Americans Delaying Retirement Until 70 in Increasing Numbers

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According to the Employee Benefit Research Institute (EBRI), a nonprofit research organization based in Washington, D.C. that focuses on retirement, savings, and other personal finance issues, increasingly large numbers of American workers are planning on delaying their retirement until the age of 70.

In 2023, 15% of the 2,767 Americans aged 25 or older surveyed by EBRI said that they expected to retire at age 70 or after, a number that has risen to 20% in the 2024 survey. The median expected retirement age in the survey remains 65, but 20% of workers said that they changed their mind regarding their retirement age in 2024.

Furthermore, 50% of workers expect to retire “gradually, over time,” a stark difference from current retirees, 73% of whom retired “full stop.”

A variety of factors influenced this shift in expectations. Longer life expectancies and rising financial uncertainty have both made retiring at 70 seem like a realistic option.

Furthermore, concerns about the future of government programs like Social Security were also listed as a key factor, as the trust fund is projected to be depleted by 2035, which would result in benefits cuts for retirees without legislative action.

Approximately 80% of surveyed workers admitted that they are worried that the government will make “significant changes” to the retirement system, while 53% and 51% expressed confidence that Medicare and Social Security, respectively, will be able to provide the same level of benefits they provide today to future retirees.

Workers are also seeking help saving for emergencies and retirement. Roughly half have planned how they will manage an emergency expense in retirement.

Additionally, according to an April 2025 Northwestern Mutual survey, the average number Americans believe they need to cover their retirement is $1.26 million, a roughly $200,000 decrease form the previous year. However, 70% still worry they might need to cut back in order to have a comfortable retirement.

Craig Copeland, director of wealth benefits research at EBRI, remarked that “the concern about Social Security is especially prominent, as almost all retirees say that Social Security is a source of retirement income.”

According to an April 2025 Northwestern Mutual survey, the average number Americans believe they need to cover their retirement is $1.26 million, a roughly $200,000 decrease from the previous year. However, 70% still worry they might need to cut back in order to have a comfortable retirement.

Despite these concerns and changing expectations regarding the age of retirement, 78% of the survey’s respondents said that they expect to have enough money for a comfortable retirement, a 4% increase over 2024, even as roughly 70% of them worry about reducing their current spending due to inflation and stock market volatility.