New Harris Poll Finds Gen X and Millennials Seek New Retirement Model as Traditional System Fades

Half of respondents identify inflation as a top barrier to retirement saving, followed by day-to-day expenses at 39%.

Rhea-AI Summary

Athene (ATH) released a Harris Poll survey examining how Gen X and Millennials view retirement challenges and guaranteed income options. Among respondents, 83% say their generation faces retirement challenges previous generations did not, and 76% believe the U.S. retirement system was designed for a previous generation. Rising health care costs concern 67%, while 62% cite inflation as a major concern.

Among those who know what annuities are, 86% find their benefits appealing. Only 23% of respondents have purchased an annuity, while 53% say annuities are too complex. Just 40% have planned how to convert savings into retirement income, and 29% have fully accounted for retirement length in their financial planning. The online survey covered 2,022 U.S. residents ages 40–61 with at least $100,000 in investable assets and household income of at least $50,000.

Key Figures

Retirement challenges: 83% Health care costs: 67% Inflation concern: 62% +4 more

Retirement challenges

83%

Respondents said their generation faces challenges previous generations did not

Health care costs

67%

Respondents’ top retirement concern

Inflation concern

62%

Respondents citing inflation as a retirement concern

Annuity appeal

86%

Respondents who know what annuities are and said they offer appealing benefits

Annuity ownership

23%

Respondents who had purchased an annuity

Consider purchasing an annuity

80%

Respondents who would consider purchasing if they knew more about annuities

Survey sample

2,022 U.S. residents

Ages 40–61, with at least $100,000 in investable assets and household income of at least $50,000

Key Terms

annuities, defined contribution

2 terms

annuities financial

"Eighty-six percent of those who know what annuities are say they offer benefits that are appealing."

Annuities are contracts sold by insurance companies that convert a lump sum or series of payments into a guaranteed stream of future income, either immediately or after a set period. For investors, they matter because they provide predictable cash flow—like a private pension—while carrying trade-offs in liquidity, fees and credit risk of the issuer, which can affect portfolio income stability and overall returns.

defined contribution financial

"pension-like features in the defined contribution ecosystem."

A defined contribution plan is a retirement savings arrangement where the amount put into an employee’s account is fixed by a formula or contribution schedule, but the final payout depends on how the invested money performs. Think of it as a personal savings pot that grows or shrinks with market returns; for investors, it matters because companies offering these plans have more predictable short-term costs but shift long-term retirement risk onto employees, affecting corporate liabilities, cash flow and workforce stability.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Over 80 percent say their generation faces unique retirement challenges, with rising health care costs, inflation and Social Security uncertainty reshaping expectations for life after work

WEST DES MOINES, Iowa, Oct. 06, 2026 (GLOBE NEWSWIRE) -- The retirement landscape has fundamentally changed for Gen X and Millennials, according to a new survey conducted by Harris Poll on behalf of Athene. Facing fewer pensions, greater market uncertainty and heightened concern about health care costs, inflation and Social Security, today’s pre-retirees are viewing and building a dramatically different model of retirement than the generations before them.

More than eight in 10 respondents (83%) say their generation faces retirement challenges previous generations did not, while 76% believe the U.S. retirement system was designed for a previous generation. Nearly two-thirds (61%) say they have fewer guaranteed retirement-income options than prior generations, and 63% are concerned Social Security will run out of funds before they begin collecting benefits.

“Greater awareness of the need for retirement savings means that the biggest questions most retirement savers face today are whether they will outlive their savings and how they can turn their savings into reliable income that lasts,” said Sean Brennan, Co-President, Athene USA. “Retirement savers have fewer traditional sources of guaranteed income, such as pensions, while managing greater uncertainty in this economic environment. Gen X and Millennials are looking for solutions to help navigate their future with confidence, flexibility and a greater sense of control over their financial futures.”

Rising Costs Create a New Set of Retirement Pressures

The survey of more than 2,000 U.S. adults ages 40–61 with at least $100,000 in investable assets and household income of $50,000 or more highlights the economic uncertainty regarding preparation and expectations for retirement. The top concern – two-thirds of respondents (67%) – is rising health care costs while 62% cite inflation as a major concern.

Those pressures are already influencing the ability to save. Half of respondents (50%) identify inflation as a top barrier to retirement saving, followed by day-to-day expenses (39%) and health care costs (32%).

Guaranteed Income Has Wide Appeal, but Is Not Widely Understood

The findings point to a significant opportunity to help retirement savers better understand options for creating dependable retirement income. Eighty-six percent of those who know what annuities are say they offer benefits that are appealing. Yet only 23% have purchased an annuity. However, with greater understanding, 80% say they would consider purchasing an annuity if they knew more about them. At the same time, more than half (53%) say annuities are too complex.

“These findings reinforce the broad appeal of guaranteed income solutions, as well as the need to create greater understanding of their benefits,” said Mike Downing, Co-President, Athene USA. “Annuities are a vital retirement tool that can complement savings, investments and Social Security to create a more resilient retirement plan.”

While respondents express a desire for security, their retirement plans often remain incomplete. Only 40% say they have planned for how to convert their accumulated savings into income in retirement, and just 29% say they have fully accounted for the length of their retirement in their financial planning. In addition, 85% of survey respondents found guaranteed monthly income through a 401(k) appealing, demonstrating a clear desire for pension-like features in the defined contribution ecosystem.

“Retirement savers shouldn’t need to become investment experts on the day they retire,” said Rebecca Tadikonda, CEO, Vitera. “Retirees need solutions that simplify their transition from saving to spending so they can confidently enjoy the retirement they worked hard for.”

Despite the challenges, respondents remain cautiously optimistic about their own financial security in retirement. Thirty-eight percent say they are somewhat confident in their ability to achieve retirement financial security, while 32% are very confident and 21% are extremely confident. Nine percent say they are not at all confident.

Methodology

This survey was conducted online within the United States by Harris Poll on behalf of Athene from June 26 through July 7, 2026, among 2,022 U.S. residents ages 40–61 with at least $100,000 in investable assets and household income of at least $50,000. Results have been weighted where necessary to bring them into line with their actual proportions in the population.

About Athene

Athene is the leading retirement solutions company with $473 billion of total assets as of June 30, 2026, and operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations. For more information, please visit www.athene.com.

Contact

Alyssa Castelli
Director, External Relations
+1 (646) 768-7304
Alyssa.castelli@athene.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When was Athene's Harris Poll retirement survey conducted, and how were results adjusted?

The survey was conducted online in the United States from June 26 through July 7, 2026. Results were weighted where necessary to align with their actual proportions in the population.