More than half of Americans who have retired within the past five years say they wish they had made different decisions about how they saved for retirement.
New research from the Nationwide Retirement Institute finds lingering shortfalls in preparation with 55% of recent retirees reporting some level of regret about their retirement savings strategy. The most common concerns center on timing and contribution levels, with many saying they underestimated how much they would need or how long their money would have to last.
Among those expressing regret, 28% say they wish they had started saving sooner, while 13% say they should have contributed more each year during their working lives. Those miscalculations are now influencing how retirees manage their spending and investment decisions.
Only 40% of recent retirees say they are still following the budget or withdrawal strategy they set before leaving the workforce while another 21% report cutting back on discretionary spending compared with what they expected before retirement, suggesting that income and lifestyle assumptions often prove optimistic.
Guaranteed income sources remain limited for most new retirees with just 20% saying they have been able to avoid drawing from personal savings by relying solely on sources such as pensions or Social Security. As a result, many are more exposed to market volatility and sequence-of-returns risk early in retirement. More than one third of recent retirees say they are more inclined to consider annuities or similar products to help create predictable income.
“Many recent retirees told us they wish they had saved differently, highlighting a critical truth: retirement planning isn’t just about setting a number — it’s about building a strategy that anticipates life’s changes and regularly revisiting that plan as life happens,” said Kevin Jestice, president of Nationwide Retirement Solutions.
Market swings have added pressure with about half of recent retirees noting that volatility has prompted them to make changes to their portfolios, a higher share than among those who retired earlier. Almost half say market conditions have also altered how they think about spending and withdrawals.
Advisors surveyed for the report alongside retirees report that the transition from a paycheck to portfolio-based income remains one of the biggest stress points for new retirees, followed closely by market uncertainty and difficulty sticking to spending plans. Many advisors say they have already adjusted withdrawal strategies or broader retirement plans in response to these challenges.
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