A new survey from Athene, the West Des Moines, Iowa-based retirement solutions firm, underscores a generational shift in retirement preparedness. The Harris Poll, conducted online from June 26 through July 7, 2026, surveyed 2,022 U.S. adults aged 40 to 61 with at least $100,000 in investable assets and household incomes of $50,000 or more. The results paint a picture of two generations grappling with a retirement landscape that no longer resembles that of their parents.
More than eight in ten respondents (83%) said their generation faces retirement challenges that prior generations did not encounter. Three-quarters (76%) believe the U.S. retirement system was built for an earlier era, and nearly two-thirds (61%) said they have fewer guaranteed income options than their predecessors. The erosion of defined-benefit pensions and persistent uncertainty over Social Security's long-term solvency are central to this anxiety. Sixty-three percent of respondents worry that Social Security will be depleted before they become eligible for benefits.
Health care costs and inflation dominate the list of concerns. Two-thirds (67%) cited health care expenses as their primary retirement worry, with 62% naming inflation as a close second. These fears translate into tangible saving barriers: half of respondents said inflation is their top obstacle to building retirement savings, followed by day-to-day expenses (39%) and health care costs (32%).
Despite these worries, most pre-retirees have not completed the fundamental work of retirement income planning. Only 40% said they have mapped out how to convert accumulated savings into a reliable income stream, and fewer than three in ten (29%) have fully factored the duration of their retirement into their financial plan. This gap suggests a significant opportunity for advisors to engage clients earlier in the planning cycle, a theme echoed in Goldman Sachs research on household costs reshaping retirement saving economics.
The survey also reveals a disconnect between interest in annuities and actual adoption. Among respondents who understand annuities, 86% find the benefits appealing, yet only 23% have purchased one. More than half (53%) describe annuities as too complex. However, when respondents were educated about how annuities function, 80% said they would consider purchasing one. This points to a practice management opportunity for advisors to demystify these products, particularly for Gen X clients who have shown stronger interest in annuities than any other cohort.
Demand for pension-like features in defined contribution plans is high: 85% of respondents find the idea of guaranteed monthly income embedded in a 401(k) appealing. This aligns with broader industry trends, as Prudential's survey on spending fears indicates a widespread desire for income security. Sean Brennan, co-president of Athene USA, noted that retirement savers have fewer traditional sources of guaranteed income while managing greater economic uncertainty.
Despite the challenges, cautious optimism persists. Roughly 91% of respondents expressed at least some confidence in achieving financial security in retirement: 38% are somewhat confident, 32% very confident, and 21% extremely confident. Only 9% said they are not at all confident. Mike Downing, also co-president of Athene USA, emphasized that annuities can complement savings, investments, and Social Security to create a more resilient plan.
For advisors, the data reinforces the need to meet clients earlier in the planning process, not just at the transition point. As early cash-flow planning for business owners suggests, proactive engagement is key. Athene, which holds approximately $473 billion in total assets as of June 30, 2026, operates retirement income and savings programs across the U.S., Bermuda, Canada, and Japan.
