New Statewide Poll: 85% of Californians Say Cost of Living and Taxes Are Making It Harder to Save for Retirement

80% say stronger protections are needed against new taxes on retirement and personal savings; two-thirds lack confidence they can retire comfortably in California

Full poll memo HERE

Sacramento, CA– A new statewide survey of California voters found significant anxiety about retirement security, with overwhelming majorities saying the state’s high cost of living and taxes are making it harder to save for retirement. Voters also express widespread concern regarding potential new and retroactive taxes on retirement savings and the impact such taxes would have on when – or if – they can retire in California.

“The survey underscores the anxiety Californians feel over retirement security,” said Dave Metz, partner at FM3 Research. “Across California regions and demographic groups, voters consistently expressed concern that the rising cost of living and taxes are making it more difficult to save for retirement and remain financially secure in California.”

Fully 94% of California voters agree that “California’s high cost of living makes it difficult to save for retirement,” and 77% say the same about California’s high taxes. Taken together, 85% believe taxes or the cost of living is making it difficult to save for retirement.

The survey presents an alarming picture of how retirement insecurity is affecting Californians across the state:

Nearly seven in ten voters (69%) say it is harder to save for retirement today than it was five years ago.
Two-thirds of voters (65%) lack confidence that they will be able to afford to retire comfortably in California, with one in six believing they will never retire.
Nearly three-quarters (73%) of voters know someone who has had to delay retirement for financial reasons.
Nearly three in five voters expect to need at least $1 million in savings to retire comfortably.

Taxes are among the things driving voters’ uneasiness about being able to retire comfortably in California. Californians worry about efforts to enact new taxes on retirement or personal savings accounts, and what that would mean for them personally. The California Legislature has already tried three times to pass taxes on retirement accounts.

59% believe it is likely that the California Legislature will try to enact new taxes on their retirement or personal savings accounts.
65% believe they would need to work longer than they had planned or move out of California (61%) if the state passed new taxes on retirement and savings accounts.
80% agree that we need more protection against taxes on our retirement savings and personal property. Notably, two-thirds (65%) strongly agree.

The survey results come as Californians will decide in November whether to pass the Retirement & Personal Savings Protection Act, which will protect retirement savings and personal property from new state taxes. It is currently supported by a diverse coalition of groups across California, including the State Building and Construction Trades Council of California, California Senior Alliance, the California Small Business Association, Disabled American Veterans, Department of California, and the California Multicultural Business Alliance.

About the survey:
From April 15-22, 2026, FM3 completed 867 online and telephone interviews with likely November 2026 voters in California, with oversamples to reach at least 100 interviews in each region. The margin of sampling error for the study is +/-3.5% at the 95% confidence level; margins of error for population subgroups within the sample will be higher. Due to rounding, not all totals will sum to 100%.