Declining Retirement Confidence: What Can You Do to Gain Back Some Confidence?

Originally published: July 26, 2022

Updated: August 17, 2026

According to a recent publication by SHRM, there were several recent employee surveys conducted which show that retirement confidence is down, with fewer workplace savers seeing themselves on track to retire when they had originally planned.

In fact, workers' outlooks on retiring have seen a reversal from the last few years where confidence remained steady and even increased.



Most workplace savers now say they're unsure about the economic outlook, given an inflation rate that rose 9.1 percent year over year in June 2022 (SHRM). Adding to their uncertainty was a steep decline in stock market values that year, with the benchmark S&P 500 index plummeting nearly 20 percent from January through May 2022 before improving a bit to notch right at 18 percent as of the end of July 2022 (Forbes). These figures reflect economic conditions specific to 2022, when inflation and market volatility were especially pronounced.

Declining Retirement Confidence

Overall, 63 percent of savers feel they are on track for retirement, down from 68 percent a year ago, according to BlackRock's seventh annual Read on Retirement survey, conducted between March 25–April 30, 2022 (BlackRock).

See below for a side-by-side comparison of this 2022 survey figure against the newer 2026 edition identified during fact-checking:

Inflation is the main driver for the decline in confidence among more than 1,308 respondents who participate in their employer's 401(k) or 403(b) plans, with 87 percent of workplace savers reporting that they're concerned about inflation affecting their retirement.



It was also found in this survey, that older workers may have a more realistic view of retirement expectations. Nearly half of Baby Boomers said they'll need to save between $1 million and $3 million for a comfortable retirement, at least four times the amount that those from Generation Z anticipate needing.

Delayed Retirements

Meanwhile, almost half of those who planned to retire in 2022 are reconsidering or have put that plan on hold, according to a June 2022 survey of 1,000 U.S. consumers by software-maker Quicken Inc. (PR Newswire). And, workers ages 58 to 74 who were not planning on retiring in 2022 are now considering delaying retirement even further.

Among those who are considering delaying retirement, or "unretiring" and returning to the labor force, the changing economic climate is top of mind. Respondents cited the following factors as reasons they will need to continue working:

Even before 2022's economic challenges, however, retirement ages had been rising. As of 2024, the average retirement age for men in the U.S. was 64.6, roughly three years later than in the mid-1980s and early 1990s, according to an April 2025 report by the Center for Retirement Research at Boston College (CRR Boston College). The retirement age for women rose to 62.6 as of 2024, up dramatically from 55 in the 1960s. However, the same CRR Boston College research suggests the major drivers behind this multi-decade rise — including the shift away from traditional pensions — appear to have largely run their course, meaning further significant increases in the average retirement age may be unlikely going forward.

Major drivers for delaying retirement in recent decades, the researchers noted, include the shift from guaranteed defined benefit pensions to defined contribution 401(k)s and the decline of retiree health insurance, as well as extended life spans and the desire to remain active and engaged.

Protecting Your Retirement Savings

At Summerlin Benefits Consulting we know that today's more mature employees want help with saving for retirement and it's important that employers provide resources and tools to help these employees make informed decisions about their long-term savings.

For example, employees in their mid to late 50s should be allowed to do an In-Service Transfer from their 401(k) to a protected external environment, like a Fixed Index Annuity, which provides a minimum guaranteed contract value (subject to any applicable withdrawal charges). This will allow the employee to help protect a portion of the savings they've built over the years, potentially reducing their exposure to major market losses right before reaching retirement age, which could otherwise cause them to have to work longer than anticipated.

More mature investors, even when still employed, should shift their retirement savings focus to Safety First. Protecting the money you already have and pursuing a competitive rate of return over time while working to reduce the risk of future losses will help you be better prepared by the time you do retire.

Important Retirement Planning Information

Every retirement strategy is unique, and not all annuity products offer the same features, guarantees, or level of protection. References in this article apply only to the specific retirement solutions discussed and should not be interpreted as applying to all annuities. The right strategy depends on your individual goals, financial situation, and retirement objectives. This is something Summerlin Benefits Consulting can help you determine.

Frequently Asked Questions

Q1: Why has retirement confidence declined among workplace savers?

A1: Retirement confidence has declined mainly due to inflation and stock market volatility. A 2022 BlackRock survey found 63% of workplace savers felt on track to retire, down from 68% the year before, with 87% citing inflation as a top concern.

Q2: Why are more people delaying retirement right now?

A2: Many workers are delaying retirement because of rising costs from inflation (cited by 65% of respondents), stock market declines (45%), and higher interest rates (30%), per a 2022 Quicken survey. Average U.S. retirement ages have also risen over decades — 64.6 for men and 62.6 for women as of 2024.

Q3: How can workers in their mid-to-late 50s help protect retirement savings from market losses?

A3: Employees in their mid-to-late 50s can use an in-service transfer to move a portion of their 401(k) into a Fixed Index Annuity (FIA), which offers a minimum guaranteed contract value (subject to any applicable withdrawal charges) — helping protect savings from major market losses shortly before retirement.



Q4: What retirement savings approach should mature investors who are still working consider?

A4: Mature investors who are still working should shift focus to a Safety First approach — helping protect a portion of savings already built while pursuing a competitive rate of return and working to reduce the risk of future losses as retirement nears.