Many soon-to-be retirees feel anxious about the transition to retirement. Results from a large Consumer Reports survey offer useful perspective and reassurance by showing how people actually experience retired life and the choices that tend to lead to greater satisfaction.
The Consumer Reports National Research Center surveyed 17,877 subscribers aged 55 to 75, including those fully retired, semi-retired and still working. The published results focus mainly on the 6,723 respondents who were retired.
The surprising results
The survey found high overall satisfaction: 93% of respondents said they were satisfied with retirement, 32% were completely satisfied, and 41% said retirement turned out better than expected. Only about 5% reported retirement was worse than they had anticipated.
Still, many retirees expressed regrets about saving: roughly 35% said they wished they had started saving earlier, and 30% said they would have put away more each year if they had known then what they know now.
Retirees in the survey tended to leave the workforce relatively early. The median retirement age was 60: about a third retired between 55 and 59, 38% between 60 and 64, and 18% waited until 65 or later. Those still working generally planned to retire later, with nearly half expecting to stop work between 65 and 69 and some planning to continue into their 70s.
Retiree saving strategies
- 67% contributed to a 401(k) or 403(b) at work
- 60% invested in an IRA
- 59% built up equity in their homes
- 43% invested in stocks outside retirement accounts
- 38% invested in mutual funds outside retirement accounts
- 37% owned a savings account or CD
The data show that using multiple saving and investing vehicles tends to improve retirement satisfaction. Participants who began saving earlier and who used a broader mix of accounts generally reported higher satisfaction in retirement.
Regarding when people started saving: 32% began in their 30s, 34% in their 40s, 15% in their 20s, 11% in their 50s, and about 7% said they never seriously saved.
The takeaway
The survey supports two clear lessons: start saving as early as you can, and diversify how you save. Staying in the workforce a bit longer can also increase security, but many retirees choose earlier retirement for lifestyle reasons.
When planning housing and community options in retirement, consider insurance and service needs for senior settings; learn more about Retirement Living Centers Insurance to understand common exposures and coverages.
If you own or use vacation properties as part of your retirement lifestyle, review policies tailored to those arrangements by visiting Time-Share Resort Insurance Overview.
Many retirees work part time, start small businesses, or take gig work to supplement income or stay active; if you plan to drive for hire or provide paid rides, check resources such as Rideshare Insurance Overview to learn how coverage needs can change.
Balance risk and reward in your investments: most retired respondents (57%) described themselves as moderate risk-takers, seeking some growth without extreme volatility. If you can, increase savings rates now rather than later, and create a clear transition plan that fits your finances and goals.
If you want personalized guidance, talk to an agent who can review options and help tailor a plan to your situation.
Frequently Asked Questions
When should I start saving for retirement?
As early as possible — even modest savings in your 20s and 30s benefit from compound growth, but it’s still valuable to start in your 40s or 50s if you haven’t begun yet.
Is it too late to build a comfortable retirement in my 40s or 50s?
No — increasing your savings rate, focusing on tax-advantaged accounts, and delaying Social Security or retirement can materially improve outcomes.
How important is it to use multiple savings vehicles?
Very important — diversification among workplace plans, IRAs, taxable investments and home equity helps manage risk and provides flexibility in retirement.
Can I continue working after I retire?
Yes — many retirees work part time, consult, or start businesses to supplement income and stay engaged; plan how earnings affect benefits and taxes.