Fidelity Says Confidence in Retirement Is Down: 4 Money Moves To Beef Up Retirement Plans

If you’re not feeling great about your retirement fund, you’re not alone.

Only two-thirds, or 67%, of Americans in their retirement planning years are confident about their prospects, according to Fidelity’s 2025 State of Retirement Planning report. This might appear optimistic, but it’s actually 7% less than last year.

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“The confidence dip is primarily associated with Gen Xers, likely stemming from their experience as working adults during the Great Recession and the COVID-19 pandemic,” said Kevin Feig, founder of Walk You to Wealth. “As someone who was starting a career in financial services and was working at Fidelity during the Great Recession, I can attest to the sense that the world was crumbling.”

During this period, he said many people took their money out of the stock market and vowed never to return.

“Additionally, Gen Xers are at the stage of life where they are either planning intensely for or nearing retirement, which can be daunting — especially if done alone,” he said. “Feeling more confident comes from having a financial plan, ideally with an advisor you feel comfortable with.”

If you’re part of the one-third of people in retirement planning years who doesn’t feel confident about your prospects, it’s time to make a change. Keep reading to learn how to turn this sentiment around.

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Diversify Your Assets

“Inflation is like a comic book super villain,” said Roland McIntyre, certified financial planner (CFP), chartered financial consultant (ChFC) and founder of Mountaintop Wealth. “It just keeps coming back, year after year.”

To safeguard your wealth, he advised diversifying your assets into a mix such as real estate, stocks, bonds and cash.

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Optimize Your Tax Strategy

If you’re currently doing your own taxes, it might be time to delegate this tax to an expert.

“Tax planning will keep more money in your pocket and out of Uncle Sam’s hands,” McIntyre said. “Work with a professional a few months before it’s time to file your taxes.”

Stress Test Social Security Benefits

For most seniors, Social Security makes up a significant portion of retirement income, said Justin Pritchard, CFP and founder of Approach Financial. This can cause anxiety, due to future uncertainty about this benefit.

To gain more confidence on your ability to survive without it — or with a smaller benefit — Pritchard recommended stress testing your finances.

“You can try reducing benefits by 20% or so to reflect the current assumptions, and see if you’ll still be able to spend at the level you want,” he said.

To ease your fears, he also noted that it’s unlikely Social Security would go away entirely — it just may become less generous for some.

Understand the Types of Healthcare Coverage Available

Healthcare costs are on the rise and show no signs of slowing, Pritchard said.

To feel more comfortable about paying for healthcare in retirement, he recommended educating yourself on different Medicare options. However, he noted that Medicare doesn’t cover everything — including long-term care — so make a plan to pay for that, in case you need it in the future.

Additionally, he said taking advantage of catch-up contributions to retirement accounts, opening taxable brokerage accounts and contributing to an IRA — in addition to a workplace retirement plan — can also offer additional income during your golden years. If you open an IRA, he said you may need to opt for a backdoor Roth IRA strategy, if you earn too much to contribute or deduct contributions.

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