Gen X more anxious than baby boomers about retirement

NEW YORK, NY — APRIL 1, 2026 — As the first wave of Gen X approaches retirement, many consumers are confronting a difficult transition: after decades focused on growing assets, they now must convert those savings into reliable income, often without the pension safety nets previous generations often relied on.

Global Atlantic’s 2026 Retirement Outlook Survey of consumers and financial professionals finds that retirement anxiety extends beyond market swings. Rising health care costs ranked as the top concern for both consumers and financial professionals surveyed, yet consumers expressed greater economic unease overall.

Six in 10 consumers said they felt more uncertainty about the U.S. economy than in the past, compared with four in 10 financial professionals. Financial professionals, meanwhile, reported greater confidence in markets and the broader economic outlook.

First Wave Gen Xers (ages 55–60) in particular showed heightened anxiety compared with Boomers. Twenty-eight percent of Gen X respondents said they are extremely or very concerned about having enough income to last their lifetime, compared with 14% of Boomers. Among those without pensions, 56% of Gen X reported some or absolute “pension envy,” compared with 44% of Boomers. Nearly half (48%) of Gen Xers said they anticipated returning to work after retirement due to financial concerns, versus 21% of Boomers.

“The study highlights a meaningful shift in retirement readiness as the first wave of Gen X approaches retirement,” said Jason Bickler, Co-Head Individual Markets at Global Atlantic. “Compared with Boomers, Gen X consumers reported higher levels of income anxiety, greater concern about Social Security, and a stronger likelihood of needing to work longer. Unlike prior generations that often relied on pension plans, many of today’s near-retirees must create their own reliable income stream from accumulated savings, even while facing rising health care costs and economic uncertainty. This makes the transition from accumulation to income not only financial, but emotional, and it underscores the importance of thoughtful, forward-looking planning.”

The research, however, reveals a notable gap between concern and execution. While 61% of consumers said protecting assets is more important than growing assets, nearly four in ten (38%) do not have a specific retirement income plan, despite all respondents surveyed are working with a financial professional.

At the same time, concern about the sustainability of Social Security remains elevated. Sixty-nine percent of consumers said they are concerned it will not provide full benefits for the rest of their lives.

“An investment strategy isn’t the same as an income plan,” concluded Emily LeMay, Co-Head Individual Markets at Global Atlantic. “Our research shows many consumers have done a strong job building assets, but fewer have translated those assets into a clearly defined income strategy. As questions around Social Security and longevity persist, working with a financial professional to map out income needs and revisit that income plan as markets and life evolve, can help turn uncertainty into a more secure lifetime retirement path.”

For more information, view the Global Atlantic 2026 Retirement Outlook Survey