Only 68% of Retirees Say They Feel Financially Comfortable — 5 Moves to Make Now According to Them

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Retirement is often touted as a time to sit back and take it easy, knowing that you have a nest egg waiting for you. But unfortunately, not every retiree feels at ease financially. According to a new survey by Nationwide, only 68% of “current retirees actually feel comfortable.” 

The insurance and financial services giant — which gathered the thoughts of 1,000 U.S. consumers between the ages of 60 and 65 for the survey — uncovered that for some retirees, the financial discomfort is so high that they’re thinking about going back to work. Specifically, “one-third of current retirees in this age range are considering returning to work, with half (50%) citing the fear of running out of money or currently running out of money as their top reason for doing so.” Additionally, Nationwide found that of the respondents who are in the workforce, only 77% indicated that they anticipate a comfortable retirement. 

Whether you’re 20 or 40 years away from retirement, you can act now to safeguard your future financial security. The survey’s participants had five key pieces of advice. 

First, 23% said to “expect you’ll need more money than you think.” Factors such as inflation and potential changes to Social Security benefits mean that retirement in the future won’t be the same as it is today, and the more money you have stored away, the better off you’ll be. 

Second, the more you work, the more money you can save for retirement. But 18% of those surveyed warned that you shouldn’t “assume you can work for as long as you’d like.” You might have plans to work until your early or mid-60s, but life doesn’t always go according to plan. Unexpected life circumstances could lead to you exiting the workforce sooner than you expected and hinder or upend your retirement savings goals. 

As for the other three key pieces of advice, 63% of retirees recommended that you begin saving for retirement soon, 41% emphasized getting an early start to retirement planning and finally, 34% stressed that shouldn’t “live above your means.” While some of these tips may seem obvious, the fact that so many retirees are reiterating them now indicates they can be easy to forgetten in day-to-day life. Be sure to keep these in mind when moving forward with your retirement planning.

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