.webp)
PensionBee’s Q2 Happy Retirement Report
Nearly one in three Americans (30%) couldn't survive more than six months on their retirement savings if they had to stop working tomorrow, while 42% have less than one year of savings total, according to new data from PensionBee’s Q2 Happy Retirement Report. Just one in ten Americans believes they can live off their savings for 10 years or more.
These findings reveal more than a retirement problem—they expose a survival crisis hiding in plain sight. With traditional pensions declining and Social Security facing potential cuts, Americans across all generations are more dependent on personal savings than ever before. Yet most are lacking basic financial resilience.
“Low saving levels among older workers are particularly troubling,” said Romi Savova, CEO of PensionBee. “In an economy where companies are cutting costs and older workers often face the longest unemployment periods, inadequate savings isn't just about retirement, it's about basic survival. Too many people are one layoff away from being forced into a retirement they can't afford. With AI poised to reshape entire industries, this financial vulnerability becomes an existential threat for millions of American families."
The Actions Behind the Numbers
But here's what separates financial confidence from financial fantasy: specific, measurable actions. The survey reveals that confidence isn't built on hope—it's built on behavior.
Among respondents who feel "very positive" about retirement, 61% have structured retirement plans, half with professional guidance, and 25% have consolidated multiple accounts.
In stark contrast, just 9% of Americans who feel "very negative" about retirement have any structured retirement planning in place. Americans who felt “very negative” about their retirement were also twice as likely (41%) to have delayed saving until age 30, compared to just 20% of those who reported a “very positive” outlook.
The data reveals the specific actions that separate confident savers from worried ones: starting early, maximizing employer benefits, consolidating old retirement accounts, and, when it makes sense, working with financial advisors. These aren’t just nice-to-haves—they’re the foundation of financial security in an uncertain economy.
Retirement Preparedness Across Generations
Gen Z: Building Financial Foundation Despite Early Challenges
At 43%, Gen Z reports the second-highest retirement optimism, yet their behavior suggests financial vulnerability. Nearly one in five (19%) have already taken hardship withdrawals from retirement accounts—a concerning trend for a generation just starting their careers.
However, they're also the most proactive: 25% plan to seek financial advice this year, and 29% are embracing online planning tools. Their challenge isn't awareness—it's building financial resilience while navigating an increasingly expensive economy.
Millennials: Navigating Multiple Financial Priorities
Millennials show clear signs of economic pressure from competing priorities. They report the lowest retirement confidence (41%) and are most likely to be managing student debt, aging parents, and childcare. Nearly one in four (22%) cash out their 401(k)s when changing jobs, compared to just 14% of Baby Boomers.
Having entered the job market during the Great Recession, many developed financial habits that prioritize immediate needs over long-term wealth building. At 29%, they're most likely to delay starting retirement savings, missing crucial years of compound growth.
