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).
Chasing productivity is one thing, but when you're cutting corners, missing details, and making mistakes, it's time to take a step back.
It is not clear how many employees will be affected, but none of the private partnership’s 20,000 financial advisors will see their jobs at risk.
The historic summer sitting saw a roughly two-thirds pass rate, with most CFP hopefuls falling in the under-40 age group.
"The greed and deception of this Ponzi scheme has resulted in the same way they have throughout history," said Daniel Brubaker, U.S. Postal Inspection Service inspector in charge.
Elsewhere, an advisor formerly with a Commonwealth affiliate firm is launching her own independent practice with an Osaic OSJ.
Stan Gregor, Chairman & CEO of Summit Financial Holdings, explores how RIAs can meet growing demand for family office-style services among mass affluent clients through tax-first planning, technology, and collaboration—positioning firms for long-term success
Chris Vizzi, Co-Founder & Partner of South Coast Investment Advisors, LLC, shares how 2025 estate tax changes—$13.99M per person—offer more than tax savings. Learn how to pass on purpose, values, and vision to unite generations and give wealth lasting meaning
