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Americans may be working and contributing to retirement accounts, but a new survey suggests that increasingly isn’t enough to keep their retirement plans on track.

The 2026 Goldman Sachs Asset Management Retirement Survey & Insights Report found a broad deterioration in retirement preparedness as consumers struggle with housing, healthcare, debt, and everyday living expenses.

Only 58% of retirement savers said they were on track or ahead of schedule, down from 68% in 2025. The percentage of respondents who increased their retirement savings over the previous year fell to 39%, a 16-percentage-point decline from a year earlier. Meanwhile, 14% reduced their retirement savings, up from 8%.

The findings come from a July survey of 5,106 Americans, including 3,612 working people and 1,494 retirees between the ages of 45 and 75.

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Retirement progress declines across generations

The deterioration wasn’t confined to one age group.

Among Gen Z respondents, the percentage who said their retirement savings were on track or ahead fell from 75% in 2025 to 66% this year. Among millennials, it dropped from 74% to 61%.

Gen X experienced a decline from 58% to 49%, while the percentage of baby boomers who said they were on track fell from 69% to 60%.

Goldman Sachs said housing and everyday living expenses were each cited by 31% of respondents as obstacles to saving, while 27% pointed to debt payments.

The pressures vary by generation. Housing was the biggest obstacle for 37% of Gen Z and 36% of millennials, compared with 21% of boomers. Gen X and boomers were more likely to cite rising day-to-day expenses.

The report argues that the problem has developed over decades. Since 2000, overall consumer prices have roughly doubled, but some of the expenses that can interfere with retirement savings — including housing, medical care, childcare, and college — have increased considerably faster.

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Taking on extra work

One of the more striking findings is how many Americans are supplementing their regular paychecks.

While 65% said their primary employment provides a stable path toward financial security, 61% of workers said they engage in additional work outside their primary job. Among those workers, 71% said financial need was the reason.

Younger workers were especially likely to have taken on additional work: 80% of Gen Z and 77% of millennials reported doing so, compared with 57% of Gen X and 37% of boomers.

Nearly 70% of respondents also said they had delayed at least one major financial goal. Those postponed goals include building emergency savings, saving for retirement, paying down debt, and buying a home.

That could create problems later because retirement itself isn’t always something workers can postpone.

Among retirees surveyed, 44% said they retired earlier than they had planned. Health problems, caring for family members, and losing a job were among the reasons.

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Planning appears to make a difference

The report also offers evidence that consumers who develop a specific retirement plan may be better positioned to deal with financial disruptions.

Nearly two-thirds of respondents — 64% — had a personalized retirement plan. Among that group, 72% said their savings were on track or ahead of schedule. Only 33% of respondents without a personalized plan said the same.

People with a plan were also more likely to have increased their retirement savings during the previous 12 months — 46% — compared with 26% of people without one.

That doesn’t necessarily mean having a plan caused better outcomes. People who are in stronger financial positions may simply be more likely to create financial plans in the first place. But the findings suggest that setting savings targets and regularly reviewing progress could help consumers make adjustments before falling too far behind.

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AI enters retirement planning

Artificial intelligence is also beginning to play a larger role.

Goldman Sachs found that 51% of respondents had used AI for retirement planning. Workers reported using it to learn retirement basics, develop savings plans, and estimate how much money they may need in retirement.

But consumers aren’t ready to hand major financial decisions over to a computer.

Seventy-three percent said they preferred human advice when dealing with major life events, while 69% preferred a person for emotional reassurance. About 63% preferred human help for tax-sensitive planning and retirement-income decisions.

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The fear of running out of money

The survey also highlights one of retirees’ longstanding concerns: outliving their savings.

Fifty-nine percent of workers said longevity risk — the possibility of running out of money during retirement — worries them.

That helps explain strong interest in guaranteed retirement income. Eighty-three percent of respondents wanted at least some guaranteed income as part of their retirement-income strategy.

The most popular approach was a compromise. About 51% preferred a combination of guaranteed income and flexible access to their savings, while 32% preferred maximizing guaranteed lifetime monthly income even if that meant giving up some control over their money.

For consumers, the report’s message is that retirement planning increasingly involves more than simply contributing to a 401(k). With household expenses competing for the same dollars, maintaining emergency savings, controlling debt, developing a retirement target, and periodically checking whether savings are on track may become increasingly important.

And waiting until the final years of a career to catch up could be risky. As the survey of retirees shows, workers don’t always get to decide exactly when their working years will end.