These are the top reasons people delay their retirement

An average of 24% of Americans surveyed said they’ve officially entered retirement, with a surprising 8% of Generation Xers have called it a career.

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.”

Jane Burnett|is a reporter for Ladders and can be reached at jburnett@theladders.com.