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The lifespan of a retaining wall varies based on its material, installation quality, maintenance, and local climate, with an average range of 20 to 100 years. Retaining walls made from durable materials like concrete, stone, and brick generally last a minimum of 50 years. Concrete walls typically last between 50 and 100 years, while brick can last for over a century in ideal conditions. Timber retaining walls can last from 20 to 40 years, depending on the wood quality, and pressure-treated wood walls average around 30 years. It is important to note that a retaining wall can fail prematurely if it was poorly constructed, for example, with inefficient footings or without necessary rebar reinforcements.

Depending on who you hire to build a retaining wall, the average cost, including demolition and reconstruction, for a 50-foot wall that's 4 feet in height is between $7,000 and $24,000.

A retaining wall can only function as a fence if it’s high enough on all sides to prevent someone from accidentally falling into the pool. However, most retaining walls retain dirt, which means their purpose is not related to safety. There would need to be nothing on the other side of the wall for it to be considered a fence, but in that case, it wouldn’t retain anything and would cease to be a retaining wall.  

Poured concrete is often the cheapest material for a retaining wall, costing around $6 to $8 per square foot. Other budget-friendly options include vinyl and landscaping timbers, which range from $10 to $15 per square foot; landscaping timbers are particularly well-suited for DIY projects. Untreated timber and railroad ties are a step up in price, starting at $15 to $25 per square foot. Natural stones can also be a cost-effective choice if you can source them from your own property, but they can be expensive to purchase. High-end materials like steel are typically the most expensive but offer superior durability and aesthetics.