A national survey from TIAA found that nearly two-thirds of adults no longer believe they’ ll be able to stop working between the ages of 65 and 70— a benchmark once considered standard. Only 37 % say they still expect to retire“ on time.”

The findings revealed a troubling shift in retirement confidence, with one in five adults saying they aren’ t saving for retirement at all, and another 5 % admitting they have no intention of ever starting. Almost a quarter expect to keep working through retirement simply to pay the bills.

The TIAA study, conducted online among 1,000 U. S. adults ages 18 to 65 by KRC Research, suggests that millions may be staring down a new retirement reality— one in which the age of 65 is less of a finish line and more of a midpoint. Without stronger financial education, workplace support or access to lifetime income products, experts warn the dream of a secure retirement could remain out of reach for an entire generation.

The findings come as economic headwinds only deepen the challenge, with rising prices eroding purchasing power and debt and everyday costs competing with retirement savings goals.

“ Americans clearly want peace of mind in retirement, but the reality is that too many people either aren’ t saving enough or aren’ t confident in their ability to plan,” said Kourtney Gibson, CEO of Retirement Solutions at TIAA, in the report.“ We’ re seeing the consequences of a system that has left millions without proper guidance.”

Thirty percent said they aren’ t confident they can cover basic expenses for the rest of their lives. Many pointed to inflation, surging healthcare costs and unaffordable housing as major obstacles. Meanwhile, the disappearance of traditional pensions and the shift toward 401( k) s have put more of the burden on individuals who feel ill-equipped to manage it.

Nearly half of Americans( 44 %) expect Social Security to be their main source of income once they stop working. Among Gen Xers and boomers, that number climbs to 54 %, compared with just 31 % of Gen Z adults. Yet experts warned that depending too heavily on Social Security is risky, especially given uncertainty about the program’ s long-term solvency.

“ Social Security was never designed to be the only source of retirement income,” said David Nason, CEO of TIAA Wealth Management, in the report.“ People need to think about ways to create income streams that last as long as they do.”

Few appear to have solid strategies for doing that. The survey found that while 92 % of adults want guaranteed income beyond Social Security, only 64 % would consider buying an annuity— and a quarter admit they don’ t know enough about annuities

Roughly 10 % of respondents said they believe winning the lottery or reselling luxury goods could help fund their retirement.

to invest confidently.

Financial literacy remains a major barrier, the survey found. About one in four respondents said they don’ t understand key retirement options or how to manage income once they stop working. Others are turning to wishful thinking instead: Roughly 10 % of respondents said they believe winning the lottery or reselling luxury goods could help fund their retirement.

Less than half of respondents( 48 %) said they save regularly and intentionally. Among those who do, many still expect to work well into their later years to maintain their standard of living.

— Tracey Longo

12 | FINANCIAL ADVISOR MAGAZINE | NOVEMBER 2025 WWW. FA-MAG. COM