Even as many retirees report feeling financially stable, a growing number of working-age Americans — including many in high-cost states like New York — are increasingly uncertain about whether retirement will ever feel secure.
A new Gallup survey released Wednesday found that while 82% of retirees say they have enough money to live comfortably, fewer than half of nonretirees believe they will reach the same point when they stop working.
Just 45% of nonretirees said they expect to be financially comfortable in retirement, continuing a decades-long trend of pessimism that has widened sharply in recent years.
The findings come as New Yorkers continue facing some of the nation’s highest housing, healthcare, energy and tax burdens — all factors complicating long-term retirement planning.
Gallup found that 69% of nonretirees are worried about not having enough money in retirement, tying a recent high point reached in 2022.
The survey also revealed a major disconnect between how current retirees fund retirement and how younger Americans expect they will.
Social Security remains the dominant income source for retirees, with 62% saying it plays a major role in their retirement finances. But younger workers are placing far greater emphasis on personal retirement accounts like 401(k)s and IRAs.
Many Americans also expect to work longer.
Gallup found nonretirees now expect to retire at age 66 on average — five years later than the average retirement age reported by current retirees. Nearly three in five employed adults also said they expect to continue working part time during retirement.
Researchers said financial anxiety was highest among lower-income Americans, though concern remained widespread even among workers with retirement savings plans.
The findings underscore growing uncertainty about whether future retirees will have both the financial resources and physical ability to work as long as they currently anticipate.
For New Yorkers already confronting rising living costs and affordability pressures across nearly every aspect of daily life, the survey paints a picture of a workforce increasingly skeptical about what retirement will actually look like in the decades ahead.
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