This is a survey of only 240 people, but still, the results are not optimistic.
Key Stats
- Pension preference: 7 in 10 people believe a pension is better than a 401(k). For most workers this is not practical because you need to be a participant in a pension plan (generally one employer) for decades to generate a significant retirement income and the average tenure with one employer is only 4-6 years +-
- Americans worry about retirement: More than 1 in 3 Americans are not confident that they will have enough money to retire.
- Benefit trade-off: More than half of Americans say they would prefer to pay a 12.4% Social Security tax to get double the benefits rather than a 6.2% tax and current benefits. The thing is that won’t work. Even doubling the entire current 12.4% rate (to 24.8%) would still leave a large gap relative to doubled costs.
- Retirement doubt: 43% of people believe it is not realistic for the average American to expect to retire comfortably.
- Many people may never retire: 40% of people say they expect to work until they die.
- Debt takes precedence: More than 2 in 5 Americans think paying off debt is more important than making retirement contributions.
Note: Percentages may not total 100% due to rounding.
Source: WalletHub Retirement Savings Survey 240 respondents August 2026
One really scary response-36% say they are counting on family support to help them in retirement. I wonder if the family they are counting on knows that?
Full Survey & Responses
Are you confident that you will have enough money to retire?
Yes
66%
No
34%
How does thinking about retirement make you feel?
Anxious
35%
Empowered
24%
Motivated
18%
Pessimistic
15%
Scared
9%
Do you have a retirement plan?
Yes
77%
No
23%
What threatens your ability to retire the most?
Inflation
27%
My financial decisions
24%
Job market
20%
Stock market
17%
Social Security benefits
12%
Are you counting on family members to support you financially when you retire?
No
64%
Yes
36%
Do you expect to work until you die?
No
60%
Yes
40%
Is it more important to make retirement contributions or pay off debt?
Make retirement contributions
55%
Pay off debt
45%
Is it realistic for the average American to expect to retire comfortably?
Yes
57%
No
43%
Would you prefer to pay a 12.4% Social Security tax to get double the benefits, or pay 6.2% with the current benefits?
12.4% tax and double benefits
53%
6.2% tax and current benefits
47%
Is a pension better than a 401(k)?
Yes
70%
No
30%
Note: Percentages may not total 100% due to rounding.
QUINNSCOMMENTARY 
Every American worker can have a “pension” – defined as a guaranteed, monthly income. They call it an annuity. The other guaranteed, inflation indexed annuity is called Social Security.
What people prefer is for someone else to pay – even if they don’t realize that an employer that provides a pension plan is simply deferring wages that would have been paid to the worker today.
That is, if you asked 100 workers age 25 if they would forego 8% of pay for the next 40 years, to fund a defined benefit pension commencing 40 years from now that would be sufficient, combined with Social Security, to maintain their pre-retirement standard of living, unsurprisingly, most would not.
Now, ask them if they would be willing to contribute to a 401k plan with an employer match (which is also deferred wages), and many would – because that plan offers liquidity.
Of course, no reason why a defined benefit pension plan couldn’t offer liquidity as well. Unfortunately, most don’t.
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