A record 62% of retired Americans now rely on Social Security as a major source of income, according to Gallup’s latest Economy and Personal Finance survey released Wednesday.
The figure ties last year’s record high and significantly exceeds every other retirement income source tracked in the survey. Work-sponsored pension plans ranked second at 37%, followed by retirement savings accounts such as 401(k)s and IRAs at 27%.
The findings are based on Gallup’s Economy and Personal Finance poll conducted between April 1 and April 15.
The survey also highlighted a growing divide between retirees and workers still preparing for retirement. While 82% of retirees said they have enough money to live comfortably, only 45% of nonretirees expect the same for themselves.
Why Retirement Anxiety Remains Elevated
Gallup found that 69% of nonretirees are moderately or very worried about not having enough money in retirement, compared with 39% of retirees.
Younger workers also appear less confident in Social Security’s future role. Just 36% of nonretirees expect Social Security to become a major retirement income source for them, while 48% expect to rely primarily on retirement savings accounts.
The findings arrive as policymakers and employers continue grappling with gaps in retirement access and savings participation. Roughly 54 million American workers do not have access to an employer-sponsored retirement plan, according to the Economic Innovation Group.
Recent retirement data has also pointed to broader financial strain. A March analysis from the National Institute on Retirement Security found the median U.S. worker has only $955 saved for retirement, while hardship withdrawals from retirement accounts reached record levels in 2025.
Americans Expect To Work Longer
Gallup’s survey found nonretirees expect to retire at age 66 on average, five years later than current retirees reported.
Nearly three in five employed Americans also said they plan to continue working part-time during retirement. Gallup said those trends have remained relatively consistent since it began tracking them in 2011.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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