younger woman, older and younger man with worried faces looking up (Photo: Shutterstock)

People really aren't very optimistic about how well off they'll be financially once they retire. In fact, just 27 percent of respondents in TIAA's 2019 Lifetime Income Survey say they're "very confident" that they will always feel financially secure, including during retirement.

The chief obstacles to such confidence come in the form of competing priorities, economic uncertainty and a lack of planning, according to the report, with just 35 percent of respondents saying they feel confident about being able to maintain their lifestyle for as long as they live.

Perhaps unsurprisingly, older workers are more confident financially than younger ones, possibly since many are still on the receiving end of pensions and will spend fewer years dealing with the effects of inflation.

And it's interesting that GenXers are more worried about the potential of running out of money than are millennials; in fact, GenXers are less confident by half—or by more than half—than boomers about being able to maintain themselves financially throughout retirement without having to rely on someone else or lower their standard of living.

While 39 percent of boomers are confident that they can retire when they want to, 45 percent believe they won't run out of money in retirement, 48 percent think they'll always feel financially secure, 53 percent think they'll be able to maintain a good standard of living throughout retirement and 56 percent believe they'll never become a financial burden to anyone else,

Respondents overall are more worried about the effects of a major stock market decline than they are about the potential for a medical event that could wipe them out. They're also more worried about the potential for significant cuts to Social Security and Medicare.

So what makes them feel better about their long-term financial picture? Saving regularly—and aggressively—for retirement top the list, at 40 percent and 21 percent, respectively.

Understanding how to pay down or eliminate debt came next, at 20 percent, and then relying on a traditional pension plan for guaranteed lifetime income (18 percent).

All other factors, including having diversified investments, having a plan, working with an advisor, saving for potential retirement health care costs and being able to track their progress, inspired noticeably less confidence.

And while saving does inspire confidence, 60 percent of GenXers admitted to saving less than enough for retirement, compared with just 26 percent of boomers.

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Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.