61% of Older Workers Already Tapping Retirement Savings to Cover Expenses

Retirement is becoming increasingly difficult to achieve as economic pressures reshape expectations for later life. The Retirement Reality Check Report from LiveCareer, based on a survey of 878 U.S. workers aged 50 and older, highlights how rising costs and financial volatility are altering how people prepare for life after full-time work and address the complexities of retirement planning over 50.

Many older workers are now adjusting plans, delaying retirement, and rethinking what financial security will look like in practice. Despite relatively positive investment performance in recent months, a full 75% of respondents say they are delaying retirement due to stock market volatility. The substantial impact of inflation on retirement planning is evident, with 91% reporting that inflation or tariffs have impacted their retirement plans.

Key Findings

The rising cost of care is the biggest financial concern among older workers. 55% cite healthcare costs in retirement or long-term care expenses as their top worry.
Many fear their savings won’t last. 49% say they’re worried about outliving their retirement funds.
Confidence is eroding in the face of economic instability. 91% say inflation and tariffs have affected their retirement outlook.
Volatile markets are triggering action. 41% have made changes to their investment strategy due to stock market uncertainty.
Retirement savings are functioning as a safety net. 6 in 10 workers over 50 are actively withdrawing from retirement accounts to cover everyday expenses.

Retirement Is Being Rewritten by Uncertainty

Most older workers aren't stepping into retirement with confidence:

55% say their biggest worry is the cost of healthcare or long-term care.
49% fear they will outlive their savings.
30% cite stock market instability as a major concern.
21% worry about inflation reducing their buying power.

Only 2% of respondents said they aren't worried at all about their financial future.

What this means: The concerns show that older workers are attempting to plan for retirement in an environment where costs and risks feel volatile. This is reshaping expectations for what “secure” retirement means today.

Most Are Rethinking Their Retirement Plan

Given the market uncertainty, many are rethinking their approach to retirement planning in their 50s. When asked how inflation and tariffs have affected their retirement confidence:

45% said they're rethinking their entire plan.
Another 46% have made smaller adjustments.

Only 9% said those concerns have had little or no impact on their retirement outlook.

What this means: Retirement is becoming a more active, ongoing calculation, where plans must adapt to shifting economic conditions rather than follow a fixed timeline.

Delayed Retirements, Adjusted Expectations

Along with delaying retirement, many older workers are also making significant lifestyle and investment changes:

41% have made changes to their investment strategy due to market instability.
Just 8% said they're staying the course with no changes.

What this means: Retirement is becoming a gradual adjustment rather than a planned milestone, shaped by evolving financial realities rather than a single decision point.

Most Are Already Tapping Their Retirement Savings

Even as they delay retirement, many older workers are already drawing from their retirement savings, often out of necessity:

61% are regularly withdrawing from their retirement accounts.
30% dip into savings occasionally, for specific expenses.
8% are holding off and saving their funds for later.

What this means: These numbers underscore the ongoing financial strain many over-50 workers face, even as they try to preserve long-term security.

For press inquiries, contact Elizabeth Buccianti, senior manager of public relations, at elizabeth.buccianti@bold.com.

Methodology

This report is based on a survey conducted by LiveCareer in November 2025 with 878 U.S. workers aged 50 and older. Respondents answered a mix of single- and multiple-choice questions regarding their retirement planning, financial concerns, investment behavior, and perceptions of modern retirement realities.

About LiveCareer

LiveCareer's online Resume Builder is designed to empower its users to get better jobs and improve their job search. A one-stop shop among AI resume builder tools, LiveCareer features cutting-edge resume templates, a powerful cover letter builder, and extensive free career resources to support job candidates in reaching their professional goals. Used by over 28 million job seekers around the world, LiveCareer has been publishing expert advice from Certified Professional Resume Writers since 2005. LiveCareer’s career tips have been featured in renowned media outlets, including Bloomberg, Forbes, and Newsweek. Stay connected with LiveCareer's latest updates to improve your job search on Facebook, Instagram, LinkedIn, and X.