This is from a survey of only 240 people from WalletHub August 2026, but still, the results are not optimistic.
For example, 43% of those surveyed believe it is not realistic for the average American to expect to retire comfortably. “Not realistic?” How do HD readers feel about that?
- Pension preference: 7 in 10 people believe a pension is better than a 401(k). Understandable, but for most workers this is not practical because you need to be a participant in a pension plan (generally one employer) for decades to generate a significant retirement income and the average tenure with one employer is only 4-6 years +-
- Americans worry about retirement: More than 1 in 3 Americans are not confident that they will have enough money to retire.
- Benefit trade-off: More than half of Americans say they would prefer to pay a 12.4% Social Security tax to get double the benefits rather than a 6.2% tax and current benefits. The thing is, that won’t work. Even doubling the entire current 12.4% rate (to 24.8%) would still leave a large gap relative to doubling costs.
- Retirement doubt: 43% of people believe it is not realistic for the average American to expect to retire comfortably. I guess the key word is comfortably and how defined.
- Many people may never retire: 40% of people say they expect to work until they die.
- Debt takes precedence: More than 2 in 5 Americans think paying off debt is more important than making retirement contributions. I wonder.
Note: Percentages may not total 100% due to rounding.
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If they ran this survey in August 1986 I bet the results would’ve been the same. Back then I remember many boomers were saying they would never be able to retire.
You get what you put into it and by that I mean personal financial education. hardly any in schools so don’t expect rosy results when you do a survey.
I do wonder when Americans actually had a “secure” retirement. It’s largely a myth, propagated by politicians and those who profit from the complexity. In reality, the typical retiree is more like a wildebeest crossing the Serengeti. Good luck getting to the other side!
There was probably a sweet spot in the 1980s and 90s for people with good pensions, Social Security and Medicare, but that was hardly everyone.
What has clearly changed is who bears the risk. Today it’s basically: “Here’s your 401(k). Now save enough, invest it for 40 years, survive a few crashes, and figure out how long you’re going to live!”
There is no need to feel anything about this. It is simply a survey recording individuals’ own feelings. I sense from some of your additional italicised points you’re already trying to question whether people are lying or wanting the impossible.
That you think something is impossible is not a response to a feeling someone has that it is something they would prefer.
Few things are absolutely impossible. Politics, corporate behaviour, the traditional US culture of at will firing and job insecurity etc could all be changed if enough people had the will. Hey even unlinking social security from a prefunded basis is only the work of a single Act.