Retirement Savings Fall Far Short of Longevity Expectations

The current life expectancy is 79 years old, but on average U.S. adults surveyed by Pew Research hope to live until 91, according to the 2026 Mind, Body and Wallet report by the Guardian Life Insurance Co. of America, a provider of workforce benefits, retirement and wealth solutions. 

The wish for longer life, however, did not align with Guardian respondents’ preparedness for a longer retirement. Compared with the previous 15 years that Guardian published its Mind, Body and Wallet report, 2026 results showed persistently low levels of overall wellbeing and financial health. For the third consecutive year, only 30% of respondents reported “excellent” or “very good” financial health, down from 44% in 2022.  

“Americans are living longer and envisioning fuller, more active lives in the years ahead, but our research shows there’s a growing gap between those aspirations and how people are preparing today,” said Andrew McMahon, chairman and CEO of Guardian Life, in a statement.  

Retirement readiness remained a weak pillar of respondents’ financial wellbeing, with just 13% feeling exactly on track to save enough for their desired retirement lifestyle.  

Similarly, a separate report by PensionBee found most of the people it surveyed were at risk of outliving their savings. Only 12% of retirement savers surveyed expected to have enough savings to last more than 10 years after they stop working.  

While a 30-year retirement is considered the new standard for planning, according to PensionBee’s 2026 Q2 Happy Retirement Report, only 17% of surveyed savers expected their retirement to last that long. Twenty-six percent said they had no idea how long they would be retired and another 26% expected between 20 to 29 years of retirement.  

One of the groups closest to retirement—Generation X respondents—only 6% believed they could survive more than 20 years off their current retirement savings. Nineteen percent said they could survive three to five years off their savings, and 14% said their savings would last six to 10 years. According to PensionBee’s report, the average Gen Xer had saved just $107,000 for retirement.  

According to Guardian’s report, 20% of Generation Z and younger Millennial survey respondents said they were planning for 30 years or more of retirement, compared with only 11% of Gen Xers. 

The top retirement-related financial concerns across all generations surveyed, according to Guardian, were having savings last (41%), guaranteed source of income (37%) and not saving enough (36%).  

“Retirement isn’t the end of the story. … As people live longer, fuller lives, financial planning shouldn’t just be about saving. It should help them feel confident, flexible and free to enjoy whatever comes next,” said Erin Culek, head of financial protection and retirement solutions at Guardian, in a statement.  

Guardian’s study was based on two surveys conducted in January and February, which included 2,000 employers and 2,000 employees. PensionBee’s survey was fielded between April 9 and April 15 and included 1,000 U.S. adults who reported saving for retirement in either a workplace plan or personal account.