If you expect Social Security will make up most of your retirement income, you're far from alone

Almost half of people said they are "deprioritizing" retirement savings as they grapple with paying for everyday expenses, a new survey found.

Decades ago, retirement income was meant to be divided into three parts: Social Security, an employer pension and any additional savings a worker put aside.

These days? Many Americans might only have one. More than four in 10 employees aged 55 and older expect Social Security to be their primary source of retirement income, according to the latest retirement trend report released by NFP, a company focused on workforce operations. The survey was based on 1,000 working U.S. adults aged 18 and older who are involved in the financial planning decisions of their households.

Almost half of respondents - 46% - said they are "deprioritizing" or unable to save for retirement because of other present-day spending challenges, such as housing and healthcare, according to the survey from NFP, a company focused on workforce operations.

"People are struggling. The inflation is real. The cost of living is real," said Steve Jans, national practice leader in the wealth management division at NFP. "The pinch for that extra dollar is real."

Jans, who facilitates educational sessions for employers and one-on-one conversations with employees, said one recurring theme is anxiety about not having enough money. And even when access to retirement plans or financial planning sessions is available, confidence among employees about making financial decisions is low, he said.

This lack of confidence and inability to prioritize retirement savings comes at a crucial time. Private-employer pensions have slowly faded and the cost of living is high, making additional savings outside of Social Security all the more important. Still, Americans are often unprepared for their retirements, even though so many near- and current retirees are worried about running out of money in their old ages.

Social Security is already a primary source of retirement income for many Americans. More than half of retirees said Social Security will be their primary source of retirement income, and 25% of respondents who had not yet retired said they expect to rely on it primarily, according to a 2025 Transamerica Center for Retirement Studies report. More than half (52%) of households with income of less than $50,000 said Social Security will be the major retirement income source; compared to 34% of households with income between $50,000 to $99,000; 21% with household income of $100,000 to $199,000; and 13% with income more than $200,000.

For some retirees, Social Security isn't just most of their retirement income - it's nearly all of it. Almost a quarter of people 65 and older said they received 90% or more of their household income from Social Security, according to an Investopedia tabulation of federal data.

To course-correct retirement plans when it feels impossible to balance present-day expenses with long-term goals, Jans suggests identifying one or two small "meaningful" goals. "Once they achieve small goals, they get the confidence in making bigger and better decisions," he said.

-Alessandra Malito

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July 16, 2026 08:00 ET (12:00 GMT)

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