59 percent of older adults say they didn’t save enough money for retirement: study

More than half of the retirees participating in a new survey said they regret not saving as much as they should have for retirement.

Fifty-nine present of the 560 respondents to the MedicareFAQ survey expressed concerns about their finances now that they no longer are working. Eighty-six percent of all participants said they wished they had saved more while they were still working, and 60% said they should have started saving earlier.

A previous, unrelated report by the Center for Retirement Research at Boston College noted that late baby boomers — which they defined as those born between 1960 and 1965 (most consider the end to be in 1964), at the tail end of the post-World War II Baby Boom — are not faring well when it comes to retirement savings.

Ten percent of the retirees surveyed said they delayed their retirement. The top reason they kept working, surprisingly, was not financially related. Many said they simply enjoyed their jobs. Not having enough money saved was a secondary reason for others, including postponing receiving Social Security benefits to secure bigger payments.

Of the 74% percent of the retirees who said they retired early, only 23% said they regretted the decision.

But most respondents (93%) said they enjoyed being retired because it allows them to enjoy activities they didn’t have time for when they were working full time. Eighteen percent said they now find fulfillment in volunteer work.

The MedicareFAQ survey respondents offered words of advice to members of younger generations. Two-thirds of the retirees cautioned others to start saving for retirement earlier in their working lives. Other advice hinged on prioritizing experiences over material possessions and finding a fulfilling professional life/personal life balance, the authors noted.

In addition to prioritizing financial planning and savings, participants advised younger individuals that they should be “taking your health seriously, traveling more, focusing on personal growth and happiness and not living too far beyond your financial means,” the authors said.