People look forward to retirement because it allows them to enjoy the fruits of their labor, spend more time with loved ones, pursue hobbies, and travel. Seven in 10 (69%) Americans plan to retire, but of those who don’t think they will, 42 percent believe that they will never have enough savings to do so.
That’s according to a new survey of 2,000 adults split evenly by generation, where 22 percent of Gen Z, 19 percent of millennials and 18 percent of Gen X don’t believe retirement is in their future.
Most Americans struggling to accomplish life goals
Despite approaching their 60s, 37 percent of Gen Xers say they won’t be retiring within the next 10 years. In addition to their savings concerns, respondents plan to keep working in fear that they need their income to support their family (21%) or because they started planning too late (22%).
About one-quarter (26%) admit the fact that they never started planning for retirement will likely deter them entirely. Additionally, seven in 10 (71%) of respondents feel they are behind on certain life goals they thought they’d reach by now. These goals include their living situation (51%), career path (47%) and starting a family (41%).
Conducted by OnePoll on behalf of Prudential, results found 52 percent also admit they’ve fallen short of the amount of retirement savings they planned to have by now. And the retirement planning mindset varies greatly by generation. Forty-five percent of Gen Zers started thinking about retirement before the age of 20 and another 33 percent had it top of mind in their 20s.
On the flip side, one in 10 Gen Xers admit they still haven’t started thinking about it, more than any other generation. In fact, almost one-third (29%) of Gen Z think about retirement “always”, while 50 percent of baby boomers say it crosses their mind “often.”
However, if respondents were hypothetically to retire tomorrow, millennials feel the most prepared (71%), compared to 66 percent of Gen Z and 62 percent of Gen Xers.
“The survey data show that many Americans need help when it comes to reaching their retirement and other financial goals,” says head of Prudential Financial’s Direct-to-Consumer business, Michelle Samuel. “Many people have been saving, but they want a better handle on where they are. Others aren’t confident they’ll be able to stop working, and they need guidance to show them a path to retirement.”
How to plan for retirement
Almost one third of Americans (28%) said that they do not have a strong understanding of what to do to plan for retirement. This was not a surprising finding when many aren’t familiar with the most common financial products used in retirement planning.
More than half of Americans (59%) don’t have a 401(k), one of the primary savings vehicles for retirement. Of those who do, 21 percent don’t know how much money they have.
On top of that, the majority of respondents either don’t have or don’t know what IRAs (65%) or annuities (72%) are. Similarly, two in five (42%) don’t have life insurance and another 11 percent don’t know what it is.
Retirement is not the only area where people aren’t planning in advance. Three-quarters (75%) of respondents spend less than a year planning for major financial decisions, with 15 percent of Gen Zers spending one week or less.
“The good news is that there are places people can turn to for help. Consumers can tap into online tools to get a better read on where they stand and some next steps,” says Samuel. “They can also find a trusted advisor, including virtual advisors who make it easy to get people started from the comfort of their home.”
Survey methodology:
This random double-opt-in survey of 2,000 Americans split evenly by generation (500 Gen Z, 500 millennials, 500 Gen X and 500 baby boomers) was commissioned by Prudential between March 23 and March 28, 2023. It was conducted by market research company OnePoll, whose team members are members of the Market Research Society and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).
Article cross-posted from Study Finds.
Why the National Debt Is the Looming Threat to Your Retirement Plans
The Hidden Crisis No One Is Talking About
Every day, headlines warn about inflation, market volatility, and global instability—but the greatest looming threat to your retirement might be something far more fundamental: America’s skyrocketing national debt.
You can learn more about how the national debt affects you by reading this 3-minute report titled, “Debt Will Hit $40T in 2026: Prepare Your Retirement Now“.
With debt growing faster than most Americans can possibly fathom, the government’s borrowing habits have reached historic—and dangerous—levels. To cover spending, Washington is making moves with their budget packages, tariffs, and taxes. Is it enough? No. It’s not even close to what would be necessary to stop out-of-control debt, let alone reverse it.
How Debt Erodes Your Nest Egg
There are only so many levers government and the Federal Reserve can pull to try to protect Americans, assuming that’s even a top priority for them. Unfortunately, pulling one level to relive one pressure invariably adds pressure from another direction. This is why prices keep going up even as inflation reportedly slows.
For retirees and pre-retirees, that’s a perfect storm. The dollars you’ve worked hard to save lose value, and your cost of living increases while your investments lag behind.
If you’re relying solely on paper-based assets—stocks, bonds, or mutual funds—you’re essentially tied to the same system that’s creating the problem. It’s a system that was designed to work well in the 20th century, not in today’s world with people living longer and the dollar rapidly losing value.
This is why the 3-minute report, “Debt Will Hit $40T in 2026: Prepare Your Retirement Now,” is so important.
The Precious Metals Hedge
Thousands of Americans are looking for a tangible, time-tested hedge: physical gold and silver.
Unlike paper assets, precious metals aren’t dependent on government policy or the stock market’s mood swings. They’re real, finite resources that have maintained value for thousands of years through wars, recessions, and inflationary periods.
In fact, during times of high inflation and fiscal instability, gold often performs its best—because it’s seen as a store of value when faith in the dollar weakens. This is why prices have skyrocketed this year and are expected by many economists to continue going up in the future.
Take Control with a Gold IRA
One of the most effective ways to protect your retirement from national debt fallout is through a self-directed Gold IRA. This IRS-approved account lets you hold physical gold and silver within your retirement portfolio, giving you:
- Direct ownership of your assets
- A hedge against inflation and dollar decline
- The control to diversify beyond Wall Street
Augusta Precious Metals specializes in helping Americans just like you take this step with confidence. The company has earned a strong reputation for transparency, education, and personalized service—making it one of the most trusted names in the industry.
The Next Step: Secure Your Financial Future
Augusta Precious Metals has helped thousands of Americans with at least $50,000 to invest from their IRAs, 401(K)s, TSPs, and other retirement accounts safeguard their savings through precious metals.
If you’re concerned about what the rising national debt could mean for your future, now is the time to act.
Read this 3-minute report titled, “Debt Will Hit $40T in 2026: Prepare Your Retirement Now“ and learn the simple steps you can take to protect your retirement.