Almost 80% of Americans Fear a Retirement Age Increase — Here’s the Real Reason Why

There may be nothing more contentious in U.S. politics than a potential raise of the retirement age.

And now, with the election cycle in full swing, it seems many Americans are considering the possibility of it actually happening — and how they would feel if that limit were to increase in a few years.

The truth is that it's not just a potential delay in Social Security benefits that has Americans worried. In fact, it's something far more painful and hard to accept.

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SoFi Checking and Savings Benefits

• Limited-Time Offer: Earn a $50 or $400 bonus with eligible direct deposit and up to 4.00% APY on Savings (3.10% APY¹ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits&nbsp;received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct&nbsp;Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in&nbsp;your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at&nbsp;<a href="https://www.sofi.com/banking/checking-offer/">sofi.com/banking/checking-offer/</a></p> with +0.90% APY Boost) for up to 6 Months on new accounts. Terms Apply.² <p>Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi&nbsp;Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at&nbsp;<a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC.</p>
• No account, overdraft, or monthly fees³ <p>We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>.</p>
• Get your paycheck up to two days early with direct deposit
• Access additional FDIC insurance up to $3 million⁴ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

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The Real Reason so Many Americans are Worried About Retirement

According to a poll from Quinnipiac University, nearly 80% of Americans "would oppose raising the full retirement age for Social Security from 67 to 70."

But that makes sense — why would anyone want benefits paid out later in life?

No. The real reason that so many Americans fear retirement is that, according to the very same poll, 68% of Americans feel they won't have enough money to retire comfortably.

This sentiment tracks with recent estimates on American retirement savings, and the findings are, well … grim.

While the suggested amount for retirement savings comes in at $555,000, the real percentage of American retirees who have saved that much is shockingly low — just 12%, according to Yahoo! Finance.

Revealed: Average Retirement Savings in America by Age — How do you Compare?

In the 2019 Survey of Consumer Finances, researchers pulled in data revealing the average retirement savings balance of different age groups.

While these figures reflect an average, some people may have more or less saved. The study did not reveal whether or not individuals were working with a fiduciary.

Where do you fall on this spectrum? Do you have more? Less?

Realistic Tips to Help You Save for Retirement

If you want to start saving for retirement effectively, there are a few things to pay attention to at key points throughout your life:

Age 30:

Optimize your budget: This is especially true for people who have already started or plan to start a family in their 30s, which usually comes with more financial responsibilities.

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Increase your savings rate: While savings rates are often low in your youth, they can grow as your income does. For example, you could boost your savings rate by 1% annually, moving from 5% of your income in your early 20s to at least 15% in your 30s.

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NexBank High-Yield Savings - 4.15% APY⁵ <p>APY means Annual Percentage Yield. APY is accurate as of 08/04/26. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $1.00.</p>

NexBank offers a powerful 4.15% APY⁵ <p>APY means Annual Percentage Yield. APY is accurate as of 08/04/26. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $1.00.</p> to help you grow your money. FDIC insured. Limited Time Bonus: Earn up to $1,000.⁶ <p>New customers only. Earn a cash bonus (the "Welcome Bonus") when you deposit and maintain funds with partner banks on the Raisin platform. Customers will receive a Welcome Bonus of $40 for depositing between $10,000 and $24,999; $100 for depositing between $25,000 and $49,999; $200 for depositing between $50,000 and $99,999; $425 for depositing between $100,000 and $199,999; and $900 for depositing $200,000 or more. If the Qualifying Deposit balance declines at any time during the maintenance period below the minimum required for a bonus tier, the customer will be placed in the bonus tier corresponding to the lowest Qualifying Deposit balance maintained during that period. </p><p>Savings + CD Boost: Customers eligible for the Welcome Bonus may earn an additional bonus by opening a product in a second product category. To qualify, customers must deposit at least $1,000 into the secondary product category within 14 days of their initial deposit and maintain balances over $1,000 in both categories through 90 days from the initial deposit date.</p><p>For the purposes of this promotion, High-Yield Certificates of Deposit constitute one product category; No-Penalty CDs and Callable CDs constitute a second product category; and Savings Accounts (including Money Market Deposit Accounts, High-Yield Savings Accounts, and Rate Lock Savings Accounts) constitute a third product category. Savings + CD Boost eligibility is determined by your Welcome Bonus tier: customers depositing between $10,000–$24,999 receive an additional $10; $25,000–$49,999 receive an additional $25; $50,000–$99,999 receive an additional $50; $100,000–$199,999 receive an additional $75; and $200,000 or more receive an additional $100. </p><p>The Savings + CD Boost is optional and paid in addition to the Welcome Bonus. To qualify for the Welcome Bonus and Savings + CD Boost, your first deposit must be initiated between September 1, 2026, and September 30, 2026, by 11:59 PM ET, and the promo code STACK must be entered at the time of sign-up. Only funds deposited within 14 days of the initial deposit date and maintained with partner banks on the Raisin platform for 90 days of the initial deposit date will be eligible for the Welcome Bonus and Savings + CD Boost. Bonus cash will be credited directly to your Cash Account within 30 days of meeting all qualifying terms. This offer is available to new customers only, is non-transferable, and may not be combined with any other bonus offers. Raisin may modify or end this offer at any time and may withhold or revoke bonuses in cases of fraud, abuse, or violation of these terms or Raisin’s Terms of Service.</p>

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Open your own investment accounts: Your 30s can be the time to begin investing on your own. For instance, consider opening one of the best Roth IRAs or best brokerage accounts to diversify your investment options and improve your tax strategy.

Get a 3% match on retirement contributions when you join Robinhood Gold for a monthly subscription fee.⁷ <p>The 3% matching on contribution requires a subscription with Robinhood Gold (fees apply), must be subscribed to Gold for 1 year after your contribution to keep the full 3% match. You must have compensation (wage income) in order to contribute to an IRA. The funds that earned the match must be kept in the account for at least 5 years to avoid a potential Early IRA Match Removal Fee. For more information refer to the <a href="https://robinhood.com/us/en/support/articles/ira-match-faq/">IRA Match FAQ</a>.</p> <p>Robinhood Gold is offered through Robinhood Financial LLC and is a subscription offering premium services for a monthly fee.</p> <p>You must have earned (wage) income in order to contribute to an IRA. The funds that earned the match must be kept in the account for at least five years to avoid a potential Early IRA Match Removal Fee. For more information, see the IRA Match FAQ. </p> <p>Funds being contributed into or distributed from retirement accounts may entail tax consequences. Contributions are limited and withdrawals before age 59 1/2 may be subject to a penalty tax. Robinhood does not provide tax advice; please consult with a tax adviser if you have questions. </p> <p>The Robinhood IRA is available to any of our U.S. customers with a Robinhood brokerage account in good standing. </p> <p>Robinhood Financial LLC (member SIPC), is a registered broker dealer. Robinhood Securities, LLC (member SIPC),is a registered broker dealer and provides brokerage clearing services. All are subsidiaries of Robinhood Markets, Inc. (‘Robinhood’).</p>

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Age 40:

Get out of debt: It can be tough to save when debt and interest charges weigh you down, so work on reducing or eliminating your debt balances.

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Ask This Company About Paying Off Your Credit Card Debt

Learn how you could get out of $30K+ in credit card debt in as little as 24-48 months.⁸ <p>Please note that all calls with the company may be recorded or monitored for quality assurance and training purposes. Clients who are able to stay with the program and get all their debt settled realize approximate savings of 45% before fees, or 20% including our fees, over 24 to 48 months. All claims are based on enrolled debts. Not all debts are eligible for enrollment. Not all clients complete our program for various reasons, including their ability to save sufficient funds. Estimates based on prior results, which will vary based on specific circumstances. We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Not available in all states. Please contact a tax professional to discuss tax consequences of settlement. Please consult with a bankruptcy attorney for more information on bankruptcy. Depending on your state, we may be available to recommend a local tax professional and/or bankruptcy attorney. Read and understand all program materials prior to enrollment, including potential adverse impact on credit rating. "Debt-Free" applies only to enrolled credit cards, personal loans, and medical bills. Not mortgages, car loans, or other debts. Results vary.</p>

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Check your asset allocation: Annually reviewing your asset allocation is wise. You might have a stock-heavy portfolio in your youth for compounded growth. As you age, consider shifting to a more conservative investment mix.

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Start investment accounts for your children: If you have kids, you may want to start investment accounts for them in your 40s, if not sooner. For instance, you may decide to start a tax-advantaged 529 plan to save for their college education.

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Age 50:

Max out your contributions: Even if retirement is near, maximizing retirement contributions can be beneficial. These accounts, like 401(k) plans and traditional IRAs, offer tax benefits that can enhance your retirement savings.

Use catch-up contributions: If you're over 50, you can make additional catch-up contributions to retirement accounts like 401(k)s and IRAs. In 2023, you can add up to $7,500 extra to 401(k)s and $1,000 to IRAs, helping you reach your retirement goals faster.

Keep your money invested: Withdrawing from your retirement account for expenses can affect your investment strategy and retirement funds. Non-Roth accounts usually have an early withdrawal penalty before age 59 1/2. So, it's advisable to continue earning and using your income until penalty-free withdrawals are possible.

Get a 3% match on retirement contributions when you join Robinhood Gold for a monthly subscription fee.⁷ <p>The 3% matching on contribution requires a subscription with Robinhood Gold (fees apply), must be subscribed to Gold for 1 year after your contribution to keep the full 3% match. You must have compensation (wage income) in order to contribute to an IRA. The funds that earned the match must be kept in the account for at least 5 years to avoid a potential Early IRA Match Removal Fee. For more information refer to the <a href="https://robinhood.com/us/en/support/articles/ira-match-faq/">IRA Match FAQ</a>.</p> <p>Robinhood Gold is offered through Robinhood Financial LLC and is a subscription offering premium services for a monthly fee.</p> <p>You must have earned (wage) income in order to contribute to an IRA. The funds that earned the match must be kept in the account for at least five years to avoid a potential Early IRA Match Removal Fee. For more information, see the IRA Match FAQ. </p> <p>Funds being contributed into or distributed from retirement accounts may entail tax consequences. Contributions are limited and withdrawals before age 59 1/2 may be subject to a penalty tax. Robinhood does not provide tax advice; please consult with a tax adviser if you have questions. </p> <p>The Robinhood IRA is available to any of our U.S. customers with a Robinhood brokerage account in good standing. </p> <p>Robinhood Financial LLC (member SIPC), is a registered broker dealer. Robinhood Securities, LLC (member SIPC),is a registered broker dealer and provides brokerage clearing services. All are subsidiaries of Robinhood Markets, Inc. (‘Robinhood’).</p>

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Learn Our #1 Secret for Quickly Building a Strong Financial Base for a Comfortable Retirement

You already know how much you have in your savings account right now. And if it's anything less than the amounts in the chart up above, that may spell trouble for you and your retirement down the line.

And despite the realistic tips presented on this page, you may need something a little more powerful for your own finances, depending on where you fall on the scale. If that's you, there is one approach we recommend …

👉 Discover our #1 secret for quickly building a strong financial base for a comfortable retirement

FinanceBuzz is not an investment advisor. This content is for informational purposes only, you should not construe any such information as legal, tax, investment, financial, or other advice.

Reach Your Savings Goals Faster

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FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

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SoFi Checking and Savings Benefits

• Limited-Time Offer: Earn a $50 or $400 bonus with eligible direct deposit and up to 4.00% APY on Savings (3.10% APY¹ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits&nbsp;received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct&nbsp;Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in&nbsp;your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at&nbsp;<a href="https://www.sofi.com/banking/checking-offer/">sofi.com/banking/checking-offer/</a></p> with +0.90% APY Boost) for up to 6 Months on new accounts. Terms Apply.² <p>Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi&nbsp;Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at&nbsp;<a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC.</p>
• No account, overdraft, or monthly fees³ <p>We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>.</p>
• Get your paycheck up to two days early with direct deposit
• Access additional FDIC insurance up to $3 million⁴ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

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FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

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