The scariest part of retirement isn't what you know. It's what you don't know.
Halloween is the season for haunted houses, scary movies, and things that go bump in the night. But for many Americans, there's something even more frightening lurking in the shadows: the fear of not being financially prepared for retirement.
And unlike ghosts and goblins, these fears are very real.
Recent retirement research reveals some unsettling statistics about Americans' financial readiness. For federal employees, these findings are an important reminder that having a pension and a Thrift Savings Plan (TSP) doesn't automatically mean you're prepared for retirement.
Read on, if you dare…
3 Scary Facts About Retirement
1. Only 58% of retirement savers believe they're on track.
According to the 2026 Goldman Sachs Retirement Survey, just 58% of retirement savers say they're on track or ahead of schedule—down from 68% in 2025.¹
That's a significant drop in just one year!
With inflation, rising healthcare expenses, and competing financial priorities, even those who have been diligently saving may be questioning whether they've done enough.
The scary question for federal employees: Will your pension, TSP, and Social Security provide enough income to maintain your lifestyle in retirement?
If you don't know the answer, you're not alone. But that's precisely why understanding your retirement numbers before you leave federal service is so important.
2. Nearly half of retirees left the workforce earlier than planned.
Think you'll simply work a few extra years if your retirement savings aren't quite where you want them to be?
That plan may not work out.
The Goldman Sachs survey found that 44% of retirees left the workforce earlier than they had planned. Among those who retired early, some cited health problems, caregiving responsibilities, or job loss as the reason.¹
For federal employees, retiring earlier than expected can have serious financial consequences, potentially affecting pension eligibility, the amount of your pension, and your ability to maintain certain benefits in retirement.
The frightening reality? Your retirement date may not be entirely within your control.
Having a backup plan can help you prepare for the unexpected instead of scrambling to figure things out when circumstances change.
3. Nearly 6 in 10 workers fear outliving their retirement savings.
Here's a retirement nightmare that doesn't disappear when you turn on the lights.
According to the same survey, 59% of workers worry about outliving their savings.¹
And it's understandable. Retirement could last 20, 30, or even more years. That's a long time to make your money stretch, especially when you consider inflation, healthcare costs, and unexpected expenses.
Federal employees have an advantage with a pension that can provide monthly income for life. However, that doesn't mean your pension alone will cover everything.
The question isn't just whether you can afford to retire. It's whether you can afford to stay retired.
Understanding how your pension, TSP withdrawals, Social Security, and other income sources work together is critical to building a retirement plan that can go the distance.
Don't Let Retirement Fears Haunt Your Future
After all those frightening statistics, here's some good news: Your retirement doesn't have to be a horror story.
While you can't predict every financial surprise or life-changing event, you can take steps today to prepare for them.
Know what your federal benefits are worth. Understand how much income you'll actually have in retirement. And identify potential gaps before they become costly mistakes.
After all, you've spent your career working toward retirement. Don't let uncertainty rob you of the confidence you've earned.
It’s up to you to take charge of your finances and make better decisions going forward. Don't let your fear get the better of you!
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Sources:
¹Goldman Sachs Asset Management, 2026 Retirement Survey & Insights Report, September 2026
