A new TIAA survey finds that two-thirds of Americans believe retiring between ages 65 and 70 is no longer realistic, with only 37% confident they can retire “on time.” Financial strain is widespread—20% of respondents aren’t saving for retirement at all, and nearly a quarter expect to work longer just to cover basic expenses. 

Some are even turning to unlikely strategies, such as the 10% who see playing the lottery or buying luxury goods as potential retirement solutions. TIAA executives warn that many Americans lack both adequate savings and access to financial guidance, underscoring the need for guaranteed income products and professional advice. 

The survey shows 92% of respondents want a steady income stream beyond Social Security, yet 25% feel too uninformed to invest in annuities despite growing interest. 

Finsum: Advisor should help clients to understand supplementing Social Security with long-term income strategies is essential to ensure financial security in retirement.