Most Americans Now Believe That Retiring by 70 Is ‘Unattainable,’ Survey Finds
Written by
Gabrielle Olya
Edited by
Molly Sullivan
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The idea of a traditional retirement now seems financially out of reach for many Americans. Nearly two-thirds of Americans (63%) believe retiring between the typical ages of 65 and 70 is “unattainable,” according to a new TIAA survey — with many expecting to work until they physically can’t.
Here’s a closer look at why so many Americans feel pessimistic about retirement, and whether or not these feelings are warranted.
Why Americans Feel Retirement Is Out of Reach
There are several interconnected factors contributing to retirement pessimism.
“First, we’re seeing a fundamental income challenge — nearly half of respondents cite insufficient income as their primary barrier to retirement saving,” said Kourtney Gibson, CEO of TIAA Retirement Solutions. “When you’re struggling to meet today’s financial obligations, it’s incredibly difficult to prioritize tomorrow’s needs.”
The data also shows that 1 in 5 Americans is not currently setting aside any money for retirement, with 5% having no plans to start.
“This creates a compounding problem where time — one of the most powerful tools in retirement planning — is being lost,” Gibson said. “We’re also seeing competing financial priorities, with 31% needing to save for other immediate needs and 29% dealing with debt obligations.”
The survey also identified an alarming confidence gap — 1 in 4 adults lack confidence in understanding their retirement options, and 30% aren’t confident they’ll be able to fund basic day-to-day expenses throughout retirement.
“This uncertainty breeds pessimism about achieving traditional retirement goals,” Gibson said.
Can Most People Still Retire by 70?
“While the challenges are real and significant, I believe retirement by 70 is achievable for most Americans — but it requires a fundamental shift in how we approach retirement planning and the support we provide,” Gibson said.
The data shows that 92% of Americans want guaranteed income sources beyond Social Security, and 64% would consider purchasing an annuity for retirement income.
“This tells me the desire and awareness are there,” Gibson said. “The issue isn’t capability — it’s often about access to the right tools, education and starting early enough.”
Gibson is encouraged by the fact that even among those who feel pessimistic, people are taking action. One-third are creating personal savings goals, 29% are taking on side gigs and many are willing to make lifestyle adjustments.
“The fact that 75% of Gen X and boomers are prioritizing saving for retirement or balancing saving with spending shows it can be done,” she said. “The key is addressing the root causes: providing better financial education, ensuring access to employer-sponsored retirement plans and helping people understand that even modest, consistent contributions can grow significantly over time when started early enough.”
How To Boost Your Retirement Readiness
There are several actionable strategies that can make a meaningful difference in being able to retire on time.
“First, start [saving] now, regardless of your age,” Gibson said. “While 41% of respondents said people should start saving by age 22, only 20% actually did. The best time to start was yesterday; the second-best time is today.”
She also recommended taking full advantage of employer-sponsored retirement plans.
“Our data shows these remain the most common and effective retirement savings vehicle,” Gibson said. “If your employer offers matching contributions, prioritize contributing enough to capture the full match — it’s essentially free money. ”
In addition, Gibson said to consider working with a financial advisor.
“We found that among those confident in their ability to retire on time, 33% regularly meet with a financial advisor,” she said. “Professional guidance can help navigate the complexity and ensure you’re making the most of your savings opportunities.”
Lastly, Gibson said to be open to guaranteed income solutions.
“With 92% of Americans interested in guaranteed retirement income beyond Social Security,” she said, “products like annuities can provide the security and predictability that many people crave for their retirement years.”
While the path to retirement may feel uncertain, taking small, consistent steps today can make a secure future possible.
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