Of those polled, 56 percent retired sooner than they had planned. Image: Freedom Life/Shutterstock.com
By: FEDweek StaffA recent poll of retirees and later-career workers found that most wish they had saved more and more consistently for retirement—but the retirees still overall are happy with retirement.
The TransAmerica Center for Retirement Research said that in its annual retirement survey of retirees and workers age 50 and older, 73 percent said they wish that they would have saved more on a consistent basis; 66 percent said they wish they had been more knowledgeable about retirement saving and investing; and 45 percent said they waited too long to concern themselves with saving and investing for retirement.
One possible factor is that among retirees, 56 percent retired sooner than they had planned and only 7 percent later. Of the former group, the most common reasons were physical limitations such as disability or ill health, and unhappiness and organizational changes at work; both cited about twice as much as achieving the desired level of financial security ahead of expectations. Financial reasons meanwhile were the most commonly cited for retiring later than planned.
“More than half of retirees (55%) indicate their expenses in retirement are as expected, while 31% indicate they are more than expected and 14% indicate they are less than expected. Forty-seven percent of retirees indicate their spending habits have decreased in retirement, while 40% indicate they have stayed the same and 13% indicate they have increased,” it said. Nearly a third said their financial situation has declined.
Still, “More than four in 10 retirees say their enjoyment of life (43%) and happiness (42%) has improved since they retired,” it said.
It added that of those still working, fears regarding retirement were higher than among those already retired. For example, 45 vs. 32 percent feared outliving their savings and investments; 30 vs. 20 percent feared not being able to meet the basic financial needs of their family. There were similar differences in other retirement fears, such as declining health and an eventual need for long-term care and losing independence.
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