Half of Americans Not Looking Forward to Retirement

One out of every two Americans surveyed is not looking forward to retirement.

The sentiment is being fueled by the fear of not having enough money saved in time, according to nearly 30% of respondents to a TD Ameritrade survey. 

Working Baby Boomers reported on average they have saved 49% toward their retirement savings goals. Working members of the Mature Generation have saved on average 71%, Generation X has reached 26% and Generation Y has achieved 15% of their retirement savings goals.   

Lack of steady employment, debt, education and health care expenses were most often cited by the three-quarters (73%) of respondents who say obstacles have prevented them from saving for a comfortable retirement.  



More than two-thirds (69%) of respondents have no specific savings goal. Among those who have a specific savings goal, the average amount is $750,000, regardless of age. Just 54% are confident they will reach their goal, citing a bad economy, not enough income, expenses and not enough time as the reasons they may not be successful. On average, respondents also would have liked to start saving for retirement eight years earlier than they actually did.   

Most Americans (80%) envision having to work at least part-time in retirement. On average, they think they will need income for 18 to 22 years of retirement, slightly less than the 20 to 25 years that statistics indicate they will actually need. Eighty percent of respondents said they believe they will require the same amount of income they currently live on or less.   

One-third of those who are currently retired say they have had to change their style of living—and almost one-quarter of them have gone back to work. Their advice to younger generations: Save as much as you can as early as you can, establish a financial plan, limit expenses and work longer.   

More information about TD Ameritrade’s Annual Investor Index survey series is here