Financial confidence among retirees and those nearing retirement is slipping, with growing concern about financial security and heightened need for personalized planning.
Only six in ten respondents to a new survey feel that their future is financially secure, a decline from last year’s results. Women, older near-retirees, and younger retirees reported the largest drops in confidence, underscoring growing vulnerability among groups already at risk of financial strain.
Allspring Global Investments’ 2025 retirement study was conducted with research firm Escalent and surveyed 1,515 American adults, including retirees and near-retirees with at least $200,000 in investible assets.
“Navigating retirement today requires more than just default solutions, particularly for mature participants,” says Nate Miles, head of Retirement at Allspring Global Investments. “Our research shows that understanding the diverse needs of retirees and near-retirees - and designing plans to meet those needs - can make a real difference in outcomes. By combining education, personalized strategies, and the thoughtful use of technology, we can help more Americans retire with confidence.”
The report reveals that a majority of near-retirees (84%) prefer investment choices other than target date funds, reflecting a desire for more flexibility and personalization. While these funds can work well for younger savers, Allspring’s analysis shows that older investors have widely varying goals, tax situations, and income needs.
Retirement readiness is not only about savings but also about how withdrawals are managed. Only one in five retirees or near-retirees said they use a tax-efficient withdrawal strategy, even though, as the report explains, “asset location is just as important as asset allocation.” Those who plan withdrawals without considering tax impact could see their savings deplete faster than necessary.
“Going into retirement without a tax-aware withdrawal strategy is like inviting the IRS to your retirement party and letting them drink all of the expensive champagne.” Says Holly Swan, Allspring’s head of Wealth Solutions. “Tax-smart withdrawals ensure your money lasts longer, because the only thing worse than running out of money is knowing that you lost it to taxes.”
Despite being the largest income source for most retirees, Social Security remains widely misunderstood.
Only 10% of near-retirees in the survey correctly answered basic questions about the program, and many underestimated how delaying benefits can dramatically increase lifetime income. Delaying from age 62 to 70, for example, can raise monthly payments by nearly 80%.
Allspring suggests that better education around these decisions may be the most cost-effective way to improve outcomes.
The study also revealed that, while AI could help personalize asset allocation and withdrawal plans, skepticism runs deep with 43% of advised investors and 53% of those without advisors saying they distrust AI. It concludes that the technology should be applied carefully, in partnership with human expertise, to make retirement planning more responsive and affordable.
Nine-month electronic trading freeze and share lending program at the center of dismissed claim.
Meanwhile, Rossby Financial's leadership buildout rolls on with a new COO appointment as Balefire Wealth welcomes a distinguished retirement specialist to its national network.
With a smaller group of companies driving stock market performance, advisors must work more intentionally to manage concentration risks within client portfolios.
Professional athletes are often targets of scam artists and are particularly vulnerable to fraud.
The brokerage giant tells Wall Street it will use artificial intelligence to reach clients it has never been able to serve — and turn the technology's perceived threat into a competitive edge.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
