The most surprising things about retirement for women? Costs and timing

A newly published poll by Corebridge Financial offers fresh insight into the gap between women’s retirement expectations and realities, with financial surprises and concerns playing a significant role.

The research highlights key trends among retired women and those still in their working years, offering insights into the challenges they face and steps they find most effective.

The study found only one-fifth (19 percent) of retired women said their retirement fell within their expectations, while 26 percent reported it was “not at all” what they had envisioned. Among the top surprises for these retirees were higher-than-anticipated expenses (noted by 50 percent of respondents) and retiring earlier than planned (46 percent).

“These dual challenges point to the importance of creating an action plan early in your working years that can help you both build your retirement savings and make them last throughout your retirement,” Terri Fiedler, president of retirement services at Corebridge Financial, said in a statement.

Women still in the workforce have high hopes for their retirement, with many looking forward to spending time with loved ones (39 percent), traveling (36 percent), and pursuing hobbies (33 percent). That doesn't mean they're optimistic, however, as only 46 percent of non-retired women feel they are on track financially for retirement.

For both women in retirement and those in the workforce, inflation emerged as the top financial concern, with 52 percent of non-retirees and 57 percent of retirees naming it a key stressor. Running out of money in retirement was the second-highest concern for retired women, at 39 percent.

Turning back to retired women, 51 percent of surveyed women said their current financial health was "good" or "very good." But with the benefit of hindsight, nearly two-thirds (63 percent) with they'd begun saving sooner.

Only 27 percent of women in retirement said they began saving and investing between 18 and 29 years old, while another 42 percent said they didn't really focus on their financial and retirement planning until they were at least 41. Meanwhile, another 20 percent said they have yet to begin.

“It’s encouraging to see more than half of retired women feeling good about their current financial situations," Fiedler said. "But there are clearly some stark differences between expectations for retirement and the realities,” .

The study also emphasized the value of professional guidance. Among retired women, 35 percent identified working with a financial professional as their most effective step toward financial preparation, though 38 percent of those wished they had started that relationship earlier.

Despite challenges, including financial stress cited by 37 percent of non-retirees, 61 percent of women surveyed are actively working to address their concerns,