For decades, the idea of a comfortable retirement has been considered the ultimate reward after years of hard work. But a new study suggests that, for many Americans, that vision may be slipping further out of reach.
Retirement expert John Stevenson surveyed 1,000 Americans to understand the state of retirement planning today, and the findings paint a sobering picture. Nearly two-thirds (63%) of respondents say that the rising cost of living is preventing them from setting aside money for retirement. Between housing costs, healthcare expenses, and everyday bills, many households simply have nothing left to save.
The study reveals just how strained retirement accounts have become. Fourteen percent of Americans admit they withdrew money from their retirement savings in the past year simply to cover daily expenses. That means funds meant for the future are already being spent just to survive the present.
The problem is even more acute among baby boomers, the generation closest to retirement. Alarmingly, 20% of boomers report having no retirement savings at all. For many in this age group, retirement may not involve slowing down, but instead working longer than they had planned.
The survey also highlights sharp gender differences when it comes to financial security. Forty-two percent of women say they feel anxious about retirement planning, nearly double the 23% of men who reported the same concern. Factors like wage gaps, career breaks for caregiving, and longer life expectancies all contribute to this disparity.
Beyond the personal stories of financial struggle, Stevenson’s study provides a detailed state-by-state breakdown of how long it would take the average person to retire. By comparing typical incomes to local living costs, the analysis shows the significant regional differences in retirement readiness. In some states, a worker may be able to retire in just a couple of decades of disciplined saving, while in others, it could take far longer than a lifetime of work.
These findings underscore a growing concern: the traditional model of retirement may no longer be realistic for millions of Americans. Economic pressures, stagnant wages, and rising costs are reshaping what retirement looks like, and in many cases, whether it is even possible.
Still, experts stress that it is not too late to take action. Even small, consistent contributions to retirement accounts can add up over time, thanks to compounding growth. Seeking financial advice, budgeting more carefully, and avoiding unnecessary withdrawals from retirement funds can also make a meaningful difference.
As Stevenson’s research makes clear, planning for retirement now is more important than ever. Without intentional preparation, many Americans may find themselves working well past the age they hoped to retire. For those who want to see where their own state ranks—and how many years it might take to reach retirement readiness. The full study is available here: How Many Years Will It Take to Retire in Your State?
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