The word retirement may not be as pleasant a word as it once was, according to a new survey that indicates that a wide range of unpleasant perceptions, expectations and emotions are now triggered in many by the "R" word that are in stark contrast to what it evoked for previous generations.

In fact, one out of every two Americans surveyed said they are not even looking forward to retirement-a sentiment being fueled by the fear of not having enough money saved in time, according to nearly 30 percent of respondents. While current retirees say they're relatively satisfied with their place in life and maintain a positive outlook, younger generations still in the retirement planning phase are not so optimistic - expressing a wide range of emotions. In most cases it's directly tied to money, or the lack of it, according to a new survey released by TD Ameritrade Holding Corporation.

At the same time, financial advisors say a growing number of their clients are demanding advice on how to set up their retirement plan, according to a separate survey released today by Russell Invesments.

Working members of the Mature Generation have saved on average 71 percent toward their retirement objective; baby boomers indicated they're near the 50 percent mark of their retirement savings goal. Meanwhile Gen Xers have reached 26 percent and Gen Yers have achieved 15 percent of their respective retirement savings goals.  The online survey was conducted by Head Research on behalf of TD Ameritrade Holding Corp. The firm queried 2029 U.S. residents from March 27-28. All respondents were required to be sole or shared decision makers with respect to planning and saving for retirement.

Part of Americans' retirement discontent is tied to loss in net worth, TD Ameritrade survey says. The median net worth of the American family dropped 39 percent between 2007 and 2010, according to the Federal Reserve Board's Survey of Consumer Finances (SCF) released Monday.

Market and economic events of the past decade have made putting money aside for retirement challenging for many Americans, the survey says. Lack of steady employment, debt, education and healthcare expenses were most often cited by 73 percent of respondents who say obstacles have prevented them from saving for a comfortable retirement.

Sixty-nine percent of respondents have no specific savings goal. Among those who have a specific savings goal, the average amount is $750,000, regardless of age. Just 54 percent are confident they will reach their goal, citing a bad economy, not enough income, expenses and not enough time as the reasons they may not be successful. On average, respondents also would have liked to start saving for retirement eight years earlier than they actually did.

Eighty percent of Americans envision having to work part- or full time in retirement. On average, they think they will need income for 18 to 22 years of retirement, slightly less than the 20 to 25 years that statistics indicate they will actually need. And 80 percent of respondents say they believe they will require the same amount of income they currently live on or less, but this may not be realistic given that inflation and rising healthcare costs can significantly impact financial needs.

One-third of those who are currently retired say they have had to change their style of living - and almost a quarter of them have gone back to work. Their advice to younger generations is  save as much as you can as early as you can, establish a financial plan, limit expenses and work longer.

"There's no doubt the economic climate in recent years has presented significant challenges for those planning ahead and saving for retirement," said Lule Demmissie, managing director, investment products and retirement at TD Ameritrade, Inc. 

Meanwhile, Russell Investments survey indicated that more advisors are dedicating time to learn retirement income planning strategies. Seventy-two percent of advisors queried in Russell Investments quarterly Financial Professional Outlook indicated that retirement income planning is either a large or core part of their practice.

"With 10,000 Americans reaching retirement age every day, a growing number of investors are turning to their financial advisor for help in determining if, when and how they'll be able to retire," says Phill Rogerson, managing director of, consulting and product development for Russell's U.S. advisor-sold business. "Most advisors are trying to tackle the retirement income challenge, but many feel the investment industry has not provided the right tools to set a standard to how it should be done."                 

Jim McConville