Late each year, the Transamerica Center for Retirement Studies publishes an extensive report assessing the confidence and happiness of Americans who have left their working lives behind.
Now in its 24th edition, the Transamerica Retirement Study shows fewer than one in four retirees (23%) are “very confident” they will be able to maintain a comfortable lifestyle throughout their retirement.
Survey respondents' greatest retirement fears revolve around money and health, including fearing that Social Security will be reduced or will cease to exist in the future (42%). Others fear declining health that could require long-term care (37%), losing their independence (32%), outliving their savings and investments (32%) and cognitive decline (28%).
The good news is that most retirees have positive feelings about life. Nearly nine in 10 retirees are generally happy, have close relationships with family and friends (88%), and are enjoying life (86%). Overall, however, three in 10 retirees have trouble making ends meet, and a similar number (27%) indicate they often feel unmotivated and overwhelmed.
This year, the report also includes an analysis of the biggest regrets cited by retirees, ranging from remorse for not having started saving earlier to repentance for not thinking more deeply about lifestyle considerations prior to pulling the plug on work.
Catherine Collinson, CEO and president of Transamerica Institute and the Transamerica Center for Retirement Studies, notes that many retirees may wonder what they could have done differently to save and plan for retirement.
"By gaining knowledge and taking greater control of their financial situation, retirees can make better-informed decisions to optimize and protect their income and savings," Collinson says. "At the same time, policymakers, industry, employers, nonprofits, and individuals and families must join together to innovate solutions so that current and future generations of retirees can retire with confidence and dignity."
See the slideshow for a review of the seven most-cited retirement planning regrets, along with insights about how working Americans can avoid them.
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