There may not be a universal number for how many Americans feel they are prepared financially for retirement, but across major recent studies, the takeaway is that only 25 to 40 percent feel confident about it. And a Pew Research Center story in 2025 found only 26 percent were “very or extremely confident” that they’ll have enough money for retirement.
Planning for those days really involves two parts, according to Chad Waddoups, vice president of wealth management for Mountain America Credit Union.
“The first part is how someone feels about their savings, and the second is how they are actually doing towards those savings,” he said. “One of the key roles of an advisor is to build confidence in what that person has. We encourage people to really think about what their retirement looks like—their plans, do they want to stay in the same home or move, do they want to travel? There are so many questions that feed into knowing if you really have enough.”
He said a 20-year-old has a hard time envisioning life 40 years down the road, but when you reach your 40s or 50s, you start to get a good idea of what your plan should look like. He points to former NFL player Odell Beckham Jr. who famously said on”The Pivot Product” podcast that his five-year, $100 million contract is difficult to live on, saying taxes, agent fees, and expenses reduce the net amount to roughly $60 million, or $12 million annually, which can disappear quickly due to high-cost lifestyles and supporting family.
“It depends on what you want to do,” Waddoups said. “Confidence is a big part of that, but most Americans say they don’t feel overly confident in their ability to have the retirement they want.”
His advice to clients and customers needing help is simple–start saving, which is more important than where you put your money.
“We sometimes get hung up on trying to find the next great investment, but the act of saving is the most important thing,” he said. “Consistency over time beats any kind of aggressiveness over a short period of time. Set some money aside and trust that in the future, your future self will thank you.”
Should people save for retirement rather than paying off debt? Waddoups thinks there’s a mix. He said debt is generally not great, but some debt, like getting into a home or driving a dependable vehicle, is necessary. He said he’d never stop contributing to a retirement account in order to pay off a debt, adding there’s very few reasons not to save for retirement.
As for investments, Waddoups recognizes that there is constant fluctuation in the economy, which is why it takes a long term approach rather than a short term one.
“We’re always going to see fluctuations,” he said. “All those poor people who lived through 2001 and 2008, the two biggest market recessions we’ve seen, know that if they stayed the course with their investments, they’re just fine today. Panicking when the market declines has proven to be detrimental, because it often recovers very quickly. Look at the COVID panic—the market was back up within a matter of weeks.”
Waddoups suggests that individuals or couples can take a “trial run,” living with what they think their retirement income will be—savings, investments, Social Security payments, etc. He said they should try it for a while before “pulling the trigger and heading off in a different direction. They should see how it feels to live on that income number.”
If you have access to an employer who offers a 401K program, take advantage of that. It’s free money. If that’s not an option, he suggests looking into an IRA that will also give you a tax advantage.
As we get older, Waddoups said we should monitor our investment strategy and make adjustments if needed, with the help of an advisor. Some IRS laws allow those over 50 to make “catch up” contributions to IRAs or 401Ks. He said older individuals should also begin thinking about long term care–as those products get more expensive the older you get.
“The key thing is to be consistent,” he said. “Over time, consistency works for most people.”