Most Americans Lack Defined Retirement Plans
New data reveals that only 20% of Americans have a concrete retirement strategy as living costs continue to climb.
Updated on Oct. 13, 2026 in Retirement Planning
Live Poll
Do you feel confident that your current financial planning is sufficient for a secure retirement?
A recent survey from MDRT found that just one in five Americans currently has a defined retirement plan, with many citing economic pressures as significant hurdles. Only 19% of respondents report feeling very prepared for their post-work years.
Why it matters
Rising costs of living and concerns over healthcare expenses are preventing many households from building the savings needed for retirement. These barriers, coupled with a lack of professional financial planning, continue to complicate long-term stability for many.
Only 20% of Americans currently have a defined retirement plan, while 51% name the cost of living as their greatest barrier. Additionally, 57% of those aiming to retire between 60 and 64 report they have never worked with a professional financial advisor.
The players
MDRT
A professional association representing financial services professionals that provides resources and insights for retirement planning.
The details
The survey results highlight that significant portions of the population are navigating retirement planning without professional guidance, particularly those aiming for early retirement. Households frequently struggle to balance immediate expenses like the rising cost of living against the need for long-term health and savings accumulation. Those who rely on DIY planning may lack the structured approach that a financial advisor can provide to navigate these complex economic obstacles.
Timeline
July 7-8, 2026: Fieldwork for the MDRT consumer survey was conducted.
October 13, 2026: MDRT released the survey findings.
Money Landscape
This data reflects the broader struggle many American households face when aligning long-term goals with current inflationary pressures. It mirrors findings from the 2020 U.S. Census weightings, highlighting a widespread gap in systematic retirement preparation.
If you do not have a formal strategy, consider evaluating your current savings rate and health cost projections for your post-work years. You may want to schedule a conversation with a qualified financial advisor to help build a realistic roadmap tailored to your specific budget.
The takeaway
The majority of Americans face significant hurdles in planning for retirement due to immediate cost-of-living pressures. It is advisable to review your current retirement account contributions and consult a qualified financial professional to assess your progress against your long-term goals.
Further reading
For more on managing long-term financial stability, review our guide to Retirement Planning.
More information
Review additional resources on financial preparation at the MDRT official association website.
Live Poll
Do you feel confident that your current financial planning is sufficient for a secure retirement?
