Even though retirees had regrets about their saving habits while working, it added, nearly two-thirds said their standard of living has stayed the same in retirement. Image: woff/Shutterstock.com
By: FEDweek StaffIn a survey, three-fourths of retirees agreed—including a third who strongly agreed—that they wish they would have saved more on a consistent basis during their working years, and two-thirds agreed that they wish they had been more knowledgeable about retirement saving and investing.
Those were among the results of a survey by the TransAmerica Center for Retirement Studies, in which half also agreed that they waited too long to concern themselves with saving and investment for retirement. Similarly, about half said they “would have liked to have received more information and advice from their employer on how to reach their retirement goals and four-tenths said they “should have relied more on outside experts to monitor and manage their retirement savings.”
Those were listed among “insights for younger generations” emerging from the survey, in which 55 percent said they expected to be worse off in retirement than their generation, compared with only 15 percent who expected the younger generation to be better off. Twenty-two percent said they expected them to be about the same and the rest said they couldn’t judge.
Even though retirees had regrets about their saving habits while working, it added, nearly two-thirds said their standard of living has stayed the same in retirement, with the rest nearly evenly split between those who said it has declined and those who said it has improved.
“Seven in 10 retirees (70%) are confident that they will be able to maintain a comfortable lifestyle throughout their retirement, including 23% who are very confident and 47% who are somewhat confident. Some retirees are not too confident (17%) and not at all confident (13%),” it said.
And more than four in five said they view retirement positively and said their happiness and enjoyment of life is the same or better than when they were working.
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