Planning for retirement income drops sharply the further out people look
% selected "Yes, I planned in detail" + "Yes, planned somewhat" when asked "Have you planned for how you will receive income at each of the following life stages?" |
|
US adults |
High-net-worth individuals |
Business owners |
Adults 45-70 |
Ages 60-69 |
48 % |
82 % |
64 % |
44 % |
Ages 70-79 |
41 % |
78 % |
57 % |
35 % |
Ages 80 and older |
34 % |
69 % |
45 % |
28 % |
At the same time, the findings show that most adults don't have a clear consensus on when they will need money in retirement, likely due to the highly personalized nature of retirement as well as the impact of unpredictable factors like rising health care costs and caregiving responsibilities. When asked when they think they'll need the most money, 25% pointed to the first years of retirement, 17% to ages 70-79, and 20% to age 80 and beyond. High-net-worth individuals with over $1 million in investable assets (38%) and business owners (34%) are more likely to anticipate peak spending needs during their later years.
Anticipated retirement spending needs don't follow a predictable path
Responses to "During which period of retirement do you think people typically need the most money in retirement?" |
|
US adults |
High-net-worth individuals |
Business owners |
The first few years |
25 % |
26 % |
21 % |
The middle years (70-79) |
17 % |
11 % |
12 % |
The later years (80+) |
20 % |
38 % |
34 % |
It depends too much on the person to say |
23 % |
24 % |
28 % |
Not sure |
15 % |
1 % |
4 % |
Retirement uncertainty is universally felt
Guardian found that 75% of adults are concerned about how unexpected events could impact their savings. This concern spans demographics and financial profiles, with high-net-worth individuals (81%) and business owners (78%) reporting similar concerns about their ability to maintain reliable income in retirement.
Income certainty is essential to retirement confidence
The findings highlight strong demand for predictable income, with the plurality of Americans (30%) listing covering essential expenses as the top retirement income priority.
When asked what would make them feel most confident about their retirement, 64% selected guaranteed income. This is even stronger among business owners (85%), and highly desired by high-net-worth individuals (83%).
Guaranteed income provides the greatest sense of retirement confidence
% selected "Much more confident" + "Somewhat more confident" when asked "How much more confident would you feel about your retirement planning if you had the following?" |
|
US adults |
High-net-worth individuals |
Business owners |
Having a documented financial plan |
57 % |
77 % |
69 % |
Having professional guidance |
53 % |
85 % |
59 % |
Having guaranteed income elements |
64 % |
83 % |
85 % |
Having flexibility built in |
61 % |
83 % |
73 % |
Professional guidance is an untapped opportunity
More than half of adults (55%) have never worked with a financial advisor, including 37% of business owners. Yet, most understand the value of working with a financial advisor, regardless of life stages.
Importance of working with a financial advisor at each stage
% selected "Very important" + "Somewhat important" when asked "How important do you believe working with a financial advisor is at each of the following stages of life?" |
|
Early career |
Mid-career |
Approaching retirement |
In retirement |
% rating financial advisor as important at this stage |
66 % |
69 % |
71 % |
67 % |
Most important life stage for each advisor purpose
Responses to "At which life stage do you think each of the following is the primary reason to work with a financial advisor?" |
|
Early career |
Mid-career |
Approaching retirement |
In retirement |
Not important at any stage |
Not sure |
Staying on track with saving |
27 % |
28 % |
13 % |
9 % |
6 % |
17 % |
Growing investments/assets |
25 % |
30 % |
13 % |
8 % |
6 % |
18 % |
Managing risk and uncertainty |
23 % |
25 % |
17 % |
11 % |
6 % |
18 % |
Turning savings into reliable income |
22 % |
23 % |
20 % |
12 % |
6 % |
17 % |
Comments from Nancy DeRusso, Head of Client Solutions at Guardian:
"Many individuals know how much they're trying to save for retirement. Far fewer have a clear answer for how they'll turn those savings into income over the next 20 or 30 years. For many, our research suggests that retirement planning efforts fall short because they aren't accounting for longevity."
"People told us that guaranteed income is critical to retirement confidence, and an annuity is the only financial product that can provide guaranteed income. Working with a financial advisor is one of the best ways individuals can learn about their annuity options and pick a strategy that supports their unique long-term retirement goals."
Additional retirement insights from Guardian, including its Retirement Redefined report which explores the broader implications of how longevity is impacting retirement, are available online at https://www.guardianlife.com/reports/retirement-redefined.
Media contact:
[email protected]
Methodology
Guardian partnered with Morning Consult to conduct a survey from June 1-13, 2026, examining Americans' attitudes toward retirement planning and retirement income. The research included a nationally representative sample of 2,082 US adults, along with separate samples of 157 high-net-worth individuals and 180 business owners. General population and high-net-worth findings were weighted to be nationally representative. Small business owner results are unweighted.
About Guardian
Guardian is making a difference in people's lives across the US as a leading mutual company, providing life and disability insurance, dental and workforce benefits, retirement and wealth solutions. But we offer more than products. We partner with our customers to inspire well-being® — mind, body, and wallet®. Since 1860, when a community of immigrants joined together to protect their families and companies, we have embraced the spirit of mutuality as a mindset. We provide solutions that build financial confidence for individuals, strengthen businesses, and help employees thrive. Working as your partner, we invest in you, holding ourselves accountable not to shareholders, but to your long-term well-being. All of our colleagues share this mindset. Our collaborative culture extends beyond our workplace to uplift communities all around us. Because we believe value grows when it's shared. We're here for you today and we'll be here to deliver on our promises tomorrow. Our commitments rest on a strong financial foundation, which includes a 2026 dividend allocation of $1.7 billion, the largest in the company's history. For more information, visit guardianlife.com or follow us on Facebook, LinkedIn, and YouTube.
Disclaimer
Dividends are not guaranteed. They are declared annually by Guardian's Board of Directors. The total dividend calculation includes mortality experience and expense management as well as investment results.
Fixed and registered index linked annuities (RILA) are issued by The Guardian Insurance & Annuity Company, Inc. (GIAC). All guarantees are backed exclusively by the strength and claims-paying ability of GIAC. RILA's are issued by GIAC, a Delaware corporation, and distributed by Park Avenue Securities LLC (PAS). Both GIAC and PAS are wholly owned subsidiaries of The Guardian Life Insurance Company of America, 10 Hudson Yards, New York, NY 10001.
Financial information concerning Guardian as of December 31, 2025, on a statutory basis: Admitted assets = $93.8 billion; liabilities = $83.8 billion (including $64.0 billion of reserves); and surplus = $10.0 billion.
Guardian® is a registered trademark of The Guardian Life Insurance Company of America, New York, NY.
9153065.1 (09/2028)
SOURCE Guardian
Share this article