What retirees expected for their golden years isn’t exactly the reality they’re currently facing, finds new research today from MassMutual.
The 2024 MassMutual Retirement Happiness Study, an online poll that surveyed 2,000 American retirees and pre-retirees, found that while most envisioned a retirement spent traveling (79%) and exercising (71%), 83% of retirees’ current day-to-days are consumed by watching television.
Differences in expectations versus realities extended to finances as well. According to MassMutual, retirees reported having fewer financial problems (46%) and were less bored (45%) than they anticipated. Retirees also enjoyed more free time (30%) and spent more time with family and friends (26%) than they expected.
MassMutual’s survey also gauged retirees’ level of happiness. Seventy-seven percent of pre-retirees say they hope to feel happier on a “typical day” during retirement, compared to 67% of current retirees who actually feel being happier. Of those 33% of retirees who are not happier in retirement, nearly half report feeling lonelier.
Those who feel more joyous about their retirement tend to spend their time with social activities, including spending time with loved ones (76%), exercising (70%), pursuing hobbies (63%), and traveling (62%).
The research notes a correlation between adequate planning and feelings of happiness during retirement, adding that those who are financially prepared tend to experience more joy in their later years. MassMutual finds that recently retired respondents are likelier to feel less secure in their savings (21%) compared to those now retired for over a decade (12%), suggesting a greater need to plan for market volatility, high interest rates and other macroeconomic trends that may impact pre-retirees’ nest eggs.
“In similar research that we conducted a decade ago, we also found a strong relationship between happiness and planning, as retirees who expressed the highest levels of satisfaction were also those who took concrete steps to put their emotional and financial lives in order at least five years before retirement. Taking concrete steps to plan ahead is a time-tested roadmap for anyone nearing retirement,” says Paul LaPiana, head of brand, product and affiliated distribution with MassMutual.
To prevent added financial insecurities, 52% of retirees are spending less, 30% are consulting with a financial professional, and 28% are creating a budget.
Pre-retirees expect to do the same once they retire, MassMutual states, as more report feeling anxious over their retirement savings. The findings show that 35% of pre-retirees believe they are “tracking behind” on “where they believe they’ll need to be to retire at their ideal age,” while 34% expressed concerns that they’ll outlive their savings.
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