The Great Recession has rattled retirement plans for just about every consumer in the country, regardless of age.
Stymied by a lack of knowledge, depleted savings and the increasing likelihood they'll work through their golden years, Americans have a long road ahead of them.
After checking out Transamerica's 13th annual Retirement Survey, we know exactly where we're falling short.
DOUBT: Since the recession, more than 60 percent of 3,600 workers surveyed say they've lost confidence in their retirement goals. That's especially true for those in their 50s, 47 percent of whom plan on working through retirement.
SHRINKING NEST EGGS: Just 39 percent of workers said they've scrounged up enough savings to last through their golden years. Workers in their 60s are the least prepared, with 54 percent saying they haven't saved enough.
MILLENNIALS MIMICKING MOM & DAD: In a surprising trend in the study, workers in their 20s tended to mirror responses made by those in their 50s. See the chart below for proof. Says TransAmerica: "It's important for (millennials) to learn from their parents' generation versus repeating their retirement outcomes."
THERE'S NO MAGIC NUMBER: It's long been predicted 65 would no longer be THE retirement age marker and now a staggering 86 percent of workers in their 60s will work past their 65th birthday.
WE'RE BROKE: Workers gave two major reasons for delaying retirement – not being able to afford the luxury and needing to keep their job for the income.
WE'RE ON OUR OWN: Most workers plan on self-funding their retirement, with the majority relying on employer-provided plans and their own – the same savings they say they haven't been able to build.
SAVINGS GAP: There are still far too many workers not taking advantage of employer-provided plans (23 percent) and most don't enroll until their 30s.
FLEDGLING 401(k)s: For the 77 percent who do contribute to retirement plans, the contribution level has dropped back down to 7 percent. The suggested contribution is at least 10 percent.
FAILURE TO LAUNCH: Twenty-somethings (and those in their 40s) are 20 percent less likely to save outside of work than those in their 60s.
GUESSING GAMES: When it comes to estimating how much we'll need to support ourselves in retirement, most workers said they just took a wild guess.
NO BACK-UP PLAN: Most Americans don't have a contingency plan in place if they wind up retiring earlier than expected.
DIY STYLE: More than 80 percent of workers said they're taking the do-it-yourself approach to retirement planning. Just 16 percent would prefer an advisor's help.
MISPLACED FAITH: But with 70 percent of workers willing to admit they don't know enough about retirement planning, they might want to reconsider the DIY approach.
LIPS ARE SEALED: If they won't rely on financial advisors, the next best bet is for workers to ask family and friends for guidance. Too bad only 10 percent said they discuss their finances "frequently" at home.
DISJOINTED EXPECTATIONS: While one-third of workers in their 20s said they'll have to care for their parents in old age, just 4 percent of respondents in their 60s said they would need any support at all.
PLAN GAPS: All but 10 percent of workers say they value 401(k) plans in their jobs, but just 76 percent say any such plans are offered. That 14 percent gap is a problem.
IGNORANCE: The concept of asset allocation (how and where you store you savings) is deeply misunderstood by most workers. Just 6 percent said they know a "great deal" about it.
Take your finances into your own hands...
