CNO Research

Retirement Confidence Wavers as Middle-Income Americans Adjust to New Financial Reality

For many middle-income Americans, the path to retirement looks different than they once imagined. Economic uncertainty, the rising cost of everyday life and shifting expectations about government programs are prompting consumers to reconsider their financial security in their later years.

Findings from the latest CNO survey reveal the mindset of middle-income Americans ages 50 to 85 as they navigate this evolving landscape. Their responses reflect a population grappling with declining confidence in their retirement readiness, increased anxiety about personal finances and uncertainty surrounding the future of Social Security and Medicare.

Retirement Confidence Is Declining

Retirement confidence is weakening as many middle-income Americans adjust to ongoing economic pressures. One in three (32%) middle-income Americans ages 50 to 85 feel less confident about their retirement plans than they did a year ago, and two in five (41%) express doubts about having enough money to live comfortably throughout retirement—including half (49%) of pre-retirees. Financial outlooks are more strained among those with limited resources: among those with less than $50,000 in investible assets, three in five (60%) say they are not at allor not too confident in their ability to live comfortably throughout retirement. 

Women and pre-retirees are particularly vulnerable; one quarter (25%) of women say they are not at all confident they’ll have enough money—nearly double that of men (13%). Additionally, half (49%) of pre-retirees expect to retire at least one year later than they planned a year ago, and one in six (15%) don't think they will ever be able to afford to retire.  

Financial Pressures Are Rising 

Inflation and uncertainty about longterm financial stability are contributing to rising anxiety, leaving middle-income Americans concerned about their financial future. Our survey reveals that the top concerns about retirement among middle-income Americans ages 50 to 85 are inflation (27%), outliving their money (23%) and cuts to Social Security benefits (18%).  

These pressures are impacting their daily lives, with 44% saying they feel more anxious about their personal finances than they did a year ago. Additionally, preretirees are twice as likely as retirees to say they are much more anxious (24% vs. 12%). 

One in three (34%) middle-income Americans ages 50 to 85 feel less confident in meeting their daily financial obligations such as rent/mortgage, utilities and groceries, including half (48%) of those with under $50,000 in investible assets. Our findings suggest that many are reassessing how their current resources can support their longterm financial plans. 

Trust in Social Security and Medicare Is Eroding 

Trust in key federal safety nets is also waning, with 43% of middle-income Americans ages 50 to 85 less confident that Social Security will be available when they need it—while nearly half (47%) believe Medicare benefits will be cut in the future. Pre-retirees were three times more likely than retirees to be much less confident in the availability of Social Security (19% vs. 7%) and Medicare (18% vs. 6%).   

Our findings also highlight misconceptions surrounding Medicare coverage. When asked how they would cover potential long-term care in the future, the top response (49%) was Medicare—which only provides limited, shortterm skilled nursing or rehabilitative coverage under specific circumstances. Following Medicare, 36% of middle-income Americans ages 50 to 85 expect to rely on personal savings to pay for longterm care, while 20% anticipate using Medicaid. 

As a result, many middle-income Americans may be unprepared for healthcare costs that fall outside of Medicare’s scope, underscoring the importance of planning ahead and seeking professional guidance. 

For more information on CNO’s survey, visit our press release here.

Survey Methodology

The Harris Poll, on behalf of CNO, conducted an online survey among 500 U.S. respondents between 50 to 85 years old with household incomes of $50,000 to $100,000 and less than $1 million in investable assets, from October 20 – 24, 2025.

Respondents for this survey were selected from among those who have agreed to participate in our surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within ± 5.8 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest.