Top 10 Fears of Older Adults in 2026

More than half of Baby Boomers are retired, and the pace at which they’re leaving the workforce has accelerated since 2020, potentially due to the COVID-19 pandemic. And by the end of the decade, the youngest members of the generation will be over 65.

For many, retirement represents an exciting new era of life. A less hectic pace, no more focusing on work, getting to travel, and spending more time with loved ones are the retirement dreams for millions of Americans. But there are many downsides to aging and retirement, not the least of which are new financial concerns.

We wanted to understand the fears that are most common for older adults, especially those related to issues like retirement savings, medical bills, and other financial issues. The past several years have been challenging for millions of people around the world. While our research revealed that older adults have been more emotionally resilient than their younger counterparts in recent years, some of their biggest fears may be more within their control than they realize. (Check out our methodology below.)

Key findings:

• Nearly 1 in 2 older adults' biggest financial fear was not having enough money saved for retirement, and this rings more true for those between the ages of 55 and 64.
• 1 in 4 older adults fears they'll never pay off their existing debt.
• Forty-five percent of people between 55 and 64 fear having high medical bills, while 39 percent of those over 65, including many on Medicare, have the same fear.

More Fearful Today?

Millions of Americans experienced job loss between 2020 and 2023 due to the pandemic and subsequent economic shifts. Additionally, the COVID-19 pandemic claimed more than 1.2 million lives.¹

So, it’s understandable for people to be more anxious than they were before the pandemic. Indeed, our research found that about 44 percent of people said they were more anxious than in previous years. Notably, though, people over 65 were the least likely to be more anxious (31 percent), followed by those between 55 and 64 (38 percent).

Seniors' Biggest Worries

Older adults’ biggest fear is their loved ones becoming seriously ill. This was a common thread for all age groups, with at least 56 percent saying that the serious illness of a loved one was a major fear. The death of a loved one was also a major fear for all age groups, while sociopolitical issues like mass shootings, terrorism, and widespread civil unrest were generally more common for older adults than younger age groups.

After the death or illness of loved ones and political fears, not having sufficient retirement savings was the top fear for older adults. High medical bills ranked 11th and identity theft was 15th among the more than three dozen fears we asked about.

Older women were especially concerned about not having enough money for retirement. Forty-three percent of older men said this was a major fear of theirs compared to 54 percent of older women. There are several potential reasons for such a wide disparity.

For one, women tend to live longer than men, so their retirement is usually longer. Women also tend to earn less than men; the median annual wage for a male full-time worker in the U.S. is about $69,100, while it’s about $52,700 for women.²

That means not only does the average woman earn less, leaving less money to put into retirement in the first place, but she also has to make her retirement savings last longer. Making matters worse is that women continue to face greater financial pressures, with caregiving responsibilities and career interruptions disproportionately affecting their ability to save. Research shows that women have around 30 percent less in savings by the time they retire, compared to men³.

Financial Fears

Not having enough money saved for retirement was the top financial concern of the older adults in our survey, but it wasn't the only one. In addition to the specter of high medical bills, which ranked just outside the top 10 fears for seniors, the age group has strong fears of identity theft, stock market fluctuations, not paying off debt, and other fiscal concerns.

All financial fears were more common for those pre-retirement than those over 65, but there were some notable differences. For example, 53 percent of people between 55 and 64 fear not having enough money for retirement compared to just 38 percent for those 65 and up, indicating that those in the younger bracket are feeling more pressure to ensure they've sufficiently secured their retirement. The other major gulf between the two groups was in the specter of losing their job; only six percent of those 65 and up fear this, compared to 20 percent of those between 55 and 64.

Top Financial Fears Percentage of people feeling afraid or very afraid, by age group
Fear	55-64	65+	All 55+
Not having enough money for retirement	53%	38%	46%
High medical bills	45%	39%	42%
Identity theft	39%	33%	36%
Stock market crashing	27%	24%	25%
Never paying off debt	29%	22%	25%
Not being able to pay rent/mortgage	26%	19%	22%
Computers replacing people in the workplace	17%	14%	15%
Losing your job	20%	6%	13%

Dealing with high medical bills was the second-biggest financial concern for older adults, and for those 65 and up, it's their biggest fear. This is notably in particular because more than 95 percent of people over 65 are covered by Medicare, the federal health insurance program designed to provide affordable coverage for older Americans.⁸

The fact that medical bills are the biggest fear for those over 65 could signal that they are fearful of requiring services that aren't covered by Medicare, such as long-term care, most dental care, hearing aids, and routine vision care. The main Medicare program also does not provide prescription drug coverage, and beneficiaries are still responsible for deductibles and copays in many cases. These costs can quickly add up. A private room in a nursing home, for example, costs almost $300 per day.⁹

Seniors' third-biggest financial concern was identity theft, and their numbers in this area were similar to younger people's, which reflects how widespread this issue is. Although everyone is at risk for identity theft, the elderly are especially vulnerable, and identity theft can have financial consequences: the Bureau of Justice found that in cases of identity theft resulting in financial losses, the average loss was $800.¹⁰

In addition to older women being more likely than older men to fear not having enough money for retirement, there were some differences along economic lines. Forty-two percent of older adults with household income over $75,000 said they feared not having enough saved for retirement, compared to 54 percent of those making less than $25,000.

That's not to say that older people in higher income brackets are without financial fears. While 13 percent of older adults making less than $25,000 fear a stock market crash, that figure was 33 percent for those who make between $50,000 and $75,000.

Preparation, Planning Best Prescriptions for Financial Fears

For many people, retirement is just around the corner, and it can feel impossible to improve your situation in such a short time. But there are actionable ways to put yourself in a better financial position as you approach your golden years.

Plan to save for retirement

Nobody knows the future, which makes retirement planning a challenge. But doing a thorough audit of your income and spending today can help you predict how much money you’ll need to retire comfortably. We recommend two important retirement planning strategies: the 10 Times Rule and the 80 Percent Rule.

• 10 Times Rule: Aim to save 10 times your pre-retirement income by age 67. For example, that might mean saving six times your income by 50, eight times by 60, and reaching 10 times your working income at 67.
• 80 Percent Rule: To adjust your future budget for expenses you won’t have in retirement, plan to replace about 80 percent of your current earnings each year.

Dealing with high medical bills

High medical bills remain the second-biggest financial concern for older adults overall, and for those 65 and up, it’s their top fear. This stands out because more than 95% percent of people over 65 have Medicare.⁴

The fact that medical bills are the biggest fear for those over 65 likely signals worry about needing services Medicare doesn’t cover, such as long-term care, most dental care, hearing aids, and routine vision care. The main Medicare program also doesn’t provide prescription drug coverage unless you enroll in a separate Part D plan, and beneficiaries are still responsible for deductibles and copays in many cases.

Protect yourself against identity theft

Seniors’ third-biggest financial concern is identity theft, and their numbers in this area mirror those of younger people, reflecting how widespread this issue has become. Although everyone faces risk, older adults are especially vulnerable.

Identity theft can carry serious financial consequences: the Federal Trade Commission reports that consumers lost more than $12.5 billion to fraud in 2024, with older adults often facing higher individual losses.⁵

While everyone is a potential identity theft target, older adults are a favored target of scammers and fraudsters. Simple steps can keep you from being a victim:

• Scams can be in the form of phone calls pretending to be a reputable institution or through the backdoor in your Internet history.
• Older adults are particularly vulnerable, with Americans 60 and older losing over $4.8 billion to fraud in 2024 alone.⁶
• Always sign your power of attorney to someone you trust; these legal stand-ins have access to all of your sensitive information.

Differences by income level

In addition to older women being more likely than older men to fear not having enough money for retirement, there were some differences along economic lines. Forty-two percent of older adults with household income over $75,000 said they feared not having enough saved for retirement, compared to 54 percent of those making less than $25,000.

That’s not to say that older people in higher income brackets are without financial fears. While 13 percent of older adults making less than $25,000 fear a stock market crash, that figure was 33 percent for those who make between $50,000 and $75,000.

Don’t forget about Social Security

Factor in what your Social Security earnings might be, but don’t rely on that benefit alone. Generally, people receive 40 percent of their pre-retirement income from Social Security, and cost-of-living adjustments (COLA) are typical, though they don’t necessarily occur every year. In 2025, recipients saw a 2.5 percent increase in benefits, a decrease from the 3.2 percent COLA in 2024. While these adjustments help, they often don’t fully keep pace with rising costs, especially for healthcare and housing.

Keep your job skills sharp

It’s not guaranteed that your retirement will be spent golfing or vacationing. At some point, you may need to supplement your income through work. No matter how long it’s been since your last job, though, there are programs to help you get back into the workforce.

For example, the Senior Community Service Employment Program provides training and job placement for older Americans. Also, your city and county government agencies may have similar programs.

Keeping your mind active and learning new things is an excellent way to keep your professional skills sharp, but it can also help boost brain function and prevent cognitive decline.

Additional resources

Here are some additional sources of information for older adults on retirement planning, health, lifestyle, security, debt, and workforce readiness.

• Department of Labor: 10 Ways to Prepare for Retirement
• Department of Health and Human Services: Healthy Aging
• SeniorLiving: Getting Out of Debt, a Guide for Aging Adults
• Hearing Loss Statistics: Understanding the Numbers Behind America’s Hidden Health Crisis
• Administration on Aging: Employment Options, Tips for Older Job Seekers

Conclusion

After years of economic uncertainty, health challenges, and shifting social landscapes, the fact that U.S. seniors continue to show mental resilience is undeniably good news. However, given ongoing concerns about inflation, healthcare costs, and retirement security, older adults’ fears that they won’t have enough money for retirement or will face bankrupting medical bills should be a warning sign to older adults, their families, and policymakers.

Methodology

SeniorLiving conducted an online survey of 2,083 adults about the situations they fear across a variety of topics: sociopolitical, environmental, financial, social, and general. Of the 2,083 respondents, 559 were 55 years or older. Results represent the percentage of people who said they were “afraid” or “very afraid” of each fear.

1. World Health Organization. (2026). WHO COVID-19 Dashboard: Deaths Data.
2. U.S. Bureau of Labor Statistics. (2026). Weekly Earnings Summary.
3. Morgan Stanley at Work. (2025). Retirement Planning for Women: Why the Stakes Are Higher.
4. Kaiser Family Foundation. (2026). Total Number of Medicare Beneficiaries by Type of Coverage.
5. Federal Trade Commission. (2025). New FTC Data Show a Big Jump in Reported Losses to Fraud to $12.5 Billion in 2024.
6. Federal Bureau of Investigation. (2025). FBI Highlights Growing Number of Reported Elder Fraud Cases Ahead of World Elder Abuse Awareness Day.
7. Social Security Administration. (2024). SSA Blog: Social Security Changes and Updates.