More Than 4 in 10 Americans Expect to Work Until They Die: Survey

Many people are counting on financial support from family members during retirement, the survey found.

A man shops at a grocery store in Houston on Dec. 18, 2022. Brandon Bell /Getty Images

A significant share of Americans believe that they may never retire, with 43 percent admitting that they see themselves working until death, financial services company WalletHub said in a Sept. 2 survey.

“50 percent of people don’t think it’s realistic for the average American to expect to retire comfortably,” WalletHub said.

“These concerns aren’t unfounded, given the heavy debt burden many households carry, the lack of adequate savings, and the uncertainty surrounding the future of government benefits.”

For instance, the average U.S. household held $152,653 in debt by the end of the second quarter of 2025, WalletHub said in August, based on data from the Federal Reserve Bank of New York.

Meanwhile, the personal savings rate has been hovering below the 5 percent level since 2022, a stark contrast to before 2022, when the rate remained mostly above this level, according to Federal Reserve Bank of St. Louis data.

In the WalletHub survey, two out of five respondents said they felt anxious when thinking about retirement. One in four said they don’t have a retirement plan.

One-quarter of respondents said they are counting on family members to support them financially once they retire.

“Most Americans (53 percent) think paying off debt is more important than making retirement contributions,” WalletHub said.

The survey was conducted online among 200 respondents nationwide.

A May 1 report from investment company State Street also found that Americans were worried about preparing for retirement.

However, respondents in the survey expressed higher confidence regarding retirement, State Street said.

“Americans’ overall confidence in their ability to retire at some point improved by eight percentage points, from 54 percent to 62 percent, with certain demographic groups showing particular optimism,” the report states.

“Young people were more likely to plan to fully retire, with 75 percent of those respondents between the ages of 18 and 34 expecting they will do so completely—perhaps not surprising, given the longer runway ahead and a less clear picture of what will be required to make it to retirement.”

Best Places to Retire

A key factor for a good retirement is where people choose to spend it. Locations that are affordable and have a good quality of life and health care would be optimal for this stage.

A Sept. 2 WalletHub report compared the retirement friendliness of more than 180 U.S. cities in 45 metrics such as cost of living and health infrastructure.

Orlando topped the list as the best city for retirees, followed by Scottsdale, Arizona, and Minneapolis. Miami and Tampa, Florida, took the remaining two of the top five spots.

“It’s important to choose wisely when picking where to retire, as many retirees are on a fixed income,” WalletHub analyst Chip Lupo said.

“As a result, the best cities for retired people are those that minimize taxes and expenses, as well as have good opportunities for retirees to continue paid work for extra income, if they choose to do so.

“In addition, the top cities provide high-quality health care and offer plenty of enjoyable activities for retirees.”

According to a June 18 post by the Investment Company Institute, total U.S. retirement assets amounted to $43.4 trillion as of March 31, accounting for 34 percent of household financial assets.

Assets in individual retirement accounts made up $16.8 trillion out of the $43.4 trillion. Defined contribution plan assets accounted for $12.2 trillion.

Meanwhile, the Trump administration is taking action to protect the retirement benefits of millions of Social Security beneficiaries.

During Aug. 25 remarks to reporters at the Oval Office, President Donald Trump emphasized that he would not touch Social Security when it comes to congressional cost-cutting proposals.

“One thing I said and I gave my word—we’re not going to hurt anybody on Medicaid, Medicare, or Social Security,” he said. “We’re doing great on Social Security. ... We’re going to protect it.”

According to Social Security Administration data, there were 69.9 million Social Security beneficiaries as of July, 53.17 million of whom were retired workers.