Many of the millions of Americans who retired in the last five years are finding that the transition from earning a paycheck to living off savings comes with an uncomfortable reality check, according to a new study from the Nationwide Retirement Institute.
Twenty-eight percent of respondents who retired in the past five years said they wished they had begun saving earlier, and 13% wished they had contributed more to their retirement savings or investments each year.
Forty percent of recent retirees purported to have no regrets.
Changes to spending plans in early retirement are common, the survey found. Forty percent of early-retiree respondents said they were on track with their original budget and decumulation plan, while 21% have had to be more conservative than expected.
For 8% of retirees, costs are exceeding expectations, and 7% have had to make major lifestyle changes to protect their retirement savings. Twenty percent said they relied solely on a pension and/or Social Security, and haven't touched other savings.
The Harris Poll conducted an online survey in the U. S. on Nationwide's behalf from Aug. 19 through Sept. 2 among 510 advisors and financial professionals and 2,007 adult investors with investable assets of $10,000 or more. Among the investors, 180 were recent retirees (those who retired in the last five years) and 274 were longer term retirees (those who retired more than five years ago).
See the gallery to learn how recent and longer-term retirees and their advisors are changing investing and spending strategies amid market volatility, according to the Allianz survey.
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