Policy uncertainty is pushing older Americans to delay retirement, shift to conservative investments and boost their emergency savings, according to a new survey.
The findings published last week by the Center for Retirement Research at Boston College show 21% of respondents who’ve yet to retire are postponing retirement while 33% are moving to safer portfolios.
The survey of 1,443 people ages 45 to 79 with more than $100,000 in investable assets was conducted between July 7 and July 31, 2025, by Greenwald Research in partnership with Jackson National Life Insurance.
Researchers explored how participants perceived risks related to Social Security, Medicare and fiscal policy — and how they might act to hedge these risks.
“To be clear, ‘policy uncertainty’ is not about policy change, per se, but rather about the unpredictability of future policy,” the report said. “Even without any change to current policy, for example, a tight and polarized election forces households to consider a wider range of policies than if the election outcome were certain or the policy positions of the candidates were similar.”
Uncertainty depresses economic activity, increases stock market volatility and reduces returns. Unemployment tends to rise with greater uncertainty, while consumption and investment tend to fall. Households’ attempts to protect themselves against specific risks — such as a cut in Social Security benefits — can also backfire, the report added.
By July 2025, policy had changed dramatically on taxation, tariffs, federal debt and Medicaid due to the One Big Beautiful Bill Act, the report explained.
Long-term trends in Medicare and Social Security financing have become more concerning, respondents said. Majorities reported seeing worrying news stories on Social Security’s financial pressures (55%), the cost of Medicare (52%), the size of the federal debt (75%) and tariffs (89%).
Among all respondents, 28% increased the amounts in their emergency funds.
“Overall, the risk that policy uncertainty poses to near-retirees and retirees seems substantial, imposing considerable costs on households as they take precautionary actions, as well as harming the economy,” the report said. “As noted, this survey was undertaken during what now seems to have been a relatively tranquil period in the last 18 months.
“Clearly, an updated survey would show more anxiety and more individuals planning to take actions to protect themselves. These actions have real costs.”