Most pre-retirees are full of regrets when it comes to their financial planning, a survey released Thursday by TIAA-CREF shows. In addition, only about a third work with a financial advisor or save via an IRA.
The firm says the situation can be improved by pre-retirees jumping into the financial planning process as soon as possible.
“Employers and financial advisors can work with individuals to develop a robust retirement plan at any life stage, so they can pursue the kind of retirement they envision,” said Teresa Hassara, executive vice president of TIAA-CREF’s Institutional Business, in a statement.
More than half (52%) of those nearing retirement (age 55-64) say they wish they had started saving for the future sooner, and many say wish they had made smarter financial decisions earlier in their career — including saving more of their paycheck (47%) and investing their savings more aggressively (34%), steps that can be made easier when taken with the support of a financial advisor.
Yet, just 35% of those surveyed are saving in an IRA or working with an advisor. Plus, few — 32% — have calculated the yearly income they need for retirement, and only 12% have money in a health savings account.
“By not making the most of these options, many Americans now feel uncertain about their financial futures, with 68% of those approaching retirement saying they are not prepared for what’s to come,” the report said.