Hindsight is 20/20. It’s a saying we’ve all heard throughout our lives and there’s no exception to it, especially when it comes to retirement. It’s a stage in our careers many are looking forward to, but from saving too little or starting too late, a recent survey revealed how prepared retirees were when it came time to actually retire!
One of the questions asked was if there were any regrets when it came to retirement preparation. 52.8% say they regret not saving earlier. Over a third of the survey reported that they’re not able to spend as freely as they would like during retirement. These factors contribute to the retirement lifestyle many would like to have.
Survey participants said they regret where they live because it isn’t close enough to family, they’re traveling less than they planned on, they have a smaller social circle, and aren’t able to live comfortably for the remainder of their retirement. While these answers contribute to not preparing for retirement early enough, it’s noted that some of it could also be blamed on COVID-19 putting restrictions on travel and social gatherings.
Not only focusing on the past, participants were also asked about any concerns they have post-retirement. 38% said good health was their main concern. Again, this could be because of the pandemic. But closely behind was still finances, with 32% concerned about adequate income and over 11% concerned about the cost of healthcare.
The survey wasn’t all negative though. It did provide that almost half of retiree’s today say that retirement is living up to its expectations. Though many may not be able to travel or be as social as they like, being able to retire is an accomplishment in itself!