Retirement confidence declines as worries grow over rising costs

"Seventy percent of retirees and 80% of workers said they are concerned the government will make changes to the U.S. retirement system. Only about half of workers and 60% of retirees said they are confident Social Security and Medicare will continue to provide benefits of equal value in the future."

"Nearly 60% of workers said the cost of health care is hurting their ability to save for retirement, while 40% of retirees said health care expenses in retirement have been higher than expected."

"More than 40% of workers and 25% of retirees said they do not know where to go for financial or retirement planning advice. These findings underscore how retirement planning is becoming more complex for Americans across life stages."

Seventy percent of retirees and 80% of workers are worried about potential changes to the U.S. retirement system. Confidence in Social Security and Medicare benefits is low, with only half of workers and 60% of retirees feeling assured. Debt is a significant issue, with 65% of workers acknowledging household debt problems. Health care costs are impacting retirement savings for nearly 60% of workers. Concerns about rising housing costs affect retirement plans for many. A lack of knowledge about financial planning resources is prevalent among both workers and retirees, indicating a need for better guidance and tools.

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