A Pentegra Retirement Services survey also revealed only one in five U.S. adults (19%) said they will be able to retire at age 65. Women (21%) are more likely to be unsure about their anticipated retirement age than men (13%).
On average, adults ages 18 to 34 believe they will be able to retire at age 62; adults ages 35 to 54 estimate retirement at age 65; and those over 55 estimate retirement at age 67. More than three-quarters (78%) of adults planning to retire feel they need up to $1 million to retire. Women (83%) are more likely to feel this way than men (72%). While 22% believe they will need more than $1 million to retire, men (28%) are more likely than women (17%) to feel this way.
Adults ages 35 to 54 (27%) are more likely than those ages 18 to 34 (18%) to say they will need more than $1 million to retire. Those ages 18 to 34 (62%) are more likely than those ages 35 to 54 (45%) to think that they will need only up to $500,000 to retire.
The majority of adults (92%) feel that some of the average person’s paycheck needs to go toward retirement planning. On average, they believe that 14% should be contributed from each paycheck toward retirement.
Twenty-one percent of adults with children younger than age 18 present in their households admit they have not planned for retirement, whereas only 12% of adults with no children present admit they have not planned for retirement.
Only 28% of adults who have planned for retirement were helped in their preparation by their parents. One-third (33%) of those who have planned for retirement say that they were helped by a financial adviser.
More than one-quarter of adults (28%) who have planned for their retirement indicate no one helped them prepare, and 31% of those currently retired say no one helped them plan for it.