Goldman Sachs Retirement Survey 2025: 58% of Americans Expect to Outlive Their Savings, and the Income Strategy That Changes the Math

"A full 68% of working respondents say they are confident they will meet their retirement goals. At the same time, 58% believe they will outlive their savings. Goldman calls this the Optimism Gap, a split between how workers feel about their progress and what they fear about the future. The survey's data suggest that the gap is not due to emotional inconsistency. It is a structural issue tied to how retirement income is built, how long it must last, and how competing financial priorities shape the path to retirement."

"The squeeze on savings capacity is not a temporary condition. It is structural. The cost of basic needs has risen sharply since 2000. Home ownership climbed from 21% of income to 36%. Renting rose from 18% to 29%. Childcare increased from 10% to 25%. Public college enrollment doubled from 8% to 16%. Private colleges rose from 9% to 33%. Family healthcare coverage increased from 12% to 33%. Student loan repayment moved from 3% to 12%. These categories now take a larger share of income than they did a generation ago, and they leave less room for retirement saving even when wages rise."

"Workers describe the impact of these pressures directly. Too many monthly expenses affect 67% of respondents, while financial hardship affects 64%. Caring for and financially supporting family members affects 62%. Credit card debt affects 58%. Paying down existing loans affects 57%. Time out of the workforce for caregiving affects 55% of workers. These are not occasional disruptions. They are the baseline conditions under which retirement planning takes place."

68% of working respondents report confidence in meeting retirement goals, while 58% expect to outlive their savings. The gap reflects structural conditions rather than emotional inconsistency. Rising costs for basic needs since 2000 have increased the share of income devoted to housing, childcare, education, healthcare, and debt repayment, reducing capacity for retirement saving even as wages rise. Monthly expenses affect 67% of respondents, financial hardship affects 64%, and family support affects 62%. Credit card debt affects 58%, loan repayment affects 57%, and caregiving time out of the workforce affects 55%. A blended income strategy combining protected lifetime income with investment withdrawals can improve outcomes under longevity risk.

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