What you probably already know: Do you fear not having enough for retirement? You’re hardly alone, regardless of your income level. One Seattle-area woman (who asked to remain unidentified) has a successful career but, apart from her retirement account, has no equity or property investments. She and her husband feared opportunity was slipping away in their prime earning years, but she didn’t know what to do. For years, the retirement narrative has been relatively straightforward: Work hard, save consistently, and if you’re lucky rely on a pension or Social Security to carry you across the finish line. That was largely the reality for many Baby Boomers. But for she and her fellow Gen Xers, now entering their late 40s through early 60s, that promise looks very different.
Why it matters: Global Atlantic Financial Group’s 2026 Retirement Outlook Survey shows a growing sense of what researchers call “pension envy.” Among Gen Xers without access to a pension, 56% say they wish they had one — compared with 44% of Boomers. Even more striking: Twenty-eight percent of Gen Xers ages 55–60 say they are highly concerned about having enough income to last their lifetime, double the rate of Boomers. It’s indicative of a seismic structural shift in how Americans fund retirement, as defined contribution plans such as 401(k) or 403(b) plans have largely replaced pensions.
What it means: People are on their own now more than ever before, and concern over the solvency of Social Security is creating even more concern — projections show Social Security payments could run out of money as early as 2032. Nearly half of Gen X survey participants say they expect to return to work after retiring, compared with just 21% of Boomers. Even those who work with financial professionals fear their savings won’t last long enough, with 38% saying they don’t have a clear plan for turning whatever savings they have into steady income. The Federal Reserve has consistently found that many households lack confidence in their retirement readiness, particularly as economic uncertainty rises.
What happens next: “An investment strategy isn’t the same as an income plan,” says Emily LeMay, co-head of individual markets at Global Atlantic, a New York City-based insurance company. The Center for Retirement Research (CRR) notes that retirement planning is more complicated than ever, especially given uncertainty over Social Security, Medicare, taxes, federal debt and, most notably, inflation. Skyrocketing health care costs are also worrisome. “Near-retiree and retiree investors are significantly more concerned since the start of 2025 about their well-being,” CRR says. “The risk is substantial. The open question is whether policymakers are capable of taking steps to set policy on a more predictable trajectory.”
