Fidelity Study: 72% of Americans Say They Will Retire on Their Own Terms

Fidelity Investments released its 2026 State of Retirement Planning Study on March 19, finding that 72% of Americans expect to retire on their own terms, up five percentage points from the prior year. The Boston-based firm said the shift reflects a broader "new retirement playbook," with 74% of respondents saying they have a plan in place for retirement goals.

The survey of 2,015 U.S. adults with retirement or brokerage accounts, conducted Dec. 2-8, 2025 by Big Village, found that 61% intend to transition gradually into retirement. Among all respondents, top alternative work paths include gig work or side hustles (35%), starting a small business (29%), part-time consulting (26%) and switching industries altogether (20%). Rita Assaf, vice president of retirement offerings at Fidelity, said retirement is being reframed as "an adaptable stage" rather than a single date, making planning more important.

Short-term financial pressures remain a concern: 36% cited inflation, 35% monthly bills and 27% emergency expenses as top worries. Even so, Fidelity data showed Americans contribute roughly $9,000 annually to 401(k) plans, and 88% capture an employer contribution. The generational shift toward flexible retirement was strongest among younger workers, with nearly 8-in-10 Gen Zers and over 6-in-10 Millennials planning to phase work into retirement.

The report also highlighted affordability pressures. More than half of respondents (51%) said rising living costs compete with retirement saving, and 28% cited personal debt. Eight-in-ten agreed retiree health care costs will be high, estimated by Fidelity at up to $172,500 for an individual. Among those who never plan to retire, 52% said they cannot afford to stop working fully, though 34% said they would continue working to stay active, 25% because they want to keep working and 19% to build wealth.

Workers reported having an average of six employers over their careers, and nearly one-quarter of those with retirement accounts maintain multiple accounts from past and current employers. Among Gen X, two-thirds worry their savings won't last, and nearly half may need to adjust their lifestyle in retirement. Respondents with a financial plan were more than twice as likely as peers to feel confident about retirement prospects (83% vs. 38%), while more than one in four Americans still lack a plan.

Fidelity said the study has been conducted since 2019 and focuses each year on how Americans view and plan for retirement. The firm reported $18 trillion in assets under administration as of Dec. 31, 2025.