Nearly half of Americans retire earlier than expected, yet retirees overwhelmingly report that they are enjoying themselves and discovering that pre-retirement fears of boredom, financial insecurity and lacking purpose are largely unfounded, according to a new study by MassMutual Retirement Services.
The biggest lesson for retirement success: Plan as soon as possible for both your emotional and financial well being, since you are likely to retire sooner than planned.
Hopes, Fears and Reality – What Workers Expect in Retirement and What Steps Help Them Achieve the Retirement They Want finds that retirees indicate high levels of emotional well being, enjoyment and financial security:
72% of retirees report being "extremely or quite happy"
67% say they're "extremely or quite relaxed"
66% say they are financially secure
Few characterize themselves as stressed, frustrated, lonely or distressed. Additionally, those who took concrete financial steps such as calculating the best time to collect Social Security, targeting how much money they would need to afford retirement and increasing savings report feeling more financially secure in retirement. About six out of 10 (58%) retirees who were most satisfied with their situation worked with a financial advisor before retirement.
The study also found that concerns about retirement decrease as pre-retirees approach retirement. For example, 31% of pre-retirees who are 11 to 15 years away from retirement say they are looking forward to the experience with very few or no concerns — compared with 43% of those who are less than five years away. Forty-six percent of those within one year of retirement had very few or no concerns.
The biggest lesson for retirement success: Plan as soon as possible for both your emotional and financial well being, since you are likely to retire sooner than planned.
Hopes, Fears and Reality – What Workers Expect in Retirement and What Steps Help Them Achieve the Retirement They Want finds that retirees indicate high levels of emotional well being, enjoyment and financial security:
72% of retirees report being "extremely or quite happy"
67% say they're "extremely or quite relaxed"
66% say they are financially secure
Few characterize themselves as stressed, frustrated, lonely or distressed. Additionally, those who took concrete financial steps such as calculating the best time to collect Social Security, targeting how much money they would need to afford retirement and increasing savings report feeling more financially secure in retirement. About six out of 10 (58%) retirees who were most satisfied with their situation worked with a financial advisor before retirement.
The study also found that concerns about retirement decrease as pre-retirees approach retirement. For example, 31% of pre-retirees who are 11 to 15 years away from retirement say they are looking forward to the experience with very few or no concerns — compared with 43% of those who are less than five years away. Forty-six percent of those within one year of retirement had very few or no concerns.
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