It’s a new retirement. Here’s how to be ready for what’s next.

Retirement is changing. For generations, the goal was often straightforward: to save enough money to stop working. Pensions and Social Security once provided a steady foundation for retirement income. Today, your 401(k), savings and investments may have to be the primary source of funds for your retirement. According to a new survey conducted by Harris Poll on behalf of Athene, Gen X and millennials describe their ideal retirement as one with financial independence, freedom from debt, flexibility and peace of mind. Making that vision a reality in this new era may mean taking a fresh look at how to turn your savings into the income you’ll need to support the life you want in retirement.

How retirement is changing

For today’s pre-retirees, individual retirement savings are playing a larger role as guaranteed income sources, such as traditional employer pensions, become less common. In fact, 61% of survey respondents say they have fewer guaranteed income options than previous generations, and more than 80% believe their generation faces retirement challenges that their parents did not. Economic shifts, market volatility and inflation are also causing many pre-retirees to rethink their retirement savings strategies.

While the majority of Gen X and millennials surveyed are confident about achieving retirement security, over half feel behind on their savings. Rising costs of living, healthcare costs and day-to-day expenses can make it challenging to save as much as you’d like.

Planning for a longer retirement

With people living longer than previous generations, the years after leaving the workforce can span two or more decades. A 65-year-old man today can expect to live, on average, another 18 years, while a woman of the same age can expect to live another 20 years or more. Yet many pre-retirees have not fully factored a longer retirement into their plans. Almost half of respondents say they are concerned about running out of money during retirement and 37% say they worry retirement will last longer than expected.

Planning for more years in retirement can mean thinking beyond the day you stop working. It’s not just about having enough saved when you retire. It’s also about having the income needed to cover anticipated expenses and unexpected costs in the years ahead.

Creating guaranteed income for retirement

Among Gen X and millennial respondents, 85% said the idea of receiving guaranteed lifetime income from their 401(k) plan is appealing. With money you can count on, it can be easier to plan and budget, protect a portion of your income from market ups and downs and feel more confident that your savings can go the distance. This peace of mind can help make it easier to enjoy retirement and pursue the dreams and experiences that matter most to you.

How an annuity helps close the gap between savings and income

For those looking to add guaranteed income to their retirement strategy, an annuity can help turn your savings into retirement income. Annuities can provide insurance against the risk of outliving your money after you stop working. You get the potential to further grow your savings and add a source of guaranteed income to your overall retirement savings strategy. Annuities can turn a portion of your savings into a predictable stream of income and help bridge the transition from accumulating money for retirement to using that income to help fund your everyday life.

Preparing for a new retirement

To prepare for this modern retirement, it can be helpful to find your retirement focus and define what financial independence means to you. From there, think about how the resources you’re building today can help make that vision financially sustainable for the years ahead.

Here are a few next steps to consider:

• Plan for the long term. Think about how your income needs may change over a retirement that could last 20 years or more, and spot where savings may fall short.
• Think beyond savings. Take a fresh look at how you’ll turn your retirement savings into income that can cover both everyday and unexpected expenses over time.
• Explore your options. Ask your financial professional about guaranteed income strategies and which solutions may be a good match for your retirement goals.

Want the most from your retirement? Get smarter with Smart Strategies from Athene. Your source for tips, tools and financial solutions that can help you live your best life.

Athene contracted Harris Poll to survey 2,022 adults aged 40–61 years old. The survey was conducted between June 26 and July 7, 2026.