Baby boomers who describe their retirement savings as on track or ahead of schedule fell from 69% to 60% in a single year, according to a recent analysis. Gen X slid from 58% to 49%.
The drop in effort was steeper. Among respondents to a Goldman Sachs Asset Management survey fielded in July 2026, the share who increased their retirement savings fell from 55% in 2025 to 39%, a 16-point drop. Goldman calls it the largest one-year drop since 2020.
The survey covered 5,106 people, including 3,612 workers of all ages and 1,494 retirees ages 45 to 75, and it found one group that did far better than the rest.
Where the savings went
Asked what had the greatest real-life impact on their ability to save for retirement, respondents named housing costs and day-to-day living expenses, each at 31%, followed by debt payments at 27%.
For older workers, the everyday bills weigh heaviest. Day-to-day expenses topped the list for Gen X at 37% and for boomers at 33%, ahead of housing.
The timeline can be shorter than it looks, too. Goldman notes that many retirees stop working earlier than planned, which can shrink the years a worker in their 50s has to catch up.
The workers who kept going
About 64% of respondents have a personalized financial plan for retirement. Those people looked very different in the data.
- On track or better: 72% with a plan, compared with 33% without.
- Increased their savings: 46% with a plan, compared with 26% without.
- Engaged with their retirement savings: 91% with a plan, compared with 62% without.
A survey like this shows a correlation, not proof that a plan causes better results. People who make plans may also earn more or carry less debt.
Goldman notes that active engagement with a plan is key. Plus, a plan forces the questions that are easy to put off: how much is enough, by when, and what gets cut if the numbers come up short.
What still counts for 2026
For workplace plans, contributions generally must come out of paychecks before the plan year ends, Dec. 31 for most plans. That leaves only the final paychecks of the year.
The 2026 limits let workers put $24,500 into a 401(k), plus an $8,000 catch-up at age 50 or older, for a total of $32,500. Workers ages 60 to 63 can use a larger $11,250 catch-up instead. Raising your deferral percentage now spreads any increase over the remaining checks, and if your employer allows it, you can direct a year-end bonus into the plan.
A new wrinkle applies to higher earners. Starting in 2026, workers whose prior-year employer wages topped $150,000 must make catch-up contributions on a Roth basis, meaning they pay tax on that money now rather than later.
IRAs offer more time. The 2026 limit is $7,500, plus a $1,100 catch-up for those 50 and older, and you can contribute through the tax-filing deadline in April 2027.
Getting a plan without guessing
Many people start with free help. A 401(k) provider may offer planning tools or sessions at no extra cost, and a retirement calculator can show whether current contributions get you close to your target.
The survey suggests most people still want a person in the room for the big calls. Sixty-three percent of respondents prefer human guidance for retirement income decisions and tax-sensitive planning, even though 51% have used AI for retirement planning.
It helps to know how advisors charge and what questions to ask before you sign anything.
If you have $100,000 or more invested, SmartAsset offers a free matching service that pairs you with up to three fiduciary financial advisors, with no obligation to hire any of them. The questionnaire takes about 10 minutes, asks for a phone number near the end, and lets you control whether and when you respond to anyone. SmartAsset makes the match, and the advisors provide the advice.
See which advisors match your situation.
The one review that cannot wait for January
Open your most recent pay stub and find the percentage going to your retirement plan. If it is the same number you picked years ago, the remaining 2026 paychecks are the last chance to change what this year adds to your account.
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