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Most retirees regret not saving enough and expect a shorter runway
The TIAA study found 47% of retirees regret lacking clear retirement goals and 49% say they misjudged healthcare and long-term care costs.
A TIAA study says retirement savings missteps are widespread among Americans, with 76% of retirees regretting that they did not start saving earlier and 71% wishing they had saved more overall. The report also highlights a gap between retirement expectations and financial reality.
The survey found regrets are especially common among younger retirees, whose average respondent reported leaving the workforce at age 57, while future retirees expect to retire at 62. It also notes that millionaires under 43 hold only 25% of their wealth in stocks, according to the study summary.
TIAA attributed many of the regrets to insufficient planning. Nearly half of respondents, 47%, said they regretted not having clear retirement goals, and 49% reported remorse over miscalculating healthcare and long-term care costs.
The study further cited late working life factors as a contributor, with 49% saying they did not account for elements such as health issues, career shifts, job loss, and caregiving responsibilities. It added that 51% said they had to leave the workforce for longer than one year due to an unplanned event, while TIAA Institute head Surya Kolluri said planning needs to cover both expected expenses and the unexpected.