Prudential Survey: Only 14% of Americans 50 and Older Feel at Ease Spending Retirement Savings, as U.S. Retirement Assets Hit $51.2 Trillion

Since the Investment Company Institute put total U.S. retirement assets at $51.2 trillion as of June 30, and Prudential Financial released its 2026 Retirement Pulse survey in early October, advisors have been dealing with a different problem than saving: getting people to spend.

The ICI figure is up 7.9% from the end of March. Retirement accounts now make up 33% of all U.S. household financial assets.

Prudential surveyed 3,023 American adults age 50 and older online in July and August. Only 14% said they feel comfortable spending retirement savings each month on things they enjoy, such as hobbies, travel and dining out.

Rich on paper, tight in practice

Money doesn't fix it. Among respondents with more than $500,000 in investable assets, 61% said they were uncomfortable with discretionary spending, and 70% said they wanted to leave money behind rather than draw it down.

Across all respondents, 40% said they would rather leave money behind than risk running out. Another 29% said an unchanged bank balance was a source of pride.

The guilt gets worse as the purchases get bigger. Prudential found 86% reported unease over bucket-list buys like a beach house, sports car or jewelry. Sixty-seven percent struggled to justify hiring a housekeeper or gardener, and 61% felt guilty about major trips.

"If people can't enjoy their retirement savings, what was the point?" said David Blanchett, Prudential's head of retirement research, at a media event in New York.

Blanchett rejects the common picture of retirement savings as a mountain you climb and then descend. "In reality, it's not a mountain for most people. It's a plateau," he said.

The reasons people give

Respondents named three main worries. The uncertain future of Social Security topped the list at 44%. Inflation followed at 42%, and healthcare and long-term care costs at 34%.

Those worries are not irrational. A separate New York Life survey found only 52% of Americans are confident their savings will last a lifetime. Inflation has eased from earlier in the decade, but many everyday costs remain elevated and prices are still rising.

The math is plain. At 3% annual inflation, something that costs $50,000 today costs roughly $67,000 in 10 years. A retiree who budgeted $60,000 a year a few years ago may find the number no longer covers the same life.

One person in Business Insider's reporting acted on that fear. Scott Scovel had saved $3 million, yet kept working past 58 because he feared hyperinflation. He said no one had told him that at some point he would need to "spend more."

The longevity question adds to it. One-third of Prudential's respondents said they don't know how long their money needs to last. That rose to 44% among those with at least $500,000.

Few have a plan

The survey found thin planning even among people with real money. Only 16% of all respondents have a withdrawal strategy, and 31% of those with more than $500,000 do. Just 23% of pre-retirees have a clear retirement plan. Only 28% work with a financial adviser or planner.

Planning appears to ease the anxiety. Prudential found 56% of respondents with a retirement plan, and 52% with a withdrawal strategy, felt more confident spending their savings.

"I have to give [my clients] permission to spend," said Barb Pietrangelo, a Prudential financial planner.

Advisors outside Prudential say the same thing about structure. Richard Keetley, a certified financial planner at QL Wealth Advisors of Janney Montgomery Scott in Maryland, called a record balance "a milestone, not a plan." He said there is no universal formula for turning a portfolio into income, and that the work begins "when a portfolio must start funding a life."

Angelo Esposito Jr. of Harbor View Private Wealth in Atlanta warned against loading up on income-producing investments, because rising rates can hit several asset classes at once. He favors a balance of growth and income.

Bonnie Treichel, an ERISA attorney and founder of Endeavor Retirement, said planning should start well before 55 or 60. The order of withdrawals across Roth, traditional and taxable accounts can matter as much as the amount, she said, as can preparing for required minimum distributions.

Guaranteed income and who is selling it

Prudential also found that 43% of respondents agreed guaranteed income would improve their spending confidence. Two-thirds said they would take a guaranteed monthly check for life over a lump sum. Among those who want guaranteed income, 54% named permission to spend as the most common reason.

Prudential sells insurance and retirement income products, which gives it a commercial interest in that finding. The survey does not show that annuities or pensions change how people actually spend. It records what respondents say would make them feel more comfortable.

The CBS-reported New York Life data points the other way on one score: 61% of Americans now have a financial strategy, up from 58% a year ago. That is better than Prudential's narrower plan figures, but the surveys measure different things and different age groups.

What comes next

The next pressure point is required minimum distributions. Savers who reach the IRS-set age must draw down most tax-deferred accounts whether they feel ready or not. For the large share of retirees who told Prudential they would rather leave money behind than deplete it, that forced withdrawal schedule will arrive before most of them have a written plan for the rest.