New Retirement in America Podcast: How the Middle-Class Squeeze Is Making Retirement Security Harder to Achieve

Economist Christian Weller Connects Affordability, Housing, Jobs and Caregiving to Americans' Retirement Challenges

WASHINGTON, Aug. 20, 2026 /PRNewswire/ -- The National Institute on Retirement Security (NIRS) today released Episode 4 of its Retirement in America podcast, "The Middle-Class Squeeze: What It Means for Retirement Security."

The new episode features Dr. Christian Weller, professor of public policy at the University of Massachusetts Boston, and podcast host Dan Doonan in a wide-ranging discussion about the economic pressures squeezing middle-class Americans that make it increasingly difficult to build financial security for retirement.

Retirement in America is available on the NIRS website, YouTube, and all major podcast platforms.

"Americans are being asked to save more for retirement at the same time they are absorbing more financial risk throughout their working lives," said Dan Doonan, NIRS executive director and host of Retirement in America. "Christian helps connect the dots between the affordability challenges families are experiencing today and their ability to build financial security for tomorrow. Housing, healthcare, employment, caregiving and retirement are often treated as separate issues, but this conversation makes clear how closely connected they really are."

During the episode, Weller explains that there can be a disconnect between headline economic indicators and the financial realities facing individual families. While unemployment may remain relatively low, workers who lose a job are staying unemployed substantially longer than they did decades ago. At the same time, wealth remains highly concentrated, leaving many households with little financial cushion when something goes wrong.

Affordability is another major piece of the retirement security puzzle. Weller says the biggest pressures aren't necessarily everyday purchases, but major expenses such as housing and healthcare. As those costs rise, families have less money available to save for retirement. Financial uncertainty also creates a "mental load" that can cause people to focus on immediate needs rather than longer-term financial decisions.

The episode also examines the important role of pensions in providing retirement security. Weller explains that pensions remove many of the decisions workers otherwise must make about whether to save, how much to contribute and how to invest. He notes that workers with pensions report greater peace of mind and may be better positioned to save for emergencies, buy a home, or accumulate additional retirement savings.

Despite the challenges, Weller sees reasons for optimism. He points to the growing adoption of automatic retirement savings programs and other policy developments that represent a gradual shift away from the idea that individuals should be left entirely on their own to prepare for retirement.

Among the topics discussed in the episode:

• The middle-class affordability squeeze. Housing, healthcare and other major expenses are consuming more household income, leaving less available for long-term retirement savings.
• Hidden weakness in the labor market. Weller says the unemployment rate alone doesn't tell the full story. The average length of unemployment is now about 25 to 26 weeks, roughly twice what it was several decades ago, creating challenges for all workers but particularly serious ones for older workers approaching retirement.
• The value of pensions. Pensions provide automatic retirement security without requiring workers to make a series of complex savings and investment decisions. Weller says the security of a pension can provide peace of mind that helps workers address other financial priorities.
• The financial toll of caregiving. Workers can face significant childcare costs earlier in their careers and eldercare responsibilities later. Some workers—particularly women—leave the workforce to provide care, potentially tapping retirement assets and later finding it difficult to return to jobs offering comparable wages and benefits.
• An unequal retirement savings system. Weller indicates that current retirement tax incentives provide the largest benefits to higher-income households that are already most able to save. He discusses restructuring incentives so they provide greater help to middle- and lower-income workers.
• Expanding retirement savings access. Doonan and Weller discuss state auto-IRA programs as an important way to reach workers whose employers do not offer retirement plans and agree that more states should adopt such programs while policymakers address unintended interactions with other benefits.

Retirement in America is a podcast from NIRS examining the economic, workforce and policy trends influencing retirement security. Combining expert insight with real-world experiences, the podcast helps listeners better understand one of the most important financial issues facing American workers and families today.

The National Institute on Retirement Security is a nonprofit, nonpartisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers.

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SOURCE National Institute on Retirement Security