TIAA Survey Finds 76% of Retirees Regret Saving Too Late as 51% Faced Unplanned Work Exits
Updated
Updated · PR Newswire · Jul 22
TIAA Survey Finds 76% of Retirees Regret Saving Too Late as 51% Faced Unplanned Work Exits
3 articles · Updated · PR Newswire · Jul 22
Summary
Seventy-six percent of current U.S. retirees say they regret not starting to save earlier, and 71% wish they had saved more, according to a new TIAA Institute study.
Nearly half also cite planning failures: 49% say they underestimated healthcare and long-term-care costs, 49% failed to plan for late-life disruptions, and 47% lacked clear retirement goals.
Unplanned shocks appear central to those regrets, with 51% reporting they left the workforce for more than a year because of events such as job loss, health issues, career shifts or caregiving.
Retirees with professional advice reported fewer regrets — 26% underestimated life events versus 43% among those without an advisor — while three in four said they have income that will last through retirement.
TIAA said employers can help close the gap through automatic enrollment, higher default contributions, broader financial advice and phased-retirement options as workers face increasingly unpredictable careers.