Study Shows Over Half of Americans Are Saving Enough in Their Retirement Accounts — Are You?

LaylaBird / iStock.com

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

For years it has seemed like most Americans were falling behind on retirement savings. But new data may tell a different story. According to a 2025 study from Allianz Life, nearly 2 out of 3 Americans say they feel confident about reaching their retirement goals — even in the face of rising costs and economic uncertainty. And over half (55%) say they are saving enough in retirement accounts.

However, it’s not all good news for the state of retirement. According to the study, that figure has been consistently decreasing, and it still leaves a significant number of Americans not saving enough for retirement.

Read on for more details about the state of saving for retirement in the U.S. and how to get on track for a comfortable retirement.

Financial and Retirement Concerns Still Abound

Financial confidence has steadily declined for five straight years, reflecting growing pressure on everyday budgets. In 2020, 83% of adults believed they could afford the life they wanted. By 2025, that number had dropped to 70%. Even more concerning, only 61% now feel confident they will reach their retirement savings goals.

This drop is tied to familiar challenges. Rising prices are forcing many people to prioritize daily expenses instead of long-term goals. As inflation increases the cost of essentials like housing, food and transportation, it has become harder for workers to keep up and save for the future.

Millennials and Gen Xers in particular are feeling the pressure, as only 48% and 59%, respectively, say they are saving enough in a retirement account. Gen X is entering peak retirement planning years while juggling multiple financial responsibilities. Many are raising children, supporting aging parents and managing mortgages.

Additionally, 62% of respondents worry that another financial crisis could derail their retirement strategy. Overall, financial confidence has taken a sharp dip. Inflation, debt and market instability have shaken many workers’ sense of control over the future.

Make a Plan for Retirement

Even so, the Allianz study pointed to a key takeaway. The majority of those surveyed (96%) said developing a plan for the long term to see how much money they’ll need is a key to financial success.

“Lack of financial confidence often is because of a lack of planning,” Kelly LaVigne, Allianz Life’s vice president of consumer insights, said in the study’s press release. “To be able to feel confident about your ability to achieve long-term financial goals like retirement, you need to have a written strategy … Without a plan, you will never know if you are on track toward your dream retirement.”

Retirement Readiness Is Possible

Yet while many feel less confident, the study results reinforce that retirement readiness is possible, as over half are saving enough for retirement. To do so yourself, make sure you have an approach that is consistent, flexible and focused. Adjusting to changing circumstances without losing sight of long-term goals is also key.

Regular retirement contributions, even modest ones, can build real momentum over time. Success is less about hitting a perfect number and more about making steady progress.

Regardless of age or income, knowing where things stand is key. Online tools can help estimate needs, track savings and guide adjustments.

While retirement plans vary from person to person, the core principles remain the same. Consistency matters, and many Americans are already moving in the right direction.

Share This Article: