62% of Retired Americans Rely on Social Security as Major Income Source, Gallup Finds

A record 62% of retired Americans now rely on Social Security as a major source of income, according to Gallup's latest Economy and Personal Finance survey released on Wednesday. The figure ties last year's record high and exceeds every other retirement income source tracked in the survey. Work-sponsored pension plans ranked second at 37% as a major source of income for retired Americans.

Retirement savings accounts such as 401(k)s and IRAs ranked third at 27%. The findings are based on Gallup's Economy and Personal Finance poll conducted between April 1 and April 15, 2026. The survey also highlighted a growing divide between retirees and workers still preparing for retirement.

While 82% of retirees said they have enough money to live comfortably, only 45% of nonretirees expect to have enough money to live comfortably in retirement. Gallup found that 69% of nonretirees are moderately or very worried about not having enough money in retirement, compared with 39% of retirees. Younger workers also appear less confident in Social Security's future role.

Just 36% of nonretirees expect Social Security to become a major retirement income source for them, while 48% expect to rely primarily on retirement savings accounts. The findings arrive as policymakers and employers continue grappling with gaps in retirement access and savings participation.

Roughly 54 million American workers do not have access to an employer-sponsored retirement plan, according to the Economic Innovation Group.

U.S. worker has only $955 saved for retirement. Hardship withdrawals from retirement accounts reached record levels in 2025.

Gallup's survey found nonretirees expect to retire at age 66 on average. Current retirees reported retiring at age 61 on average. Nearly three in five employed Americans plan to continue working part-time during retirement.

Gallup has been tracking retirement age and part-time work expectations since 2011, and those trends have remained relatively consistent since then.