Nearly Two-Thirds of Americans Feel Retiring 'On-Time' is Unattainable, According to New TIAA Survey

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Oct 06, 2025, 09:00 ET

A new TIAA survey explores the financial reality of Americans' ability to retire, as inflation outpaces Social Security payments and many think unconventional tactics - from lottery tickets to luxury handbags – could be reasonable ways to save

NEW YORK, Oct. 6, 2025 /PRNewswire/ -- Nearly two-thirds of Americans feel the dream of retiring between the typical ages of 65 and 70 is unattainable, with many planning to work until they can no longer physically do so. Only 37% of U.S. adults now believe retiring on time is realistic for them.

In addition to concerns about retiring at a reasonable age, TIAA's 2025 American Retirement Confidence Survey uncovered a concerning lack of retirement confidence across the board, with nearly a third (30%) of Americans not confident they will be able to cover day-to-day expenses for the remainder of their lives. This startling statistic combined with a lack of clarity of when retirement will come into view illustrates the wide-ranging retirement challenge Americans are facing.

Some Americans are playing a game of chance with retirement

For National Retirement Security Month, TIAA, in partnership with KRC Research, conducted an online pulse survey among 1,000 U.S. adults ages 18-65 to examine the uncertainty driving Americans' shifting retirement timelines and how they are approaching financial planning amid economic turbulence and ongoing inflationary pressures. Against this backdrop, a surprising number of Americans are considering unconventional and risky ways to save for retirement– in fact, according to the survey, one in 10 Americans consider winning the lottery or investing in luxury handbags a viable retirement strategy.

"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's findings reaffirm the importance of products that offer actual guarantees, personalized financial advice, and workplace retirement plans in helping people achieve the retirement security they deserve."

The survey exposes a stark contradiction between what Americans want in their Golden Years and what they are actually doing to achieve retirement security today. One in five (20%) adults are not currently saving for retirement, including 5% who say they have no plans to ever start. Just as surprising, one in four (24%) Americans now anticipate the need to continue working in some capacity just to cover basic expenses.

Americans want more guaranteed income beyond what Social Security can offer

Nearly half of respondents (44%) expect Social Security to be their primary source of income in retirement. Yet the reality is that yearly Cost of Living Adjustments (COLA) are not keeping pace with the rising cost of living.

"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. "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."

Americans recognize the value of lifetime income tools in retirement, with 92% saying they are interested in having a guaranteed source of income, aside from Social Security, to help cover day-to-day expenses in retirement.

Nearly two-thirds (64%) of Americans would consider purchasing an annuity to provide retirement income, but 25% say they do not know enough about them to consider investing in one.

Uncovering a solution to meet Americans' evolving retirement needs

As the country observes National Retirement Security Month—first recognized in 2006 by Senators Kent Conrad and Gordon Smith to heighten public awareness of retirement planning—TIAA remains committed to delivering more secure retirements for America's workers through guaranteed monthly checks in retirement they never outlive. TIAA serves plan sponsors through comprehensive retirement solutions, including its innovative TIAA RetirePlus service and lifetime income-embedded target date options, and together with Nuveen's deep expertise across public and private markets, is uniquely positioned to address the retirement challenges facing America's workforce.

About TIAA

TIAA provides secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions.ⁱ It paid more than $5.9 billion in lifetime income to retired clients in 2024ⁱⁱ and has $1.4 trillion in assets under management (as of 06/30/2025).ⁱⁱⁱ

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i.	Based on data in PLANSPONSOR's 2025 DC Recordkeeping Survey published June 25, 2025.
ii.	As of December 31,2024, TIAA paid out $5.9B in total annuity income. This figure represents all annuity income, including guaranteed and additional amounts, for all of TIAA's annuity products.
iii.	As of June 30, 2025, assets under management across Nuveen Investments affiliates and TIAA investment management teams are $1,441 billion.

Any guarantees under annuities issued by TIAA are subject to TIAA's claims-paying ability.

This material is for informational or educational purposes only and is not fiduciary investment advice, or a securities, investment strategy, or insurance product recommendation. This material does not consider an individual's own objectives or circumstances which should be the basis of any investment decision.

Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributes securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.

Nuveen, LLC provides investment solutions through its investment specialists.

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