Americans Lack Realistic Retirement Plans

Only 20% of Americans have a defined retirement plan, and just 19% feel very prepared for retirement, according to MDRT’s 2026 survey of U.S. consumers. The survey also found that 51% of Americans cite rising cost of living as the leading obstacle to retirement preparation, followed by insufficient retirement savings (37%) and healthcare costs (33%).

Americans without a financial advisor may have less realistic retirement expectations: Among consumers who expect to retire between ages 60 and 64, 57% have never worked with an advisor. Similarly, only 10% of Americans do not expect to retire, with 15% of that group currently working with an advisor. This underscores the need for financial advice, as consumers without an advisor tend to have more unrealistic expectations around their financial future.

The survey discovered that Americans are split on when they think they will be able to retire, and if they will be able to retire at all. Research shows that 23% of Americans expect to retire between ages 60-64, well before the typical retirement age, and more than half (57%) of them have never worked with an advisor. Additionally, Generation X (ages 45-60) and Millennials (ages 29-44) are the most likely to believe they won’t retire, with 33% and 30% of Americans, respectively, in this category.

Americans without advisors tend to have more unrealistic expectations around their financial future. For example, 57% of those who expect to retire between ages 60 and 64 have never worked with an advisor. This highlights the importance of having a financial advisor to help consumers feel more confident and better prepared for retirement.

MDRT member Gregory B. Gagne, ChFC, emphasizes the importance of proactive discussions on retirement planning.

The survey also found that Millennials and Generation X account for the largest shares of Americans who believe they will never retire, at 33% and 30%, respectively. Advisors have an opportunity to connect with these prospects, especially those who fall into the Millennial and Generation X age ranges, to set expectations based on their current financial situations and long-term goals.

By understanding what clients are worried about, what they hope to accomplish, and what a successful retirement means to them, advisors can help turn uncertainty into a more clearly defined plan."

The survey was conducted by Opinium through a panel of individuals who agreed to take part in surveys. Fieldwork was undertaken July 7-8, 2026, among a representative sample of 2,000 U.S. consumers. Results were weighted on age, gender, region, race, ethnicity, and education according to the 2020 U.S. Census.

Founded in 1927, MDRT® (Million Dollar Round Table®) is a global, independent association of the world's leading life insurance and financial services professionals from more than 80 nations and territories and nearly 700 companies. MDRT members demonstrate exceptional professional knowledge, strict ethical conduct, and outstanding client service. MDRT membership is recognized internationally as the standard of excellence in the life insurance and financial services business.