Yesterday we briefly mentioned a new TIAA survey which explored senior Americans’ overall level of retirement satisfaction. Most retirees appeared to be quite happy about their quality of life in old age and one thing that seems to have contributed to this positive sentiment is an early start to their financial planning. Specifically, three out of every four surveyed retirees who started their old-age financial preparations before their 30th birthday reported that they were “very satisfied” with the retirement lifestyle that they have been able to achieve. Only 60 percent of respondents who waited until after the age of 50 to begin their financial planning reported being equally satisfied with retirement. People who started early with their old-age financial planning were also much more likely to have retired sooner than expected, especially among those who were able to stop working before age 60.
Most retirees reported that they were satisfied with the overall amount of planning they did for retirement but more than a quarter of respondents did say that they wish they had spent additional time learning about potential long-term care expenses. One in five retirees also reported that they believed they could have done a better job of taking advantage of the retirement and benefit options available to them through their employer, perhaps signaling that there is an opportunity for businesses to boost awareness of the resources offered to their workers. Another thing that appears to help is working with a financial professional because more than half (53 percent) of respondents who relied on a financial advisor said they were satisfied with their level of retirement planning, compared to only 32 percent for retirees who had not consulted with an advisor.
Sources: TIAAPost author: Charles Couch