Nearly half of consumers (47%) polled by Equitable believe it is unrealistic for them to retire before or at the traditional retirement age of 65.
Instead, the survey results show they expect to retire nearly a decade later, at an average age of 74. This is despite only 18% of workers saying that they want to continue working beyond 65.
The top three obstacles cited to retiring "on time" were increasing living expenses (68%), fear of not having enough money saved (66%) and a lack of guaranteed income for retirement (39%).
"Today's world is full of uncertainty, and inflation continues to make everything more expensive," observed Nick Lane, president of Equitable. "This 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."
A Steady Paycheck
If given the choice, Equitable's survey shows, 64% of consumers would prefer a consistent and guaranteed paycheck in retirement rather than having to determine how much to withdraw from retirement accounts to make their money last throughout their lifetime.
This sentiment was generally consistent across all age groups, with millennials expressing the most interest at 70%, followed by Gen X (65%), Gen Z (62%) and baby boomers (59%).
With that said, it is noteworthy that Equitable's survey found that those closest to retirement are less interested in the security of a steady paycheck in retirement compared to younger workers.
This dynamic might be attributable to most baby boomers, given their stage of life, being more likely to already have access to reliable sources of retirement income such as payments from Social Security or a traditional pension, according to the researchers.
Younger generations face more uncertainty in these areas and will likely need greater support to ensure that they don't outlive their savings.
