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What is Retirement Like for Today’s Retirees?

A new survey finds that most retirees are enjoying a standard of living and an enjoyment of life that is equal to, or better than, what they had before retiring – but that’s not true in every case. And they didn’t get – or don’t remember getting – much help from their employers.

According to “The Current State of Retirement: A Compendium of Findings About American Retirees” from the Transamerica Center for Retirement Studies, 60% of retirees indicate their standard of living has stayed the same since they retired, although 28% say it has decreased since they retired, while 10% say it has increased.

Quality of Life

However, 44% of retirees indicate that their enjoyment of life has increased since entering retirement, while 34% say it has stayed the same (19% say their enjoyment of life has decreased since they retired). There are differences, depending on age, however. Consider that while approximately half of retirees in their 50s and 60s indicate their enjoyment of life has increased since entering retirement, that was the case for only 37% of age 70+ retirees. In contrast, age 70+ retirees (21%) are more likely than younger retirees to say their enjoyment of life has decreased.

While 60% of retirees retired sooner than planned, those in their 50s (79%) are far more likely to have retired sooner than planned, when compared to older retirees. Two-thirds (67%) of retirees in their 60s and 53% of those over age 70 retired sooner than planned. Across age ranges, fewer than 10% retired later than planned.

Among retirees who retired sooner than planned, two-thirds (66%) cite employment-related reasons for having done so. Those aged 70 or older (70%) were most likely to retire due to employment-related reasons, while retirees in their 50s (52%) were most likely to do so because of their own ill heath. Only 12% of retirees of all ages who retired sooner than planned say they did so because they saved enough money and could afford to retire.

Retirees expect to live 28 years (median) in retirement, and 41% expect a retirement of more than 30 years. Most retirees (70%) believe that they are in good or excellent health – the one exception being those in their 50s (who, as is noted earlier, were more likely to have retired early because of their own ill health).

Employer Assistance?

Fewer than 1 in 10 retirees say that their employer offered financial advice or seminars, encouraged participation in succession planning/training/mentoring, or accommodated flexible work arrangements. Nearly two-thirds (63%) of retirees say that their employer did not help in any of the ways listed.

Retirement Finances

Just getting by and/or covering basic living expenses is the most frequently cited financial priority. Retirees cite financial priorities that include:


  • just getting by and/or covering basic living expenses (42%)

  • paying health care expenses (37%)

  • paying off mortgages (21%)

  • continuing to save for retirement (20%)


A quarter of retirees cite paying off credit card debt as a financial priority. Most retirees are living on a modest income, with an annual household income of $32,000 (estimated median); however, there is a sizeable gap between married ($48,000) and unmarried ($19,000) retirees.

Nearly three-quarters (72%) of retirees are “somewhat” or “very” confident that they will be able to maintain a comfortable lifestyle during retirement. However, fewer than half (46%) agree that they have built a large enough retirement nest egg. Current household savings among retirees in all retirement accounts stands at $119,000 (estimated median), with again a wide disparity between retirees who are married ($224,000) and unmarried ($40,000).

Retirees most frequently cite declining health that requires long-term care (44%) and a reduction in or elimination of Social Security (44%) as their greatest retirement fears, closely followed by outliving their savings and investments (41%). Notably, more age 60-plus retirees cite declining health that requires long-term care as a fear. In contrast, more retirees in their 50s fear difficulties in finding meaningful ways to spend their time, not being able to meet the basic needs of their families, and/or feeling isolated and alone.

Retirement Strategies

Social Security (89%), followed by other savings and investments (48%), company-funded pension plans (42%), and 401(k)/403(b)/IRAs (37%) are the most frequently cited current sources of income among retirees. Among those currently receiving income from Social Security, the median age they started collecting benefits was 62. Only 1% waited until age 70, the age at which one can receive maximum monthly benefits.

More than half of retirees (54%) indicate that they have a retirement strategy, but only 10% have it in writing. Only 7% have contingency plans for retiring sooner than expected and/or savings shortfalls.

When asked what age they are planning to live to, many retirees (43%) responded that they are not sure. However, about a quarter (24%) plan to live into their 90s and 14% to 100 or older, according to the survey. Ironically, retirees in their 50s were both the most optimistic and most pessimistic about their longevity: 11% of retirees plan to live only into their 70s, the highest response rate across age ranges; and 20% plan to live to 100 or older, also the highest response rate across age ranges.

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