Industry News

On April 24, 2025, the Employee Benefit Research Institute (EBRI) published its report, 2025 Retirement Confidence Survey Summary Report. The 35rd annual survey found that the overall confidence of workers and retirees in retirement security has remained consistent with last year. 

According to the survey, 78% of retirees are confident in their ability to live comfortably throughout retirement. In addition, about 67% of workers are confident they will be able to retire comfortably. However, about 70% of workers are concerned about reducing their spending due to inflation, stock market volatility and rising housing costs.

Currently, many Americans are concerned about the U.S. government making substantial changes to the retirement system, particularly reductions in Social Security and Medicare benefits. Approximately 79% of workers and 71% of retirees report being at least somewhat concerned. Of those with concerns, 60% of workers and 80% of retirees are concerned about Social Security benefit reductions. In addition, 80% of retirees expressed concerns about Medicare benefit reductions.

In addition, the level of confidence among workers and retirees for Social Security continuing to offer benefits of at least equal value to those received today remains comparable with last year. Social Security remains the primary source of actual and expected income for Americans in retirement. About 87% of workers expect Social Security to be a source of income in retirement. By comparison, 94% of retirees report Social Security as a source of income. However, 66% of retirees report Social Security is a major source of income compared with 36% of workers who expect it to be a significant portion of their income.  

Significantly up from last year, more retirees have retired when planned and fewer have retired earlier. Most retirees reported retiring prior to age 65 with a median retirement age of 62. Based on this year’s findings, most workers expect to retire later and plan to work during retirement. While the median expected retirement age for workers has remained at age 65, a growing number of workers plan to retire at age 70 or later. In 2024, some workers also adjusted their target retirement age and are planning to retire later.

Consistent with previous years, health care expenses remain a significant concern for Americans. About 56% of workers report that the cost of health care is negatively impacting their ability to save for retirement, while about 38% of retirees indicate that health care and dental expenses have been higher than expected in retirement.

The summary report is available here.