A 'generational divide' in retirement planning has emerged among Americans.

• According to SurveyMonkey CEO Eric Johnson, a "retirement disconnect" has emerged among Americans of all age groups.
• Many employees desire to spend their retirement engaging in travel, pursuing hobbies, and spending time with loved ones.
• SurveyMonkey and CNBC have lowered their expectations for what people realistically expect in retirement.

The retirement disconnect is becoming increasingly evident among the current workforce, as they question the traditional notion of dedicating a significant portion of their lives to a single company and retiring comfortably. A recent CNBC|SurveyMonkey study sheds light on this disconnect and suggests that the concept of retirement may be undergoing a transformation.

Workers today envision a more challenging path to financial security in retirement compared to their predecessors. This sentiment is shared across generations, including Gen Z workers, who believe that 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 traditional notion of retirement may not be attainable for workers due to the increasing cost of living, unchanging wages, and inadequate savings.

Traditional retiree dreams, but lowered expectations

The most popular ways workers want to spend their retirement are traveling, pursuing hobbies, and spending time with family. Working for supplemental income and starting a business are the least preferred options.

Despite their desire to spend retirement relaxing and pursuing hobbies, a significant number of workers believe they will need to work for supplemental income (31%) and care for family members (31%) at a higher rate than they ideally want to (14% and 24% respectively). This gap is evident among both men and women workers, with 24% of both saying they would ideally spend retirement caring for family, and 28% of men and 33% of women realistically expecting to do so.

The 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. Given that workers expect a harder road to financial security than their predecessors and current retirees, it's understandable to adjust expectations accordingly.

Retirement planning shortfalls, working longer

Despite 40% of workers admitting to being behind on retirement planning, 71% are confident they'll achieve their retirement goals. This could be due to the fact that over half of workers (53%) anticipate working in retirement. Of this 53%, 27% believe they'll need to work for additional income.

Across all age groups, workers share a few common beliefs: their retirement will differ from their parents' retirement, achieving it will be more challenging, and they worry about not being able to afford to completely stop working.

The traditional notion of retirement may change, with workers transitioning into different roles or reduced hours, and businesses must adapt to this new reality by recognizing the potential of a multi-generational workforce.

The evolving concept of retirement is causing workers to struggle with its implications, as the traditional idea of retirement is no longer applicable.

—By Eric Johnson, CEO, SurveyMonkey

Don't miss out on CNBC's Women and Wealth event on September 25! Hear from financial experts who will provide valuable insights to help you achieve your financial goals, regardless of your career stage or financial situation. Register now to secure your spot.