MDRT Study: Most Americans Are Not Preparing for Retirement

Consumers who do not work with advisors tend to have unrealistic expectations of when they will be able to retire

• Only 20% of Americans have a defined retirement plan, and just 19% feel very prepared for retirement, according to MDRT’s 2026 survey of U.S. consumers.
• Rising cost of living is the leading obstacle to retirement preparation, cited by 51% of Americans, followed by insufficient retirement savings (37%) and healthcare costs (33%).
• Americans without a financial advisor may have less realistic retirement expectations: Among consumers who expect to retire between ages 60 and 64, 57% have never worked with an advisor.
• Millennials and Generation X account for the largest shares of Americans who believe they will never retire, at 33% and 30%, respectively.

PARK RIDGE, Ill., Oct. 13, 2026 (GLOBE NEWSWIRE) — Americans do not anticipate their retirement savings to last and are not feeling adequately prepared for retirement, according to a recent survey from MDRT, The Premier Association of Financial Professionals^®. The survey found very few consumers (20%) have a defined retirement plan, and fewer (19%) feel very prepared for retirement. On the other hand, some feel at least somewhat prepared (43%) or very unprepared (20%). Half of consumers believe the biggest obstacle preventing them from preparing for retirement is the rising cost of living (51%), while others believe not having enough retirement savings (37%) or healthcare costs (33%) is their biggest obstacle.

Holding preemptive discussions on the factors that are adding pressure to retirement planning can equip financial advisors with strategies to help consumers feel more confident. Regardless of the current market, consumers require conversations around the way they feel about their retirement plans and overall preparedness to help them be more secure under all economic circumstances.

“Retirement planning is about more than helping clients meet a savings goal,” said MDRT member Gregory B. Gagne, ChFC. “It is about educating them on the key decisions and threats that happen during the years of retirement, mapping out strategies to mitigate these threats and helping clients live their best version in this next life chapter. Having proactive conversations about concerns, understanding what is weighing on clients’ minds and helping them build a sustainable road map leads to a more fulfilling retirement lifestyle.”

The survey discovered that consumers are split on when they think they will be able to retire — and if they will be able to retire at all. Research shows that 23% of Americans expect to retire between ages 60-64, well before the typical retirement age, and more than half (57%) of them have never worked with an advisor. Only 10% of Americans do not expect to retire, with 15% of that group currently working with an advisor. This underscores the need for financial advice, as consumers without an advisor tend to have more unrealistic expectations around their financial future. An advisor’s guidance can help consumers have a better understanding of their situations and develop financial plans accordingly.

Additionally, Generation X (ages 45-60) and Millennials (ages 29-44) are the most likely to believe they won’t retire, in comparison with other generations. Of the Americans who believe they will not retire:

• 33% are Millennials
• 30% are Generation X
• 27% are Generation Z
• 10% are Baby Boomers

Advisors have an opportunity to connect with prospects, especially those who fall into the Millennial and Generation X age ranges, to set expectations based on their current financial situations and long-term goals. As Americans without advisors plan for more impractical retirement ages, and Millennials and Gen X are more reluctant to retire at all, advisors should connect with middle-aged prospects to help them better understand the reality of their financial future.

“The question that everyone approaching retirement wants answered is ‘Am I really going to be OK?’” said MDRT member Irene Stolte, ChFC, CLTC. “Advisors who take the time to explore that question can move the conversation beyond account balances, projections and withdrawal rates. By understanding what clients are worried about, what they hope to accomplish and what a successful retirement means to them, advisors can help turn uncertainty into a more clearly defined plan.”

Survey Methodology
This survey was conducted by Opinium through a panel of individuals who agreed to take part in surveys. Fieldwork was undertaken July 7–8, 2026, among a representative sample of 2,000 U.S. consumers. Results were weighted on age, gender, region, race, ethnicity and education according to the 2020 U.S. Census.

About MDRT 
Founded in 1927, MDRT^® (Million Dollar Round Table^®), The Premier Association of Financial Professionals^®, is a global, independent association of the world’s leading life insurance and financial services professionals from more than 80 nations and territories and nearly 700 companies. MDRT members demonstrate exceptional professional knowledge, strict ethical conduct and outstanding client service. MDRT membership is recognized internationally as the standard of excellence in the life insurance and financial services business. For more information, please visit mdrt.org.

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