While most Americans have a positive outlook for retirement, many workers and retirees are worried about changes to Social Security and Medicare benefits, according to the 2025 Retirement Confidence Survey from the Employee Benefit Research Institute released April 24.
More than 7 in 10 (71%) of retirees were either very or somewhat concerned about the U.S. government making significant changes to the country’s retirement system, with reductions in their Social Security and Medicare benefits being their top concern, the survey found.
Workers were even more worried than retirees about shake-ups to the U.S. retirement system, with 79% expressing concern. Of the workers concerned about potential changes, 60% identified reduced Social Security benefits as a worry, following by increasing the age for which they qualify for benefits (49%).
The concerns, however, did not seem to impact Americans’ otherwise rosy vision for their retirement. More than 2 in 3 workers (67%) and more than 3 in 4 retirees (78%) were very or somewhat confident that they will have enough money to live comfortably throughout retirement. Confidence among retirees was up from 74% last year.
"Workers and retirees generally appear to be remaining confident about their retirement prospects," said Craig Copeland, EBRI’s director of wealth benefits research. "However, they are concerned that federal government programs for retirees such as Social Security and Medicare will be cut."
The survey was based on responses from 2,767 Americans ages 25 or older, including 1,042 workers and 1,005 retirees. It was conducted online from Jan. 2 to Feb. 3 by EBRI and Greenwald Research.
