About 10% of Americans say their best shot at funding retirement might come from either winning the lottery or investing in luxury handbags, according to a new TIAA survey. It sounds like a punchline—until you realize the gut punch behind it.
Dig into the data in this and other recent surveys, and the finances many Americans are facing look bleak. Almost two-thirds of Americans think retiring “on time” is a fantasy, 30% aren’t confident they can cover basic expenses as they get older, and one in five isn’t saving for retirement at all.
What the TIAA Stat Really Says
The TIAA survey highlights a sense of hopelessness that’s shaping the way Americans are approaching retirement today. A Goldman Sachs study out last week showed just how impossible the system now feels to many savers: 40% of working Americans say they live paycheck to paycheck, and almost three-quarters of those say everyday costs make saving for retirement almost impossible.
Even higher earners aren’t immune—about four in 10 people making more than $300,000 say they’re still living paycheck to paycheck, thanks to rising debt and lifestyle creep that erodes savings. Add in what Goldman Sachs calls the
Bankin’ on Birkin-1 in 10 Americans Say Investing in Luxury Handbags Is a Sound Strategy for Retirement
