there ever a case for retirement-eligible individuals to continue working into their older years, even if they have the financial means to stop?

Retiring with Peace of Mind

There are plenty of ways to ensure you'll be retiring with some peace of mind, even if you're getting a later start:

• When you reach retirement age, take advantage of the right bank accounts. Even when you reach your retirement milestone, managing your money with the right tools is very important. Look into some of the best bank accounts for seniors to keep your hard-earned retirement funds secure and fee-free.
• Save for retirement as soon as possible. Saving for retirement is a huge part of making sure you're set up to live comfortably when no longer working full time. When you start early, you have more time for investments to compound and for markets to stabilize over time. That said, every bit you can save is helpful, even if you're getting off to a later start.
• Make your money work for you. Investing money is a good way to make your money work for you and build wealth for your future. Our guide to the best investment apps can help you get started.
• Budget your money. In times when money is tight, budgeting can be helpful. Check out our list of the best budgeting apps and start taking a more active role in your finances.

Methodology

FinanceBuzz surveyed 1,000 U.S. adults ages 18 or older using a survey platform in August 2025. Results were stratified across age and gender to create a nationally representative sample.