A new survey from AmeriLife, encompassing 2,000 U.S. adults between the ages of 30 and 61, indicates that fewer than half—47%—believe they are on course to meet their retirement objectives. The research, conducted in early 2025, highlights persistent gaps in financial literacy and access to professional advice as significant obstacles.
Among respondents, 24% strongly agreed that a lack of financial knowledge impedes their ability to invest for the future, while another 23% said this was somewhat true. Only 47% felt they have adequate access to qualified financial professionals who could help them achieve their goals. Todd Buchanan, president of AmeriLife Wealth, noted that the challenge extends beyond saving to understanding how to convert savings into a coherent retirement strategy.
Generation X investors reported the lowest confidence, with just 39% saying they are on track, compared with 55% of millennials. Women also expressed less confidence than men: 41% versus 52%. The findings suggest that higher income does not fully resolve planning difficulties. Among those earning at least $50,000 annually, nearly two-thirds said they are taking the right steps, but more than one-third were unsure or believed they are not on track.
Retirement income planning remains a particular area of confusion. Nearly half of respondents said they are unsure how annuities fit into a portfolio, and 55% said conflicting viewpoints about the products have left them perplexed. Only 17% gave themselves an “A” grade for understanding annuities. Despite this uncertainty, more than half expressed interest in products that offer guaranteed lifetime income while protecting principal from market losses. Among the 21% who already own an annuity, 88% said they wished they had learned about the product’s benefits earlier.
The survey arrives amid broader concerns about retirement security. A separate survey found 69% of older Americans doubt Social Security solvency as the trust fund depletion date approaches 2032. Meanwhile, employee wellbeing has plunged 11% in two years, with financial health a key lagging indicator, according to a WebMD survey.
For advisors, the data underscores an opportunity to address knowledge gaps and build trust, particularly with Gen X clients and women. The findings also highlight the need for clear communication about annuities and other guaranteed-income products, which many investors find confusing but potentially valuable.
