Advisors cut retiree regrets in half, but just one in four Americans use one
Those with an advisor are far more likely to describe retirement planning using words like secure, confident and excited, and are considerably less likely to call the process overwhelming or to admit fear of getting savings and investment decisions wrong.
“The retirees in this study are sending a clear and urgent message to everyone still in the workforce: what happens today will define the retirement you experience tomorrow,” said Surya Kolluri, head of TIAA Institute. “A retirement that meets or exceeds expectations requires planning for all the things you enjoy plus the unexpected. Our research shows having access to the right tools, and the right guidance at the right time leads to better preparation, greater confidence and fewer regrets.”
Funding shift
The research also points to a generational pivot in how Americans expect to pay for retirement.
Current retirees leaned most heavily on Social Security, followed by employer pensions, but those who haven’t yet retired expect their largest income source to be money already saved inside retirement accounts, with Social Security dropping to second place. Confidence in Social Security tracks closely with age: 94% of boomers who expect to retire plan to draw on it, compared with just 51% of Gen Z.
Roughly six in ten agree they understand how to secure a steady income stream that lasts through retirement and feel confident they can do so, but only about one in five hold either view strongly. Among retirees already living the reality, three-quarters say they have that guaranteed income secured, with almost four in ten strongly agreeing.
