A new study reveals that most retired Americans feel they should have started saving for retirement earlier. In fact, 53 percent of retirees expressed regret over not beginning their savings sooner, while 52 percent said they wish they had saved more. The research, conducted by the TIAA Institute and released recently, surveyed 1,591 adults. Many of those who are still working but planning for retirement share similar concerns about building a sufficient nest egg. Even those who are not yet retired often worry about having enough money to handle unexpected expenses before they stop working. The average American believes they will need around $1.2 million to cover their retirement expenses. However, according to a separate analysis by the wealth management firm Schroders, just over half of people expect to have $500,000 or less saved by the time they retire. This gap between expectations and reality has raised concerns about financial preparedness for retirement. Younger generations, particularly Gen Z, show less confidence in the U.S. Social Security system as a reliable source of retirement income. While 70 percent of all respondents said they expect to use Social Security in their retirement, only about half of Gen Z individuals plan to rely on it. This skepticism may be justified, as recent reports suggest the system’s financial stability is in question. A key funding source for Social Security is projected to run out in 2032, according to a June report from the system’s board of trustees. If that occurs, monthly payments could decrease by up to 22 percent, or about $459 per month, based on data from the Social Security Administration. Despite these concerns, future retirees are looking to alternative strategies to support their retirement income. Nearly half of those planning for retirement said they will rely on savings outside of traditional retirement accounts, such as 401(k)s and IRAs, compared to about a third of current retirees. Around one in four respondents also plan to continue working past retirement age, a trend that has been growing. A 2025 study by the U.S. Census Bureau found that workers aged 55 and older have been the fastest-growing group in the job market over the past two decades, highlighting a shift in how Americans are approaching retirement.