Majority of American Retirees Regret Savings Decisions; Younger Workers Plan Later Retirement
A new TIAA study reveals that 76% of American retirees express regret over not saving enough for retirement, with many wishing they had started earlier and saved more. The report highlights a significant gap between expectations and reality in retirement savings, particularly among younger retirees who left the workforce at an average age of 57. In contrast, future retirees plan to delay their exit until age 62. The study also identifies key financial missteps such as underestimating healthcare costs (49%), not accounting for unexpected life events like health crises or job loss (49%), and lacking clear retirement goals (47%). Experts emphasize the need for flexible planning, noting that rigid timelines often fail to account for unpredictable changes in personal circumstances. TIAA Institute's Surya Kolluri stresses the importance of proactive financial preparation. Advisors recommend diversifying income sources and preparing for multiple retirement scenarios rather than relying on a single plan.