Industry News

On March 17, 2026, the Center for Retirement Research (CRR) at Boston College published its issue brief, How Policy Risks Affect Retirement Planning for Older Americans. The brief examines rising policy risks related to Social Security, Medicare, federal debt, taxes and inflation. It also presents the potential effects of these risks on the decisions and household behaviors of near-retirees and retirees.

The report is based on a survey that was conducted by Greenwald Research in July 2025. The survey sample consisted of over 1,400 individuals age 45 through age 79 with at least $100,000 in investable assets. It found that the group’s concerns about their financial future have increased significantly, with many respondents indicating that their greatest fears were Social Security cuts and inflation.

According to CRR, the policy environment is becoming increasingly uncertain. As a result, it may place a burden on near-retirees and retirees to reevaluate their financial strategies. In some cases, policy risks may cause households to delay retirement or to invest more conservatively. As a result, the unpredictability of future policy risks may jeopardize financial security and impose difficult spending reductions, particularly in lower-wealth households.

The key findings include:

• Some individuals are very concerned about policy risks such as potential reductions to Social Security benefits and increased Medicare premiums or co-pays.
• To help manage rising uncertainty, many are considering various behavioral shifts such as working longer, increasing savings or moving to more conservative investments.
• Increased volatility of the policy environment makes it more challenging for individuals to plan effectively, which may result in higher anxiety and lower consumption.
• There is a disproportionate effect of policy risks since lower-wealth households rely more on Social Security income for daily expenses.

The brief concludes, “Overall the risk that policy poses to near-retirees and retirees seems substantial, imposing considerable costs on households as they take precautionary actions as well as harming the economy. The open question is whether policymakers are capable of taking steps to set policy on a more predictable trajectory.”

The brief is available here.