Employees Close to Retirement Wish They Had Saved Sooner

Did you start saving early enough?


Do you find yourself regretting the fact that you didn’t start saving for retirement when you first started working? A recent study by TIAA-CREF finds that 52% of employees who are nearing retirement wish they had started putting cash away for their golden years earlier.

TIAA-CREF’s Ready to Retire Survey shows that financial challenges comprise three of the top four primary concerns for those close to retirement. Many pre-retirees are concerned about having enough money to pay for all of their monthly expenses (45%). Others are experiencing anxiety when it comes to managing the impact of healthcare costs (35%) and inflation (32%) on retirement savings.

Key survey findings:

  • Respondents say they wish they had made smarter financial decisions earlier in their career, such as saving more of their salary (47%) and investing and saving more aggressively (34%).
  • Roughly 45% of survey respondents age 55 to 64 say financial readiness will determine when they retire.
  • About 68% of pre-retirees who participated in the survey say they are not ready for the future.
  • Many are restructuring their idea of retirement. Approximately 42% of survey respondents age 55 to 64 say they expect to be working part-time. Roughly 39% say they will cut back on entertainment and luxury items.

For more on this topic, see Generation X Unprepared for Healthcare Costs During Retirement.