• A "retirement disconnect" has taken root among Americans across all demographics, from Gen Z to boomers, writes SurveyMonkey CEO Eric Johnson.
• Most workers would like to spend their retirement traveling, pursuing hobbies, and spending time with family.
• But when asked by CNBC and SurveyMonkey for a new study what they realistically expect in retirement, expectations have been lowered.

Vibecession, quiet quitting, and now … the retirement disconnect? It's not entirely surprising that the current workforce's disillusionment with the status quo extends to even how they think about life after work. The days of dedicating half a century to a single company and retiring comfortably with a gold watch are long gone. A new CNBC|SurveyMonkey study illuminates this "retirement disconnect" and suggests that the fundamental idea of retirement may be on the cusp of an evolution. 

Today's workers envision a starkly different retirement from that of their predecessors. They anticipate a considerably more challenging path to financial security. These sentiments resonate across generations —even Gen Z workers (the latest to join the workforce) believe the still-working Gen X and boomers will have an easier path to retirement, while Gen X and boomers say the same about older generations. 

The rising cost of living, stagnant wages, and lackluster savings are giving workers a reason to be doubtful that the traditional idea of retirement will be achievable in their lifetimes. 

Traditional retiree dreams, but lowered expectations

Across all demographics, the top three ways workers would like to spend their retirement include traveling, pursuing hobbies, and spending time with family. Working for supplemental income and starting a business are the least popular options.

And yet, when asked what they realistically expect to do in retirement, a persistent gap emerges. More than twice as many respondents believe they'll need to work for supplemental income (31%) than ideally want to (14%). Workers also believe they'll need to care for family members in retirement at a higher rate (31%) than ideally want to (24%). This is true for both men and women workers; 24% of both say they'd ideally spend retirement caring for family, and 28% of men and 33% of women realistically expect to do so. 

This gap between idealism and reality may be less surprising when considering that four in ten workers are behind on planning for retirement, with nearly half (48%) citing both debt and not having enough income as the top two reasons. In fact, one in five (21%) current retirees report having no retirement savings. With workers expecting a harder road to financial security than their predecessors and current retirees, it's understandable to adjust expectations accordingly. 

Retirement planning shortfalls, working longer

Strikingly, even though 40% of workers report being behind on retirement planning, 71% are confident they'll meet their retirement goals. This may be because more than half of workers (53%) expect to work in retirement. Of that 53%, 27% state they expect to work because they'll need the supplemental income.

From Gen Z to boomers, workers across demographics are consistent about a few things: that their retirement will look different from their parents' retirement (73%) and will be harder to achieve (82%), and that they are concerned they won't be able to afford to fully stop working (69%). 

This collective shift in perspective could pave the way for a reimagined retirement that appeals to all workers across generations. The concept of retirement may shift from leaving the workforce entirely to transitioning into different roles or reduced hours. Business leaders must adapt to this new reality, recognizing that the next wave of retirees may not conform to the conventional idea of retirement and that can create opportunities for businesses to harness the strength of a multi-generational workforce. 

The retirement disconnect is a complex societal challenge without an easy solution. However, the data makes it clear: workers are actively grappling with the evolving concept of retirement and its implications for their circumstances. The traditional idea of retirement is fading, replaced by something more fluid and dynamic.

—By Eric Johnson, CEO, SurveyMonkey

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