Retirement Confidence Among Middle-Income Americans Declines Amid Economic Uncertainty

CNO survey finds one in three middle-income Americans ages 50 to 85 are less confident in their retirement plans as confidence in future of Social Security and Medicare weakens

CARMEL, Ind., Feb. 18, 2026 /PRNewswire/ -- A new consumer sentiment survey from CNO Financial Group, Inc. (NYSE: CNO) reveals a shift in retirement confidence among middle-income Americans ages 50 to 85, many of whom feel increasingly unprepared for a future shaped by inflation, economic uncertainty and questions about the reliability of key federal safety nets.

Among middle-income Americans ages 50 to 85, one in three (32%) say they feel less confident in their retirement plans than they did a year ago, and two in five (41%) doubt they will have enough money to live comfortably throughout retirement—including nearly half (49%) of pre-retirees.

Financial anxiety is also on the rise: two in five (44%) middle-income Americans ages 50 to 85 report feeling more anxious about their personal finances than they did a year ago. Those not yet retired are twice as likely (24% vs. 12%) as retirees to say they are much more anxious about their finances, reflecting concerns about their ability to retire on schedule.

"Middle-income Americans are under pressure as they navigate rising costs, market volatility and questions about the future of government programs and safety nets," said Scott Goldberg, President, Consumer Division. "This economic environment is challenging their sense of preparedness. Our survey underscores how critical it is for individuals to plan ahead to build financial resilience and protect their retirement."

Inflation Tops Concerns for Middle-Income Americans, Influencing Retirement Expectations

Concerns such as inflation and outliving their savings are influencing how Americans prepare for retirement, leaving many uncertain about their financial plans. Inflation (27%) is the top concern for middle-income Americans ages 50 to 85, followed by fears about outliving their money (23%) and cuts to Social Security (18%).

One in three (34%) say they are less confident in their ability to meet day-to-day financial obligations like rent, groceries and utilities compared to a year ago. That lack of confidence jumps to half (48%) among those with less than $50,000 in investible assets, underscoring the uneven impact of inflation across income levels.

Women and pre-retirees are feeling the strain most acutely: one in four women (25%) say they are not at all confident they'll have enough money to live comfortably in retirement—almost double the rate of men (13%). Additionally, half (49%) of pre-retirees expect to retire at least one year later than they planned a year ago, and one in six (15%) middle-income Americans don't think they will ever be able to afford to retire.

"As financial confidence declines, middle-income Americans need to evaluate their retirement timelines, savings strategies and long‑term care plans," Goldberg added. "Important steps to mitigate risk and improve financial security include seeking professional guidance, diversifying retirement income sources and making use of valuable products such as annuities and long-term care insurance."

The Retirement Safety Net: Confidence Erodes in Social Security and Medicare

Uncertainty about the future of key government programs is adding another layer of concern for many Americans. Confidence in the future of federal safety nets is wavering, with 43% of middle-income Americans ages 50 to 85 less confident that Social Security will be available when they need it—while nearly half (47%) believe the federal government will cut Medicare benefits in the future. Pre‑retirees are more concerned than retirees about the future of these programs, with one in five saying they are much less confident in the availability of Social Security (19% vs. 7%) and Medicare (18% vs. 6%).

Many may also have knowledge gaps on how they will pay for future care: half (49%) of middle-income Americans ages 50 to 85 expect Medicare to cover all long-term care needs, even though such coverage is limited. Just over a third (36%) plan to rely on personal savings, while one in five (20%) expect to depend on Medicaid.

"Medicare and Social Security provide good coverage and support, but were never designed to cover all costs in retirement. The data paints a clear picture: many Americans lack confidence that these long‑standing programs can meet their financial needs," Goldberg said. "It's essential that middle-income Americans understand what benefits are available so they can protect what matters most to them as they near retirement. Fortunately, it's never too late to seek guidance and secure your financial future."

About the Survey

The Harris Poll, on behalf of CNO, conducted an online survey among 500 U.S. respondents between 50 to 85 years old with household incomes of $50,000 to $100,000 and less than $1 million in investable assets, from October 20 – 24, 2025. 

Respondents for this survey were selected from among those who have agreed to participate in our surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within ± 5.8 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest.

For complete survey methodology, please contact Mike Romor, Manager, External Communications.

About CNO Financial Group
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities, and financial services through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.2 million policies and $38.8 billion in total assets. Our 3,300 associates, 5,000 exclusive agents and more than 7,000 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.

SOURCE CNO Financial Group