Just over one-third of Americans describe retiring on time as a realistic target for their financial goals, finds new details in a TIAA report.
The organization’s 2025 American Retirement Confidence Survey found that 37% of respondents say retiring between the ages of 65 to 70 is a likely outcome for them, compared to two-thirds who believe leaving the workforce during that time is unachievable.
Close to a third (30%) of survey respondents are unsure in their ability to cover daily expenses for the remainder of their lives, with many banking on using Social Security to afford daily costs in retirement and 44% expecting it to be their primary source of income. This is despite the fact that Social Security is expected to become insolvent by 2033, with the agency estimated to pay out just 77% of benefits to retirees then.
“Historically, Social Security has been relied upon for retirement, but it was never designed to be the only source of income,” said David Nason, CEO of TIAA Wealth Management, in a statement. “With the support of professional financial advice, Americans must protect against the risk of outliving savings by building a holistic financial plan that includes long-term income solutions to supplement Social Security.”
To provide income in retirement, 64% of respondents to TIAA’s survey would consider buying an annuity contract and almost all respondents (92%) would participate in a guaranteed source of income. Yet 25% are insecure in their ability to invest in one.
Instead, a (much) smaller number of respondents, at one in 10, are considering unconventional strategies in planning for retirement like winning the lottery or investing in luxury handbags. A greater number (24%) expect to work past retirement to afford basic expenses.
“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. “We’re seeing the consequences of a system that has left millions without proper guidance.”
TIAA, in partnership with KRC Research, conducted the online survey among 1,000 U.S. adults ages 18 to 65.