As many as half of surveyed U.S. adults said that retiring at age 65 is “unrealistic,” instead saying that age 74 is a more attainable goal to reach full retirement. This is according to a survey conducted by Equitable, a financial services provider.

“Equitable’s survey revealed that nearly half of consumers (47%) believe it is unrealistic for them to retire before or at the traditional retirement age of 65,” the results said. “Instead, they expect to retire nearly a decade later at an average age of 74. The top three challenges/obstacles cited were increasing living expenses (68%), fear of not having enough money saved (66%), and a lack of guaranteed income for retirement (39%). This reality contrasts sharply with the 18% of respondents who want to continue working past the age of 65.”

General uncertainty and the persistence of higher costs stemming from inflation have destabilized workers’ confidence in a more traditional retirement timeline, according to Equitable President Nick Lane.

“This [uncertainty] is having a profound impact on Americans’ retirement confidence, causing many to feel they will need to work well beyond age 65 to save enough — not out of choice, but rather necessity,” Lane said. “While everyone has a different financial situation and vision for retirement, a financial professional can help develop a plan that keeps you on track. The ultimate goal is to retire on your own timetable, when it makes sense personally and professionally.”

The survey also found that if given a choice, 64% of respondents would prefer to have a “consistent and guaranteed paycheck” in retirement versus needing to determine how much to withdraw from their retirement accounts. This, the results noted, was largely consistent among the age groups surveyed: millennials expressed the most interest (70%) followed by Gen X (65%), Gen Z (62%) and baby boomers (59%).

But the fact that baby boomers appear less interested in this than younger generations was particularly noteworthy, given that generation’s proximity to retirement.

“This perhaps can be attributed to the fact that most baby boomers, given their stage of life, are more likely to already have access to reliable sources of retirement income — such as payments from Social Security or a traditional pension,” the results said. “Whereas younger generations face more uncertainty in these areas and will likely need greater support to ensure they don’t outlive their savings in the future.”

Policies that encourage automatic enrollment in retirement plans have made a notable difference in adding to cumulative retirement savings, but converting that savings into retirement income is often overlooked, Lane said.

“With the disappearance of traditional pension plans, the burden has shifted to individuals — especially younger generations — to seek the education, guidance and solutions to ensure their savings last throughout retirement,” he explained.



The survey was conducted with 1,000 U.S. adults aged 18 or older, with the total survey population representative of U.S. demographic data, the company said. Participation was anonymous, and the survey was conducted from May 22 to June 1, 2024.

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