Path:

Expectations Exceed Retiree Realities

United States, December 2, 2015

The Transamerica Center for Retirement Studies* (TCRS) today releases a new study which compares the retirement expectations of workers aged fifty and over with the actual experiences of retirees.

Group of grey haired people

The Current State of Retirement: Pre-Retiree Expectations and Retiree Realities finds that while many 50+ workers expect to stay in employment beyond 65, the reality is that most current retirees stopped work at 62, with many doing so before they had planned to.

Many retirees stopped working before age 65, largely for reasons outside of their control

Catherine Collinson President, TCRS
 

"The retirement landscape is changing, with many workers planning to work past the traditional retirement age of 65. This new vision of retirement among workers is a tremendous departure from the experiences of those already in retirement," said Catherine Collinson, president of TCRS.

"Many retirees stopped working before age 65, largely for reasons outside of their control. Their financial realities serve as a cautionary tale for workers, employers, and policymakers."

Employers not offering flexible work arrangements

Among the findings, 76% of retirees wish they would have saved more on a consistent basis, 53% would have liked more information and advice from their employers on how to achieve retirement goals, and fewer than 10% were offered flexible work arrangements, retirement seminars or financial advice by their employers toward retirement transition.

The Current State of Retirement: Pre-Retiree Expectations and Retiree Realities draws on two online surveys conducted in the United States by Harris Poll on behalf of TCRS earlier this year.

Over 2,000 people who reported as fully or semi-retired were surveyed as well as a nationally representative sample of 4,550 workers, from which the survey focuses on 2,191 who are aged 50 and older, working full time or part-time.


 

Who is TCRS?

*The Transamerica Center for Retirement Studies (TCRS) is a division of Transamerica Institute, a nonprofit, private foundation dedicated to identifying, researching and educating the public about retirement, health coverage, and other relevant financial issues facing Americans today. Transamerica Institute is funded by contributions from Aegon's US subsidiary, Transamerica Life Insurance Company and its affiliates and may receive funds from unaffiliated third parties.