In a landscape of shifting retirement expectations, a new study from MassMutual sheds light on current retirees' experiences and pre-retirees' expectations, as well as the critical role of active lifestyles and financial planning.
The 2024 MassMutual Retirement Happiness Study, conducted by PSB Insights, surveyed 2,000 individuals aged 40 and over, all with a minimum of $50,000 in savings or investments and playing an active role in their household's financial decisions.
The study found that a four-fifths majority of retirees (82 percent) feel more relaxed on a daily basis compared to their working years, which underscores the potential mental health benefits of retirement compared to the working-life stress many experience.
It also illuminates a discrepancy between expectation and reality for pre-retirees, with 77 percent anticipating greater happiness in retirement, compared to 67 percent of retirees who report actually experiencing this boost in happiness.
Physical and social activities emerged as key contributors to retirees' happiness, with 76 percent who spend time with loved ones and 70 percent who regularly exercise reporting higher levels of contentment. These activities not only enhance physical health but also play a critical role in fostering social connections and emotional well-being in retirement.
The study also showcased the impact of financial advisors on retirement planning and satisfaction. For instance, 30 percent of retirees attribute their successful adaptation to financial changes to working with a financial advisor.
This is mirrored among pre-retirees, with 41 percent already engaging with financial advisors to navigate the complexities of retirement planning, highlighting the value placed on financial advice in achieving a secure and enjoyable retirement.
The idea of retirement is also evolving among today’s pre-retirees. Rather than viewing it as the end of work, a significant portion see it as an opportunity for a shift in focus or a reduction in work intensity – 38 percent of pre-retirees envision retirement as a time when they'll shift to a new type of work or pursue a fulfilling purpose.
Still, financial security remains a pressing concern, with 35 percent of pre-retirees acknowledging their retirement savings are not on track for their ideal retirement age.
This concern drives a comprehensive approach to retirement preparation, combining financial strategies with health improvements. Two-thirds are focusing on health (66 percent) and contributing to retirement accounts (65 percent).
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
