These are the top 5 things retirees are worried about right now

By Richard Eisenberg

Older Americans have a lot to be gloomy about, new research shows

Retirees said their living expenses are much higher than they expected.

In recent years, retired Americans have been upbeat about their finances and prospects for a financially comfortable retirement because they felt they had enough money and could afford their expenses. But that's not how they're feeling these days.

Retirees' confidence in having enough money to live comfortably in retirement fell by 5 percentage points from last year, according to the just-released 2026 Retirement Confidence Survey from the Employee Benefit Research Institute (EBRI). Currently, just 73% of retired Americans are feeling confident about retirement vs. 78% last year. Less than half of retirees surveyed said their standard of living is excellent or very good.

"We did see a big decrease in confidence among retirees this year - a decline that we haven't seen since post-COVID," said Craig Copeland, director of wealth benefits research at EBRI. From 2023 through 2025, retiree confidence had been increasing in EBRI's annual survey.

Read: Opinion: Why do older sellers get less money for their homes than younger sellers?

Retirees have five big, and growing, worries according to the Retirement Confidence Survey conducted in January 2026 by EBRI and Greenwald Research with 2,052 Americans (split roughly evenly between retirees and workers):

Worry No. 1: Higher-than-expected costs in retirement

A striking 40% of retirees said their living expenses are more than what they thought they'd be. Three in particular: travel, health and housing:

"Travel has gotten more expensive and it looks like it's going to get even more expensive this year," said Copeland. The U.S. Travel Association's latest Travel Price Index rose 5.8% year over year, considerably more than inflation. Lately, the war in Iran has been pushing up airfares, especially international ones, due to rising jet fuel costs.

Soaring healthcare costs, including out-of-pocket expenses for Medicare, have been rough for many retirees.

Fidelity estimates that a 65-year-old couple retiring in 2025 can expect to pay $345,000, on average, in health costs over the rest of their lives. A Fidelity survey found that 81% of Americans believe retirement-related healthcare costs will be high. A survey from the D.A. Davidson financial services firm found that although 78% of Americans are concerned about the impact of rising healthcare costs on retirement, only 48% have factored those expenses into their retirement planning.

Read: 2 expensive mistakes most retirees make - and how to avoid them

Housing is also getting increasingly expensive for retirees, whether they're buying homes or renting. In EBRI's survey, 52% of retirees are concerned their housing costs will rise.

"Property insurance is a big issue, particularly in some of the more retirement-focused areas," said Copeland. Homeowners association fees have continued rising for retired condo owners, too.

As a result of higher-than-anticipated costs, 34% of retirees EBRI surveyed said they aren't having the retirement they envisioned.

Worry No. 2: Social Security

The most recent estimate from Social Security Administration trustees (from June 2025) is that Social Security's fund for retirement benefits will be depleted in 2033, three calendar quarters sooner than they forecast in 2024. What's more, Social Security now has 13% fewer staffers assisting people in the agency's offices and through its toll-free number, due to the Trump administration's cuts.

"Retirees have been having a hard time getting a hold of people at Social Security," said Copeland. "That builds upon people's concerns and lack of confidence in its programs."

A March report from the Center on Budget and Policy Priorities, a progressive think tank, said Social Security's recent customer-service cutbacks "risk lasting damage."

But many Social Security analysts, including Copeland, think most efforts by Congress and the president to shore up Social Security won't directly affect people who are already retired or close to retirement.

They note that when the program faced serious solvency woes in 1983, Social Security's Full Retirement Age was pushed back from 65 to 67 gradually so the change would only apply to people born in 1960 or later (who were 23 or younger at the time). That retirement age remained at 65 for people then 45 and older.

"I guess the one place where retirees could be affected is if there's a change in the way their Social Security benefits are taxed," said Copeland. "But I think most people currently in retirement will be fine under Social Security."

Read: 'It's not a sign that it's going well.' The median amount American workers have saved for retirement is $955.

Worry No. 3: Medicare

Like Social Security, Medicare is facing solvency problems. The Congressional Budget Office forecasts the Medicare Hospital Insurance Trust Fund will be exhausted by 2040, 12 years earlier than before the Republicans' "Big Beautiful Bill" became law and reduced taxes paid into Medicare.

To address Medicare's solvency and rising health costs, "I could see some Medicare changes coming that could be problematic for retirees," said Copeland.

He sees the possibility for higher Medicare deductibles and premiums and perhaps a reduction in benefits such as the number of Medicare lifetime reserve days. In 2026, under Medicare Part A, you pay nothing out of pocket for the first 60 days you are in the hospital (after meeting the $1,736 deductible), $434 per day for days 61-90 and, after that, $868 per day for up to 60 reserve days over your lifetime.

Medicare could also lower the income thresholds for beneficiaries owing the Medicare Part B premium surcharge known as IRMAA (income-related monthly adjustment amount). That surcharge now kicks in for people who had 2024 incomes over $109,000 ($218,000 for couples filing jointly).

The monthly Part B Medicare premium for most beneficiaries is $202.90 - up 9.7% from 2025 - but the IRMAA surcharge can boost it to $689.90 for beneficiaries with income over $500,000 or over $750,000 for married couples filing jointly.

Worry No. 4: Debt

Some 39% of retirees in the EBRI survey said debt was a problem for them, up from 34% in 2025. "If people can't afford to pay for basic needs, they're going to take on debt and then it just becomes a vicious cycle," said Copeland.

Fifteen percent of retirees told EBRI they owe nonmortgage debt of $25,000 or more, and 33% said they have $1,000 to $24,999 in nonmortgage debt.

Worry No. 5: Caregiving

Fears that caregiving could impact their retirement rose markedly among retirees in this year's EBRI survey: 44% said they were concerned about having to provide care for a loved one who has a health condition or disability, up from 36% in 2023, the last time this was asked.

"Sometimes people paying for care can't save as much. Sometimes they must stop working because they become a full-time caregiver," said Copeland.

The Caregiving in the US 2025 report from AARP and the National Alliance for Caregiving found that, as a result of caregiving, 18% of caregivers went from working full time to part time or reduced work hours, 9% gave up work entirely and 7% retired early.

"One of the reasons retirees told us they retired earlier than expected was due to being a caregiver," said Copeland.

Read: Caregiving has become so crazy expensive that it's financially devastating to most families

The disconnect between retirement expectations and retirement reality

As in previous surveys, EBRI found a wide gulf between the percentage of workers who said they expect to work in retirement and the percentage of retirees who actually do.

This year, 74% of workers said they planned to work in retirement, but only 31% of retirees EBRI surveyed said they work part time, slightly more than a year ago, when 29% were working for pay.

Far more workers also think they'll be able to gradually phase into retirement than the number of retirees who successfully did this.

"Most of the time, employers want a full-time position," said Copeland. "It would be good if more people could have phased retirements because older people have a lot to offer and have knowledge and experience. But it's hard to get those part-time jobs."

Read: There are years-long waiting lists to retire on college campuses. 6 steps to take before enrolling.

Tackling retirement concerns

If you're nearing retirement, Copeland offers two tips to help alleviate the big concerns of retirees:

Be realistic about how long you'll be able to work. That will likely depend on both your health and your ability to find a part-time job, which often isn't easy for people in their 60s and older.

Take the time to figure out what you'll truly be able to afford in retirement. "We don't see a lot of people doing this, which leads them into not having that lifestyle they expected," Copeland said.

A leading reason why so few people run the numbers: "They're so concerned about just getting through today," Copeland said. "For those people who are just getting by, they may be thinking: 'I'm going to deal with that later. Let me get through today.'"

You may want to work with a financial adviser to get a clear assessment of how things look for your retirement. If it turns out your savings and investments will fall short of what you'll need in retirement, look for ways to reduce expenses, increase income or both.

Not doing a serious assessment of their finances, Copeland said "really leads people into not having the lifestyle they want in retirement."

-Richard Eisenberg

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04-22-26 1319ET