These are the top reasons people delay their retirement

New data from TD Ameritrade shows that the “need to save more” is the most popular reason why people delay retirement, at 74%. It’s also important to note up front that according to the report, “while 50% of respondents would like to retire by 60, just 33% expect to do so.”

The Harris Poll surveyed 2,002 American adults for TD Ameritrade’s research. For clarity, here are the age brackets provided for each generation in the study: Millennials (ages 18 to 34), Generation X (ages 35 to 52), Baby Boomers (ages 53 to 72) and the Greatest Generation (ages 73 and older).

Why Americans say they’ll put off retirement

  • “Need to save more:” 74%
  • “To qualify for social security:” 37%
  • “To qualify for Medicaid:” 23%
  • “Afraid of getting bored:” 20%
  • “To take care of their kids:” 16%
  • “To take care of their parents:” 7%

Overall, while an average of 24% of Americans surveyed said they’ve officially retired, the report also breaks things down by generation. These are the percentages of people who are retired:

  • Millennials: 1%
  • Generation X: 8%
  • Baby Boomers: 46%
  • Greatest Generation: 87%

Here’s how Americans say they’re getting ready for retirement

Have you used any of these methods?

  • “Reducing expenses to save more:” 68%
  • “Contributing more to retirement:” 53%
  • “Increasing income outside of job:” 30%
  • “Shifting to higher return/risk assets:” 18%

But while 72% surveyed don’t think their social security will be enough money for how much they spend, 51% don’t think “they’ll have more than enough to cover their needs.” A whopping 60% say they “have/had no idea how much to save for life beyond 65.”

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