Nearly half of nonretirees doubt they will fully retire

Nearly half of Americans surveyed remain skeptical about their ability to fully retire. This is despite 58% of nonretirees saying they’re confident they’ll have enough money to retire from their primary career on schedule. These are among the findings of Thrivent’s 2026 Retirement Expectations Survey.

A look at Americans’ retirement expectations

The survey, conducted by Ipsos, highlights emerging themes around Americans' retirement expectations in 2026. These include:

--Younger generations are most concerned about AI's retirement impact: Americans across generations are grappling with how advances in artificial intelligence could affect jobs, earnings and long-term retirement security.

Among nonretirees, Generation Z (63%) and millennials (59%) are more likely than Generation X and baby boomers (49% each) to anticipate a negative impact on their retirement from AI reducing the number of jobs.

Retirees are also concerned, with 29% saying that AI-driven changes to work have negatively affected their retirement. This is up from 20% who responded similarly in 2025.

--Retirement planning takes a backseat to current finances: Despite expressing confidence in their ability to retire on time, Americans are prioritizing their financial needs today instead of planning and saving for the future.

Nearly two-thirds (64%) of nonretirees said they are more focused on their current financial situation than planning for retirement.

More than one-third (35%) of nonretirees also said that they feel behind their peers when it comes to retirement planning. This is driven largely by the high cost of living (53%) and not earning enough to save for retirement (47%).

--Economic and global events are having a greater impact on retirees: Retirees are increasingly reporting that factors beyond their control — from inflation to geopolitical uncertainty — have had a notable impact on lifestyle and retirement planning for many Americans in the past year.

Compared with Thrivent's 2025 survey, retirees in 2026 are much more likely to cite a negative impact on their retirement from factors such as inflation (70% vs. 57%), political instability (61% vs. 48%), and global economic conditions (54% vs. 44%).

--Rethinking what retirement looks like: For many Americans, retirement is becoming less of a finish line than a transition, with work and other financial considerations continuing to play a role later in life.

Many expect work to remain part of the equation, with 36% anticipating earning income at some point after retiring from their primary career.

The absence of an expected inheritance is also shaping the outlook on retirement. Among nonretirees who feel that they are behind in retirement planning, 37% cited not having or expecting an inheritance as a contributing factor. Millennial nonretirees are more likely than Gen Zers to point to a lack of inheritance as a reason for feeling behind in retirement planning.

Why many nonretirees think they will never fully retire

Why do so many nonretirees think they will never fully retire?

“We’re seeing many people look at retirement differently than previous generations,” said Jason Rogoff, a financial advisor at Thrivent, as he shared some reasons for this line of thinking.

“Rising living costs, longer life expectancies, economic uncertainty and questions about how technology like AI could affect jobs are making it harder for people to picture a traditional retirement,” he said. “At the same time, managing today's financial demands is making long-term planning feel less urgent and attainable. This pressure is contributing to many Americans seeing retirement as a transition rather than a finish line, with 36% of nonretirees expecting to still work even after retiring from their primary career. For some, that's driven by financial necessity. For others, it's about maintaining purpose, flexibility or social connection.”

And the groups most concerned about their ability to retire? Younger generations, particularly Gen Z and millennials, tend to be the most concerned about their ability to retire and less certain about what retirement will look like for them, Rogoff said. Nearly two-thirds of Gen Z nonretirees and nearly six in 10 millennials anticipate AI-driven job losses could negatively affect their retirement prospects.

In addition, Rogoff said that 35% of nonretirees feel behind their peers in retirement planning, largely citing the impact of rising living costs and difficulty in saving enough for retirement as factors holding them back. Questions about future financial support, such as whether individuals will receive an inheritance, are also part of the picture, he said.

Addressing these concerns

As they try to address these concerns, Rogoff said that advisors can help clients focus on what they can control instead of getting stuck on everything they can't.

“We encourage clients to build flexible plans, revisit them regularly and make adjustments as life changes,” he added. “Whether someone is already retired or still years away, having clear goals, realistic expectations and routinely meeting with a financial advisor can help them stay confident and make wise decisions, even when the economy or their personal circumstances fluctuate.”

Rogoff said that starting to save for retirement as early as possible is also advantageous, even in small amounts. “Consistency is more important than perfection,” he said. “Ultimately, having a trusted advisor provides perspective, accountability and confidence during periods of uncertainty.”

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