‘Don't quit. Keep your job': Expert says Social Security will 'go away' — and the thing to protect isn't your 401(k)

Vawn Himmelsbach

Sat, September 19, 2026 at 7:15 PM GMT+3 6 min read

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For younger generations, the idea of living a life of leisure in retirement — playing golf, pursuing hobbies, going on bucket-list trips — seems increasingly out of reach.

At least one expert is saying they're right — and the new retirement plan is to "keep your job." Cultural historian Lawrence Samuel told Marketwatch he believes the modern idea of a leisurely retirement has come and gone.

Indeed, he says it's a powerful myth — just like the American dream. "But most Americans don't realize their American dream. The odds are against you," he told MarketWatch.

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The author of the new book, The Rise and Fall of Retirement in the United States: A Social History, also believes Social Security will eventually "go away."

His advice? "Don't quit. Keep your job — keep it despite having an annoying boss or colleagues. Keep the health insurance coming as long as you can."

But finances aren't the only reason the modern idea of a leisurely retirement isn't working anymore. The loneliness and social isolation that often accompany retirement are other reasons to consider a different model.

## Modern retirement concepts aren't working anymore

Americans are living longer and spending more time in retirement — sometimes more than 30 years. Few Americans have a traditional pension anymore; rather, they're relying on their own savings and investments, along with Social Security.

But the modern idea of Social Security, too, has become somewhat outdated. The Old-Age and Survivors Insurance (OASI) Trust Fund is projected to run out by 2032. At that point, retirement checks will be entirely dependent on payroll taxes.

But, as the U.S. population growth slows [a], the population of age 65 and older is growing faster and leaving fewer workers to finance the benefits of more retirees. That means monthly checks would have to be slashed by 22% in 2032 unless Congress intervenes.

The Social Security system — which pays benefits to more than 58 million Americans 65 and older — was also designed in a different era.

And it's a "myth that Social Security benefits directly represent seniors' hard-earned money that they paid for in full through past payroll tax contributions and thus are entitled to as an unmalleable earned benefit," according to an analysis by the Committee for a Responsible Federal Budget (CRFB).

Citing Congressional Budget Office data, the nonpartisan budget watchdog found that Americans born in the 1960s are scheduled to collect about 2.6 times what they personally paid in payroll taxes — or 133% of what they and their employers paid in combined — measured in present-value dollars.

At the same time, many Americans no longer have a traditional pension, as they did in the '50s to '80s — when the concept of a leisurely retirement seemed more attainable. Instead, they're relying on their own savings through employer-sponsored retirement plans, individual retirement accounts (IRAs), brokerage accounts and other investments.

Yet, almost three in four U.S. employees (72%) are off track with their retirement goals, according to NFP's 2026 U.S. Retirement Trend Report.

"For many, essential expenses like housing, car payments, healthcare and everyday costs are taking precedence over long-term retirement savings," according to the report.

And herein lies the problem: 41% of those aged 55 or older say they intend to rely on Social Security as their primary source of income in retirement. With potential cuts to Social Security, they'll need to be able to cover the gap or risk living out their retirement years in poverty. Yet, many don't have enough personal savings to do so.

Samuel told MarketWatch that he expects we'll eventually move away from Social Security. The concept was created in the 1930s, during the Great Depression, when life expectancy was much lower.

"I don't think it fits in this model of this new thing we're creating of the gig economy and older workers back in the workplace," he said. And the new retirement model? Working longer into old age.

## The 'new' retirement model

But maybe this isn't such a bad thing. The world looks a lot different than it did in the 1930s. Americans are living longer, with an average life expectancy of 79 years.

Yet, the vast majority (93%) of older Americans have at least one chronic disease, according to research published in 2025.

That means you might live longer in retirement, but you'll need your savings to stretch over a longer period of time while likely facing higher medical costs. In turn, that means there's a higher probability of outliving one's savings.

But finances aren't the only consideration. The modern idea of a leisurely retirement sounds great in theory, but in reality many retirees struggle with loneliness, social isolation and lack of purpose.

Loneliness is now considered an epidemic, increasing the risk of cardiovascular disease, dementia, stroke and depression — with the mortality impacts similar to smoking up to 15 cigarettes a day, according to a 2023 report from the U.S. Surgeon General.

On average, adults aged 65 or over spend about 37% of their waking hours watching TV, according to one study. That works out to 6.4 hours a day. In some cases, the study notes, "individuals may use television as a pseudosocial partner to compensate for lack of companionship with other social partners."

As Samuel told MarketWatch, retirement isn't the "right word" anymore. Rather, that word should be "purpose."

Indeed, more Americans are working past the traditional retirement age of 65. Almost one in five Americans aged 65 and older (19.1%) participated in the labor force in 2025 — either by working or looking for work — according to data from the Bureau of Labor Statistics.

While that may not seem appealing to everyone, working past 65 could mean swapping out a high-stress corporate job for a lower-stakes job that you're more passionate about. If you have a decent nest egg, you might consider working part-time, turning a passion project into a business or taking on gig work.

And even if you have a significant nest egg, you may still want to consider some form of work — even volunteering or mentorship — to provide structure to your days and combat the debilitating impacts of loneliness and social isolation, turning retirement into purpose.

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This article originally appeared on Moneywise.com under the title: 'Don't quit. Keep your job': Expert says Social Security will 'go away' — and the thing to protect isn't your 401(k)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

‘Don't quit. Keep your job': Expert says Social Security will 'go away' — and the thing to protect isn't your 401(k)

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