Retirement confidence is slipping—and fast.
A new consumer sentiment survey from CNO Financial Group, Inc. (NYSE: CNO) finds that middle-income Americans aged 50 to 85 are increasingly uneasy about their financial futures, squeezed by inflation, market volatility, and growing doubts about the stability of Social Security and Medicare.
The topline numbers are sobering:
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32% feel less confident in their retirement plans than they did a year ago.
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41% doubt they’ll have enough money to live comfortably throughout retirement.
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Among pre-retirees, that figure jumps to 49%.
For employers, HR leaders, and benefits strategists, the findings underscore a widening gap between retirement readiness and retirement reality.
Inflation Leads the Anxiety Index
Inflation ranks as the top concern, cited by 27% of respondents. Worries about outliving savings (23%) and potential cuts to Social Security (18%) follow closely behind.
The impact isn’t abstract. One in three (34%) middle-income Americans say they are less confident in meeting everyday financial obligations—rent, groceries, utilities—than they were a year ago. Among those with less than $50,000 in investible assets, nearly half (48%) report declining confidence.
Financial anxiety overall is rising: 44% say they feel more anxious about their personal finances compared to last year. Pre-retirees are twice as likely as retirees to say they are “much more anxious” (24% versus 12%).
That distinction matters. Retirees may already have locked in income streams, while those nearing retirement are staring down uncertain timelines and fluctuating markets.
A Gender and Generational Divide
Women appear to be feeling the pressure more acutely. One in four women (25%) say they are not at all confident they’ll have enough money to live comfortably in retirement—nearly double the rate of men (13%).
Pre-retirees also report recalibrating expectations. Half (49%) expect to retire at least one year later than planned, and 15% say they may never be able to afford retirement at all.
That’s not just a personal finance issue—it’s a workforce planning issue. Delayed retirements can reshape succession strategies, internal mobility, and long-term labor costs for employers.
Confidence in Federal Safety Nets Is Eroding
Beyond inflation, uncertainty about federal programs is compounding anxiety.
According to the survey:
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43% are less confident Social Security will be available when they need it.
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47% believe Medicare benefits will be cut in the future.
Pre-retirees express significantly higher concern than retirees. One in five pre-retirees say they are “much less confident” in the future availability of Social Security (19% vs. 7%) and Medicare (18% vs. 6%).
Compounding the issue are knowledge gaps. Nearly half (49%) of respondents expect Medicare to cover all long-term care needs—despite the program’s well-documented limitations. Just 36% plan to rely on personal savings for long-term care, and 20% anticipate depending on Medicaid.
This mismatch between expectations and coverage realities could create financial shocks for millions of households.
What This Means for HR and Benefits Leaders
The implications ripple beyond individual households.
As retirement confidence declines:
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Employees may delay retirement, increasing workforce tenure and healthcare costs.
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Demand for financial wellness programs is likely to rise.
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Interest in annuities, long-term care insurance, and supplemental income products may increase.
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Employers may face greater pressure to offer retirement planning education and advisory access.
Scott Goldberg, president of CNO’s Consumer Division, framed the moment as one requiring proactive planning, diversification of income sources, and professional guidance.
From an HR technology perspective, this trend strengthens the case for integrated financial wellness platforms embedded within benefits ecosystems. Employers that offer tools for retirement modeling, personalized savings projections, and long-term care planning may gain a competitive advantage in both retention and recruitment.
The Bigger Picture: A Retirement Reset
Middle-income Americans have long relied on a three-legged stool: personal savings, employer-sponsored retirement plans, and government programs. The survey suggests confidence in at least two of those legs is weakening.
Inflation has exposed how thin many financial cushions are. Market volatility has rattled investment assumptions. And political uncertainty continues to cloud perceptions of Social Security and Medicare’s long-term stability.
For workers aged 50 to 85—particularly those still in the workforce—the result is a recalibration of expectations.
Retirement, once seen as a fixed milestone, is increasingly becoming a moving target.
And for employers, policymakers, and financial service providers, the message is clear: rebuilding confidence may require more than market gains. It may require clearer guidance, better education, and more transparent planning tools to help Americans navigate what’s shaping up to be a more uncertain retirement landscape.
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