Inflation and a “vortex” of competing financial priorities have reduced Americans’ ability to save for retirement and left a growing number barely able to meet their monthly expenses, according to a recent study by Goldman Sachs.

In its 2025 Retirement Survey & Insights Report—entitled New Economics of Retirement—the investment bank said about 40% of Americans now reported having no spare savings and living paycheck to paycheck, up from 31% in 1997. Of this group, about 74% said other, more pressing costs were limiting their ability to save for retirement.

Goldman Sachs projected that the share of those struggling to make ends meet would rise to 55% by 2033 and 65% by 2043.

Great!