More Than Half of US Households Expect to Struggle to Meet Basic Retirement Expenses: Fidelity Survey

A Social Security card sits alongside checks from the U.S. Treasury in Washington on Oct. 14, 2021. Kevin Dietsch/Getty Images

According to a new assessment by Fidelity Investments, more than half of American households would fall short of what it takes to cover their basic expenses in retirement.

Fidelity Investments released its 2023 Retirement Savings Assessment (pdf) on Tuesday, in which the firm surveyed more than 3,500 people, finding just 48 percent of U.S. households expect that they will be able to cover at least their essential expenses in retirement. The overall number of U.S. households likely to be able to meet their retirement expenses has fallen by six percent since 2020.