One-Third Unsure of Ability to Retire

A Pentegra Retirement Services survey also revealed only one in five 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.   

The majority of U.S. adults (92%) feel that some of the average person’s paycheck needs to go towards retirement planning.  On average, they believe that 14% should be contributed from each paycheck towards 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 professional financial adviser.