More than 1/3 of adults delaying retirement

NEW YORK--(BUSINESS WIRE)--New York Life’s latest Wealth Watch survey reveals a growing "financial confidence gap" — the difference between where Americans feel they are financially and where they aspire to be. As economic uncertainty persists, American adults are reassessing financial strategies and priorities, with retirement planning surfacing as a primary area of concern.

According to the findings, a substantial number of Americans are delaying or adjusting their retirement plans due to rising costs and economic shifts:

• More than 1 in 3 adults (35%) report having delayed or intending to delay their retirement, citing insufficient savings (51%), inflation (46%), and the changing economic environment (32%) as primary reasons.
• Over half (53%) have revised their retirement strategy — focusing on paying down debt (23%) and working longer (16%) to meet their goals.
• Only 45% have accounted for healthcare and long-term care expenses in their retirement planning.
• While 60% of adults are confident they will have sufficient savings to last through retirement, nearly 1 in 3 (32%) are unsure whether they will outlive their assets.

 

Generationally, both millennials and baby boomers (43% each) are more likely to report having retirement savings, while Gen Xers (38%) and Gen Zers (36%) lag slightly behind. Notably, 64% of millennials express at least some confidence in their ability to save adequately for retirement, compared to just 50% of Gen Xers.

“Many individuals are optimistic about their future selves, but these findings highlight a significant gap between their expressed confidence and their actual financial circumstances,” said Jessica Ruggles, corporate vice president of Financial Wellness at New York Life. “Planning for retirement and managing decumulation is increasingly complex given macroeconomic conditions, along with rising costs associated with healthcare, caregiving, and long-term care. Thoughtful, informed financial guidance — whether self-directed or supported by a professional — can play a critical role in helping people test their financial assumptions and navigate evolving challenges.”

Day-to-day costs deepen broader financial strain

Concerns about retirement are part of a broader picture of financial stress. The vast majority of Americans (92%) express concern about today’s market conditions, particularly:

• Higher cost of living (63%)
• Rising cost of everyday expenses (55%)
• Saving for the future (46%)

Inflation continues to weigh heavily on household budgets, with basic necessities like groceries (69%), gas (60%), and utilities (59%) ranking among Americans’ top financial burdens. These categories have seen increased spending compared to one year ago.

Americans are taking action to achieve their financial goals

Despite these challenges, Americans are actively taking steps to improve their financial outlook. Seventy-seven percent of adults say they are taking action to meet financial goals, with many:

• Staying up to date on economic trends (33%)
• Adjusting personal financial strategies (30%)
• Conducting financial research (27%)

 

Informed strategies correlate with confidence

Notably, the data shows the value of having a strategy informed by expert insight, and of owning financial protection products. This measure is associated with significantly higher levels of financial confidence:

	Work with a financial professional	Do not work with a financial professional		Own protection products	Do not own protection products
Confident that they will be able to save enough for their assets to last throughout their retirement	87%	49%		72%	47%
Confident in their ability to meet their financial goals	85%	58%		74%	52%
Confident in their ability to manage debt	53%	26%		40%	24%
Preparedness for a financial emergency	50%	19%		35%	18%

“Financial confidence today is not about reaching a single number — it’s an evolving, deeply personal journey shaped by non-mortgage debt, long-term risks, life stage, and broader economic uncertainty,” said Ruggles. “The findings reveal that Americans are thinking beyond themselves, factoring in both their own retirement needs and the financial well-being of future generations. This underscores the importance of a clear, well-rounded strategy — one that addresses protection and growth over time and adapts to changing circumstances.”

ABOUT WEALTH WATCH
Wealth Watch is a recurring survey from New York Life that tracks Americans’ financial goals, progress toward those goals, and feelings about their ability to secure their financial futures. The survey identifies key themes and trends that are emerging about topics like retirement planning, the role of protection-oriented solutions, and the importance of financial guidance.

SURVEY METHODOLOGY
This poll was conducted June 14-15, 2025, among a sample of 2,262 adults. The interviews were conducted online, and the data was weighted to approximate a target sample of adults based on gender, age, race, educational attainment, and region. Results from the full survey have a margin of error of plus or minus two percentage points.