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Retirement used to be something Americans took for granted. In recent years, there have been no guarantees.

A new study from the nonprofit Transamerica Center for Retirement Studies, conducted in collaboration with Transamerica Institute, finds that persistent inflation, debt, caregiving responsibilities, and uncertainty about Social Security are undermining Americans’ ability to prepare financially for retirement.

The report, Stressed and Strained: Four Generations Strive for Retirement Security, found that 78% of workers believe today’s high cost of living is making retirement saving more difficult. Nearly two-thirds, 65%, agree they could work until retirement and still not accumulate enough money to meet their needs.

Meanwhile, 73% are concerned that Social Security won’t be there when they’re ready to retire, and 41% identify outliving their savings as one of their greatest retirement fears.

“The U.S. retirement system is evolving, and it now places more responsibility on workers to fund their retirement than it did for prior generations,” said Catherine Collinson, CEO and president of Transamerica Institute and the Transamerica Center for Retirement Studies.

Collinson described the combination of inflation, uncertainty, and competing financial obligations as a “perfect storm.”

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Baby boomers are postponing retirement

The findings are particularly troubling for older Americans who have little time remaining to build their retirement savings.

Among baby boomers still working, 55% expect to retire at age 70 or older or do not plan to retire at all. 

The survey found that baby boomer workers have an estimated median of $263,000 in total household retirement accounts. While that is substantially more than younger generations have accumulated, it may be insufficient to maintain their standard of living through a retirement lasting 20 years or longer.

The study also found that 42% of working baby boomers expect Social Security to provide their primary source of retirement income. Another 27% expect to rely primarily on retirement accounts such as 401(k)s and IRAs.

Despite being close to or beyond traditional retirement age, only 28% of Baby Boomer workers have a written financial strategy for retirement.

That lack of planning could become particularly problematic if health issues or job losses force workers to retire earlier than expected.

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Generation X faces a retirement savings shortfall

The outlook is also challenging for Generation X, whose oldest members are now entering their early 60s.

Only 18% of Generation X workers say they are very confident they can fully retire with a comfortable lifestyle. Just 25% strongly agree they are building a sufficiently large retirement nest egg.

The generation has accumulated an estimated median of $113,000 in household retirement accounts, considerably less than baby boomers.

To compensate, 36% of Generation X workers expect to retire at age 70 or older or do not plan to retire at all. More than half, 53%, anticipate continuing to work during retirement.

However, relying on employment later in life carries risks. Health problems, layoffs, and caregiving responsibilities can interrupt even carefully developed retirement plans.

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Younger workers face competing financial demands

The report suggests that retirement insecurity could persist for future generations.

Among millennials, 58% say debt interferes with their ability to save for retirement. Their estimated median household retirement savings total $73,000.

Generation Z workers have accumulated an estimated median of $37,000, but half report struggling to make ends meet.

Caregiving is another significant obstacle. More than one-third of workers surveyed have provided care for a relative or friend during their careers, excluding ordinary parenting responsibilities.

Among Generation Z and millennial workers who have been caregivers, 90% report making employment adjustments because of those responsibilities. Such changes can reduce earnings, interrupt retirement contributions, and limit opportunities for career advancement.

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What older Americans can do

Although the findings paint a troubling picture, they also underscore the importance of making financial decisions before retirement becomes unavoidable.

For workers in their 50s and 60s, financial planners generally recommend several steps:

• Review retirement income sources. Estimate how much Social Security, pensions, and personal savings will provide each month, and compare that amount with anticipated expenses.
• Consider catch-up contributions. Workers age 50 and older may qualify to contribute additional money to workplace retirement plans and IRAs, subject to IRS limits.
• Reduce high-interest debt. Paying down credit card balances and other expensive debt can lower the amount of income needed in retirement.
• Plan for healthcare expenses. Medicare does not cover every medical expense, and long-term care can create substantial financial obligations.
• Prepare for an earlier-than-expected retirement. Even people who intend to work until age 70 should consider what would happen if their health or employment circumstances changed.

The Transamerica findings are based on an online survey of 6,153 workers employed by for-profit companies. The Harris Poll conducted the research between September 16 and October 17, 2025, with results released in October 2026. The findings describe working Americans rather than the entire retired population.

The report’s central message is that retirement security increasingly depends not only on how much Americans save, but also on their ability to withstand financial setbacks throughout their working lives.