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Many Americans feel behind on retirement planning, CNBC survey finds

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2 years ago

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A large share of Americans worry about their nest eggs.

CNBC’s International Your Money Financial Security Survey polled about 500 people each in nine countries. Of the 498 people surveyed in the U.S., more than half (53%) said they’re behind schedule in retirement planning and savings. The poll was conducted by SurveyMonkey.

“I think most Americans do struggle to save enough for retirement,” said David Blanchett, a certified financial planner and head of retirement research for PGIM, a money manager.

As part of its National Financial Literacy Month efforts, CNBC will be featuring stories throughout the month dedicated to helping people manage, grow and protect their money so they can truly live ambitiously.

For many families, money held in individual retirement accounts and 401(k)-type plans are a “key determinant” of future retirement security, according the according to the U.S. Federal Reserve’s Survey of Consumer Finances.

Just 54% of Americans had a retirement account as of 2022, according to the SCF, which is published every three years. Their typical balance was $87,000, as measured by the median value.

The picture isn’t much different for those who are on the precipice of retirement. To that point, the typical 55- to 64-year-old had saved just $71,000 in a 401(k)-type plan as of 2022, according to Vanguard Group data.

“Most Americans are going to need to save for retirement,” Blanchett said. “Yes, you can live off Social Security. But that’s probably not going to replace your pre-retirement standard of living.”

Households shoulder competing financial choices

Ample competing financial priorities can make it challenging to save for old age.

Sometimes, especially for lower earners, there’s a choice between survival today and ensuring for a good standard of living in the future, Blanchett said.

In 2022, households in the bottom 25% by wealth had a $3,500 median net worth, according to the SCF. By comparison, the top 10% had a $3.8 million net worth.

Households across income and wealth spectrums may simultaneously be trying to set aside money for financial emergencies, college savings, and buying a car or home, for example.

Inflation is the main source of financial stress, CNBC's Your Money Survey finds

High inflation during the pandemic era has led prices for everyday goods and services to rise quickly. The average worker’s buying power declined for two years, from April 2021 to April 2023, as average wage growth didn’t keep pace with inflation. (That trend has since reversed as inflation has receded.)

Credit-card debt is at all-time highs, suggesting Americans have leaned more on credit cards to pay their bills.  

“It’s hard to save for retirement when you’re not able to pay your rent,” Blanchett said.

Households shoulder more responsibility to save for their futures as employers have shifted away from pensions toward 401(k) plans.

Three in four (74%) of U.S. adults polled by CNBC expect to rely on government support in retirement, but only 42% of respondents are confident in the government’s ability to support them.

Social Security benefits are funded via payroll taxes and assets held in a federal trust fund. However, demographic trends have stressed that trust fund. It’s set to be depleted in 2033, at which point about 77% of promised benefits would be payable.

Congress is likely to intervene and the current benefit formula is unlikely to change for current and near retirees, experts said.

Access to 401(k)-type plans is a chief shortfall

Making the grade in financial literacy: More states require students to take personal finance course

Globally, Americans seem to trail residents of other nations when it comes to sentiment around retirement preparedness, the CNBC survey found.

CNBC polled residents from Australia, France, Germany, Mexico, Singapore, Spain, Switzerland and the United Kingdom, in addition to the U.S.

About 74% of respondents in France, 70% in Singapore and 65% in Mexico report being on schedule for retirement planning and savings, for example, the poll found. About 59% of respondents in Switzerland, 58% in Spain, 56% in the UK, 51% in Germany and 50% in Australia did so — all higher than the 47% among U.S. respondents.

Among the chief shortfalls of the U.S. retirement system is access to a workplace retirement plan, experts said. About half of workers don’t have access and are unlikely to save for retirement outside a 401(k)-type plan, they said.

“When compared with some of the more highly rated retirement systems, the U.S. falls short because employers do not have to offer a retirement plan, employees do not have to save and can easily withdraw what they do save, and our levels of personal debt cripple the ability of young workers to ever begin to save for their future,” said Angela Antonelli, executive director at Georgetown University’s Center for Retirement Initiatives.

She called these “fundamental and persistent challenges” to Americans’ retirement confidence and security.

Yet, several states have launched so-called “auto-IRA” programs to boost worker access and try closing the retirement savings gap.

Auto-IRAs require businesses that don’t offer a retirement plan to facilitate payroll deduction into a state-run program. They’re still in the “early stages of implementation,” but have already accumulated 845,000 new funded accounts and 212,000 registered employers, she said.

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$20,000 Caution Bond Requirement for US Visa Applications imposed on 50 Countries

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6 days ago

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August 8, 2026

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The United States Department of State has officially implemented a revised visa policy introducing a mandatory posting requirement for caution payments of up to $20,000 on select foreign travel applications. Under the updated regulatory framework, consular officials are authorized to require temporary nonimmigrant visa applicants from targeted foreign countries to post a refundable financial bond of $20,000 as a condition for visa issuance. The policy mechanism is designed to address diplomatic concerns regarding high overstay rates among temporary visitor, business, and educational visa categories.

The caution bond pilot program applies selectively to foreign nationals from designated countries whose diplomatic entities record historical visa overstay rates exceeding established federal thresholds. Under administrative guidelines published by the State Department, the full financial deposit is posted directly to a dedicated federal escrow account prior to final visa issuance. The entire caution payment is automatically refunded to the applicant upon verified proof of timely departure from the United States in strict compliance with the authorized duration of stay. Conversely, failure to depart within the legal timeframe results in full forfeiture of the posted financial bond to the United States government.

Diplomatic representatives and travel policy experts have expressed varying perspectives regarding the operational implementation of the caution bond system. Administration officials emphasize that the measure serves as an effective, market-based incentive to enforce international travel compliance and preserve domestic immigration security standards. However, international trade organizations and foreign diplomatic missions have raised concerns regarding the financial burden imposed on legitimate business travelers, foreign students, and commercial partners from developing nations.

The United States finalized the rule to make the temporary visa bond program permanent, taking effect on August 3, 2026. The updated permanent regulation replaces the prior 12-month pilot, eliminates the lowest $5,000 tier, and raises the maximum required bond amount to $20,000 for specific B-1/B-2 business and tourist visa applicants.

Here is the list of the 50 countries on the list as o August 3, 2026

African Nations (31 Countries)

  • Algeria
  • Angola
  • Benin
  • Botswana
  • Burundi
  • Cabo Verde (Cape Verde)
  • Central African Republic
  • Côte d’Ivoire (Ivory Coast)
  • Djibouti
  • Ethiopia
  • Gabon
  • The Gambia
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Lesotho
  • Malawi
  • Mauritania
  • Mauritius
  • Mozambique
  • Namibia
  • Nigeria
  • São Tomé and Príncipe
  • Senegal
  • Seychelles
  • Tanzania
  • Togo
  • Tunisia
  • Uganda
  • Zambia
  • Zimbabwe

Asian & Eastern European Nations (11 Countries)

  • Bangladesh
  • Bhutan
  • Cambodia
  • Georgia
  • Kyrgyzstan
  • Mongolia
  • Nepal
  • Papua New Guinea
  • Tajikistan
  • Turkmenistan
  • Uzbekistan

Caribbean & Latin American Nations (5 Countries)

  • Antigua and Barbuda
  • Cuba
  • Dominica
  • Grenada
  • Venezuela

Oceanian Nations (3 Countries)

  • Fiji
  • Tonga
  • Vanuatu

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Personal Finance

Next-Generation Retirement Planning: Managing Longevity Risk and Variable Income Streams

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1 week ago

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August 7, 2026

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Retirement planning strategies are evolving in 2026 to address increased life expectancies, shifting dynamic market conditions, and the transition away from traditional defined-benefit pensions. Individual investors and financial advisors are abandoning rigid retirement models in favor of flexible, multi-asset strategies designed to mitigate longevity risk and preserve purchasing power over multi-decade retirement horizons.

Mitigating Longevity Risk with Dynamic Asset Allocation
As average life expectancies extend past eighty-five years, one of the primary financial risks facing retirees is outliving their accumulated wealth. Traditional fixed income allocations—such as the standard 60/40 equity-to-bond portfolio—are being reevaluated to ensure portfolios generate sufficient capital growth alongside reliable income.

Financial planners recommend maintaining a meaningful equity allocation throughout retirement to offset long-term inflation erosion. High-dividend equity funds, global real estate investment trusts (REITs), and inflation-indexed Treasuries are combined to create diversified portfolios that deliver both growth and income stability.

The Transition to Dynamic Withdrawal Strategies
The classic “4% safe withdrawal rule” is increasingly replaced by dynamic withdrawal strategies that adapt annually based on market performance. Under a dynamic withdrawal framework, retirees adjust their annual distribution rates within pre-set caps and floors:
– Market Upside: During strong market returns, retirees can increase discretionary spending or fund family legacy gifts.
– Market Downturns: During market pullbacks, spending distributions are temporarily reduced to prevent sequence-of-returns risk and preserve core investment principal.

Guaranteed Lifetime Income Options and Deferred Annuities
To establish a guaranteed baseline for essential living expenses, individuals are incorporating modern fixed-indexed and deferred longevity annuities into their broader retirement architectures. Modern annuity structures offer competitive return caps, transparent fee schedules, and inflation-adjustment options.

By funding essential expenses—such as housing, healthcare, and insurance—with guaranteed income streams from Social Security, pensions, and annuities, retirees can manage discretionary investment portfolios with greater flexibility and lower emotional stress during market volatility.

Actionable Steps for Future Retirees
1. Calculate Baseline Retirement Expenses: Determine fixed living costs and map guaranteed income sources to cover essential expenditures.
2. Adopt Flexible Withdrawal Rules: Implement dynamic spending rules to protect investment principal against market downturns.
3. Incorporate Inflation-Protected Assets: Maintain exposure to dividend-growing equities and inflation-indexed bonds to safeguard long-term purchasing power.

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Personal Finance

Building Generational Wealth: Family Governance, Estate Tax Optimization, and Asset Protection

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2 weeks ago

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August 1, 2026

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As the largest intergenerational transfer of wealth in history accelerates, high-net-worth families, entrepreneurs, and individual investors are placing heightened emphasis on comprehensive estate planning, family governance, and asset protection. Preserving capital across generations requires a balanced approach combining tax-efficient legal structures with open family communication and financial literacy education.

Optimizing Estate Tax Exemptions and Trust Structures
With potential modifications to federal estate tax exemption thresholds on the horizon, proactive estate planning is essential for high-net-worth households. Estate planning attorneys and wealth advisors are establishing multi-generational trust structures to transfer wealth efficiently while minimizing estate and gift tax exposure.

Popular structural strategies include:
– Irrevocable Life Insurance Trusts (ILITs): Utilizing life insurance proceeds to provide liquidity for estate tax obligations without expanding the taxable estate.
– Grantor Retained Annuity Trusts (GRATs): Transferring rapidly appreciating assets to beneficiaries with minimal gift tax consequences.
– Dynasty Trusts: Preserving wealth across multiple generations while providing long-term asset protection from creditor claims and legal liabilities.

Establishing Family Governance and Financial Education
Legal and financial structures alone cannot guarantee long-term wealth preservation without effective family governance. Financial advisors report that a significant percentage of multi-generational wealth dissipation stems from lack of communication and inadequate financial preparation among heir generations.

Families are establishing formal family governance frameworks, including periodic family meetings, written mission statements, and structured philanthropic foundations. Involving younger family members in charitable grant-making and investment discussions fosters financial stewardship and prepares heirs to manage family assets responsibly.

Digital Asset Custody and Legacy Planning
In today’s modern economy, estate planning must extend beyond physical real estate and traditional brokerage accounts to encompass digital assets. Comprehensive estate plans now include detailed inventories and legal access protocols for corporate domain names, intellectual property, digital media rights, and cryptocurrency holdings.

Fiduciaries and estate executors should be provided with secure, encrypted access mechanisms and clear legal authority to manage and transfer digital holdings in accordance with the owner’s estate directions.

Practical Steps for Legacy Planning
1. Review and Update Estate Documents: Ensure wills, revocable trusts, and power-of-attorney designations accurately reflect current family structures.
2. Establish Structured Trusts: Utilize irrevocable trusts to protect assets from creditors and minimize future estate tax liabilities.
3. Create a Digital Estate Inventory: Document access protocols and legal permissions for all online accounts, intellectual property, and digital assets.

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