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"Financial challenges can happen for a variety of reasons in life and figuring out how much money you'll need for retirement is not an easy task," says David Haass, chief technology officer and co-founder of MedicareFAQ. "It's very important for those nearing retirement to plan for the years ahead, both for their mental and financial well-being."
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Finances weren't the only thing nagging at retirees: 52% wish they prioritized their health before retiring, while 28% say they did not have a good work-life balance during their working years. Both of those factors tie into a general malaise around expectations versus reality.
"Adjusting to retirement can be challenging for anyone, whether or not finances are a concern," Haass says. "Retirement is a big adjustment for anyone, so making sure you're focusing on finances and mental health for this new phase of life is especially important."
Employers can play a role well before retirement is on the horizon, Haass says. Promoting financial literacy, addressing healthcare concerns so they remain manageable, and offering one-on-one coaching or support are all ways to supplement
"Employers should make sure employees understand retirement planning, especially financially, no matter their age," he says. "Working with employees as they near retirement to assist in a smooth transition is also important, so offering programs or guidance, and willing to be flexible to ease the transition could aid in avoiding some of the regrets."
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Yet there is some hope that once employees make it to retirement, the adjustment will eventually be smoother. Overall, MedicareFAQ found that nine out of 10 retirees were enjoying retirement, and 44% said the transition was easier than expected.
While 23% admitted to lacking a sense of purpose in their new life, retirees embraced volunteer opportunities, and in some cases,
With the help of employers, all employees can approach retirement with a more clear-headed idea of what to expect on the other side, Haass says.
"Regrets are a part of life, but there are steps Americans can take to help minimize the regrets surrounding retirement," he says. "Employers can empower their employees to make informed decisions and actively engage in planning for a secure and healthy retirement."