More key findings from the study
• Surprisingly, only 1 in 10 of those surveyed said they delayed retirement, with the most common reason for doing so being “I enjoyed working” (49%). Other top reasons were “didn’t have enough money saved” (38%), “delaying Social Security payout” (33%), and “health insurance coverage (31%).
• The average age at which those surveyed retired was 64. Nearly 3 in 4 (74%) say they retired early, and of those who did, 20% regret it.
• On average, retirees said the age at which they were happiest was 41. But 72% of retirees say they feel younger than their current age, and 62% say age does not limit their ability to try new life experiences.
• One in 10 respondents say they’ve had a “second-act” career, which is a major career change that occurs after retirement, also known as an encore career.
Read the complete MedicareFAQ “Retirement Regrets” study here.
SEE ALSO:
• Participants are Failing at Retirement Literacy
• Most Americans Saving for Retirement, But Many Don’t Know How Much They’ve Saved
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
