Retirement has always been a deeply personal journey. But right now, the paths Australians are taking look more different than ever before.

For younger Australians, retirement is a distant goal shadowed by economic uncertainty.

They’re aiming high, setting super targets upwards of $2 million, but many are unsure where to begin.

For older Australians, retirement is no longer a fixed destination but a moving target, shaped by cost-of-living pressures and health concerns.

For Gen X, caught in the middle, the window to plan is narrowing fast and they are worryingly underprepared.

Our latest nationwide research for the Equip Super Financial Security Index uncovered some surprising and alarming results. Australians across generations are heading toward retirement in very different ways, but with one thing in common – most of us still don’t feel confident we’re ready.

The findings point to a growing disconnect between expectations and preparation.

Australians now believe they’ll need nearly $1.9 million to retire comfortably, a figure that has doubled in just 18 months.

Younger generations are aiming even higher, with Gen Z targeting $2.5 million and Millennials $2.1 million.

But despite these aspirations, many remain unclear on how to reach them or whether they’re even achievable.

At the same time, retirement is being pushed further out.

On average, Australians now expect to retire six years later than they once planned, although younger generations want to retire at significantly earlier ages.

Boomers anticipate retiring around age 67, Gen X around 65, while Millennials and Gen Z hope to retire earlier, at 61 and 60 respectively.

Taken together, rising savings goals, delay retirement and low planning rates help explain why retirement confidence remains elusive across the generations.

Retirement planning reality check

Less than half of Australians have a formal retirement plan, the survey revealed.

Confidence in being able to retire comfortably remains low. And while each generation faces its own pressures – housing affordability, income security, healthcare, aged care – we’re all wrestling with the same question ‘how do I know if I’m on track?’.

The answer isn’t one-size-fits-all. But the turning point for many people, regardless of age or income, comes down to one thing, planning.

Planning isn’t just about numbers on a page. It’s about bringing structure to your goals and clarity to your decisions.

It turns abstract fears like whether your super will last, or when you can afford to retire, into something tangible and manageable.

Planning also helps combat one of the most overlooked drivers of inaction – uncertainty.

We heard from Australians who said they’d “worry about it later” or didn’t know where to start.

That hesitation is completely understandable, but it also reinforces the broader issue – in the absence of clear guidance, even the most motivated savers can feel stuck. Even small steps can unlock a shift in mindset from anxiety to action.

The generation at risk of being left behind

Among all the generations, Gen X stands out.

Despite being closest to retirement, only 37 per cent say they have a formal plan in place, less than both younger and older generations.

This is a group that’s often balancing peak career demands, ageing parents and, in some cases, dependent children.

Planning may not feel urgent, but the opportunity to take the most meaningful action is now.

Gen X in particular needs support that reflects the complexity of their situation, navigating peak earning years, family responsibilities and looming retirement decisions, often all at once.

This isn’t just about age or stage of life. It’s about confidence and whether people feel equipped to make informed choices about their future.

The gap isn’t just between Boomers and Gen Z. It’s between those with a plan and those without. Those who’ve had the chance to sit down, map out their goals, and understand what’s possible, and those who haven’t.

Once you’ve defined your goals, guidance from a planner or your super fund can help you chart a realistic path forward.

Even small steps taken now, like adjusting your contributions, can have a meaningful impact on your long-term retirement outcomes.

Because no matter your age or income, the earlier you engage, the more choices you’ll have and the more confident you’ll feel in making them.

Carrie Norman is Equip Super’s Chief Experience Officer.