Retirement is widely portrayed as the reward for decades of work, but many Americans who have already stopped working say that promise is slipping out of reach.
Rising costs and inadequate savings are reshaping expectations — and fueling fears — about life after work, according to findings from a recent Clever Real Estate survey.
Clever solicited responses from 1,000 American retirees who stopped working about 11 years ago, on average. The insights point to a widening gap between what retirees believe is required to retire comfortably and what most actually have.
Retirees believe Americans who plan to retire comfortably in 2026 will need an average of $823,800 in savings and investments.
That figure surged from $580,310 in 2025 — an increase of nearly $250,000 in a single year. Forty percent believe $1 million or more is required. And the reality of what this group actually saved looks far different.
Retirees report average savings of $288,700 — barely one-third of what they believe new retirees need and down from $308,040 last year. Fewer than one in four retirees (23%) had at least $500,000 saved when they retired, while 29% say they had no retirement savings at all.
Women report significantly lower balances, averaging $261,763 compared with $330,305 for men, the survey showed.
Crisis mindset takes hold
Nearly two-thirds of retirees (64%) say the U.S. is in a retirement crisis, while only 41% believe retirement will be possible for the typical American in 25 years.
Almost half (48%) are not confident they can sustain their current quality of life for the rest of their lives, while 23% are unsure they can do so for even the next year.
About half of retirees (51%) say they have no plan if their savings run out and 43% say they would prefer to die rather than face that outcome. About 55% prioritize preserving their finances over enjoying retirement.
Financial strain is already altering behavior. Fourteen percent say they have avoided medical appointments or treatments to save money, and 12% admit to skipping meals.
Late starts, lingering regrets
Most retirees did not begin saving early.
Fifty-seven percent were 30 or older when they started saving for retirement, 31% were at least 40, and 32% were 50 or older or never began saving at all.
Nearly all retirees (92%) say people underestimate how much money is needed to retire comfortably and 58% say they themselves were surprised.
More than half (55%) say they do not have enough saved for a comfortable retirement.
Regret is common. Sixty-one percent say they have regrets about retirement — most often wishing they had saved more money.
Fifty-eight percent saved less than the recommended 15% of their income, while 38% wish they had taken more investment risk when they were younger.
Homes as both anchor and risk
Housing remains central to retirement security.
About 73% of retirees own their homes — although only 23% still carry a mortgage — and 73% say they could not afford to buy a home in today’s market.
Nearly three-quarters (73%) say they would do everything possible to stay in their home even if they could barely afford it.
At the same time, 25% are not confident they can afford their housing costs a year from now, and 29% struggle with basic home maintenance.
Nearly half (45%) say their home is the key to a comfortable retirement.
Distrust in government and programs
Retirees overwhelmingly want more help.
Eighty-one percent say the government needs to do more for retirees, yet only 14% believe the government has retirees’ best interests in mind.
More than half (54%) are not confident Social Security will provide full benefits for the rest of their lives — and 36% believe benefits will run out in their lifetime.
One year into the Trump administration, 55% say they are more pessimistic about the U.S. economy.
Inflation, health care costs, and the future of Medicare and Social Security remain dominant concerns — summing up why many retirees view today’s retirement landscape with growing unease.