Retirement Confidence Survey Insights

How long have you served in federal employment, or are you considering doing so after retirement? Many of you might already be retired under the Federal Employees Retirement System (FERS). Before diving into what FERS entails, let’s examine key findings from the 2025 Retirement Confidence Survey. This survey, the longest of its kind, assesses employees’ and retirees’ confidence regarding retirement and is conducted by the Employee Benefit Research Institute alongside Greenwald Research. The latest survey involved 2,767 individuals, conducted online from January 2 to February 3, 2025, all aged 25 and older, including 1,042 workers and 1,005 retirees.

A noteworthy takeaway from the study indicates that many workers are planning for future retirement. The expected median retirement age has remained constant at 65, however, an increasing number of companies are considering retirement at age 70 or older. Interestingly, around 60% of retirees report retiring before the age of 65, with a median age of 62. Among those who retired early, more than 40% cited financial capability as their reason, while nearly 70% felt their circumstances forced their hand.

Some of the concerning findings include:

• Only 41% of workers have calculated their anticipated medical expenses for retirement.
• Only 44% have thought about how much to withdraw from retirement savings and investments.
• Just 46% plan for unexpected costs post-retirement.
• 51% have adjusted their Social Security benefits to fit their intended retirement age.
• 52% estimate their monthly income needs in retirement.

Conversely:

• 65% of workers have discussed their retirement plans with partners or spouses.
• 58% have considered the optimal age to claim Social Security benefits.
• 55% reflect on how they plan to spend their time once retired.

Additional survey findings highlighted workers’ confidence regarding their retirement finances:

• 69% of workers feel prepared for retirement.
• 75% of retirees are confident about their preparation.
• Only 36% of workers with significant debt express confidence in their financial security.
• Breakdown of total savings and investments among workers (excluding primary residence):
• 32% have less than $25,000 saved.
• 7% have between $25,000 and $49,999.
• 12% hold between $50,000 and $99,999.
• 13% have between $100,000 and $249,999.
• 37% possess $250,000 or more.

How do your experiences stack up against the survey findings? According to a Congressional Research Service report from December 2023, 98% of current federal civilian employees are enrolled in FERS, applicable to those hired post-1984, while only 2% are part of the Civil Service Retirement System (CSRS), which covers those hired prior to 1984.

Over 2.7 million individuals are recipients of civil servant pensions, including over 2.2 million retirees and about 475,000 survivor recipients. Of these pensioners, 56% receive funds under CSRS while 44% benefit from FERS.

The average retirement age for federal civilian employees in the 2022 fiscal year was approximately 62.3 years, combined with an average of 25.1 years of federal service. Average monthly pensions reveal a stark difference: CSRS averages at $5,447, while FERS comes to about $2,126. Notably, FERS pensions benefit from supplemental Social Security and a thrift savings plan.