A new survey reveals widespread regret among Americans who recently entered retirement - with many wishing they had better prepared financially for this major life transition.
More than half of people who retired in the last five years wish they had planned differently for retirement, according to a survey from Nationwide. The findings highlight common financial challenges facing new retirees in today's economic climate.
The survey from Nationwide found that 28% of recent retirees wish they had started saving earlier for retirement. This regret appears to be translating into real financial strain for many.
Only 40% of recent retirees say they're staying on track with their original retirement budget. Even more concerning, one-fifth of them say they've already had to cut back on spending more than they expected.
The survey shows market volatility is hitting newer retirees harder than people who have been retired longer. This suggests that timing can play a significant role in retirement success.
Financial advisors say rising costs are making retirement planning more difficult. In response, advisors are now focusing more on guaranteed income solutions and ways to handle rising healthcare costs.
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