Over half of seniors in a current study worry their savings won’t last throughout retirement, with many growing concerned over healthcare needs, daily inflation, longevity, and Social Security insolvency.
The findings come from Retirement Living’s 2025 Retirement Survey, which fielded responses from 1,000 U.S. adults ages 60 and older in July.
The study highlights the financial realities and work lives for seniors and retirees today. It found that 22% of adults ages 60 and over are still working, with 18% of those surveyed adding that they’ll never retire. Close to half (46%) say they’re contemplating returning to the workforce.
Some continue to work, or are choosing to return to the office, due to a lack of savings, with a few (14%) admitting having saved noting for retirement. Many (77%) have relied on Social Security to afford their retirement lifestyle, with 19% adding that Social Security benefits are their only retirement plan.
“More seniors are working well into their later years because they can’t afford not to. When we surveyed adults aged 65+ about the reasons they were still working, 48 percent cited financial reasons, including covering basic expenses, supplement retirement income, and paying off debt,” wrote Retirement Living’s writer and researcher Meg Matthias.
Others are fearing future costs associated with healthcare, with 15% listing medical costs as their largest financial fear, while 11% are concerned about outliving their savings and 10% worry over the possibility of reduced Social Security benefits.
Retirement Living reports that of seniors who receive Social Security, 59% rely on the benefits for no less than half their monthly expenses; 88% don’t believe the benefits are on track with the higher cost of living, and 89% want benefits to increase.
The survey findings come as lawmakers reintroduce legislation that would alter the Social Security cost-of-living adjustment (COLA) to better reflect current daily inflation, supporters say, while extending benefits for an additional 11 years, from 2034 to 2045.
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