diff --git a/futures-util/src/task/waker.rs b/futures-util/src/task/waker.rs
index 5fb2f9210a..2d9b3070b3 100644
--- a/futures-util/src/task/waker.rs
+++ b/futures-util/src/task/waker.rs
@@ -22,12 +22,10 @@ where
 // code here. We should guard against this by aborting.
 
 unsafe fn increase_refcount<T: ArcWake>(data: *const ()) {
-    // Retain Arc by creating a copy
-    let arc: Arc<T> = Arc::from_raw(data as *const T);
-    let arc_clone = arc.clone();
-    // Forget the Arcs again, so that the refcount isn't decrased
-    mem::forget(arc);
-    mem::forget(arc_clone);
+    // Retain Arc, but don't touch refcount by wrapping in ManuallyDrop
+    let arc = mem::ManuallyDrop::new(Arc::<T>::from_raw(data as *const T));
+    // Now increase refcount, but don't drop new refcount either
+    let _arc_clone: mem::ManuallyDrop<_> = arc.clone();
 }
 
 // used by `waker_ref`
@@ -43,9 +41,9 @@ unsafe fn wake_arc_raw<T: ArcWake>(data: *const ()) {
 
 // used by `waker_ref`
 pub(super) unsafe fn wake_by_ref_arc_raw<T: ArcWake>(data: *const ()) {
-    let arc: Arc<T> = Arc::from_raw(data as *const T);
+    // Retain Arc, but don't touch refcount by wrapping in ManuallyDrop
+    let arc = mem::ManuallyDrop::new(Arc::<T>::from_raw(data as *const T));
     ArcWake::wake_by_ref(&arc);
-    mem::forget(arc);
 }
 
 unsafe fn drop_arc_raw<T: ArcWake>(data: *const ()) {
diff --git a/futures/tests/arc_wake.rs b/futures/tests/arc_wake.rs
index ff07ab9469..aa7a3fc6be 100644
--- a/futures/tests/arc_wake.rs
+++ b/futures/tests/arc_wake.rs
@@ -44,3 +44,22 @@ fn create_waker_from_arc() {
     drop(w1);
     assert_eq!(1, Arc::strong_count(&some_w));
 }
+
+struct PanicWaker;
+
+impl ArcWake for PanicWaker {
+    fn wake_by_ref(_arc_self: &Arc<Self>) {
+        panic!("WAKE UP");
+    }
+}
+
+#[test]
+fn proper_refcount_on_wake_panic() {
+    let some_w = Arc::new(PanicWaker);
+
+    let w1: Waker = task::waker(some_w.clone());
+    assert_eq!("WAKE UP", *std::panic::catch_unwind(|| w1.wake_by_ref()).unwrap_err().downcast::<&str>().unwrap());
+    assert_eq!(2, Arc::strong_count(&some_w)); // some_w + w1
+    drop(w1);
+    assert_eq!(1, Arc::strong_count(&some_w)); // some_w
+}