More than Half of Recent Retirees Have Regrets About How They Saved for Retirement

Just 40% of those who have retired in the last five years are on track with their original budget and decumulation plan

COLUMBUS, Ohio, Feb. 3, 2026 /PRNewswire/ -- For millions of Americans who retired in the last five years, the transition from earning a paycheck to living off savings brings an uncomfortable reality check: many wish they did things differently, according to a new Advisor Authority study, powered by the Nationwide Retirement Institute.

More than half (55%) of recent retirees (those retired in the last five years) say they have regrets about how they saved for retirement. More than a quarter (28%) wish they began saving earlier, and 13% wish they contributed more to their retirement savings and investments each year.

Immediate, tangible financial challenges are fueling these concerns. Just 40% of recent retirees say they're on track with their original budget and decumulation plan, and 21% say they've had to be more conservative with spending compared to their pre-retirement expectations. Only one in five (20%) have avoided the need to tap retirement savings by relying solely on the guaranteed income of a pension and/or Social Security, resulting in a majority who may need to lean on their self-invested retirement funds accumulated in their working years. 

"Many recent retirees told us they wish they had saved differently, highlighting a critical truth: retirement planning isn't just about setting a number—it's about building a strategy that anticipates life's changes and regularly revisiting that plan as life happens," said Kevin Jestice, president of Nationwide Retirement Solutions. "Thoughtful, comprehensive planning before retirement can make the difference between uncertainty and confidence in your future. A great way to do this is by working with a trusted financial advisor or leveraging planning resources offered through your workplace retirement plan. For those already retired, it's not too late to take steps to enhance your retirement strategy. Reviewing your budget, exploring additional income opportunities and working with a financial advisor can help you feel more secure and in control."

Market Volatility Hits Recent Retirees Harder

Recent retirees are especially vulnerable to market turbulence, and those new to post-career life are facing more significant headwinds than their peers who retired more than five years ago (longer-term retirees). As a result, recent retirees are more likely to make changes to their portfolios in the early years of retirement. Half (50%) of recent retirees made at least some changes to their retirement portfolio due to market turbulence, compared to just one-third (33%) of longer-term retirees. Additionally, 15% made significant changes to their portfolio – nearly double the 8% of longer-term retirees who did the same.

The impact extends beyond portfolio adjustment and into real-world spending decisions. Nearly half (47%) of recent retirees say recent market volatility has impacted the way they approach managing their portfolio and withdrawing or spending down their savings in retirement, compared to 35% of longer-term retirees.

This market uncertainty is also driving interest in guaranteed income solutions. Thirty-six percent (36%) of recent retirees said they are more likely to put part of their portfolio in an annuity given the events of the last 12 months.

Advisors Recognize the Unique Challenges of Early Retirement

Financial professionals understand the first two years of retirement require heightened attention and strategic adjustments. Based on what they see with their own clients, top challenges for recent retirees cited by advisors include:

• Adjusting to life without a paycheck: Six in ten (60%) advisors say adjusting to not earning active income or not having a job is a challenge their recently retired clients face in their first two years of retirement.
  
  
• Managing anxiety about market volatility: More than four in ten (42%) advisors say dealing with anxiety about market volatility while living off investments is a challenge.
  
  
• Staying within budget: Four in ten (41%) advisors say maintaining their desired lifestyle within budget constraints is a challenge.

Market conditions are driving advisors to take action. The vast majority (85%) of advisors say recent market conditions caused them to recommend changes to clients' decumulation strategies, and nearly half (45%) made significant changes across most of their recent retiree clients' decumulation strategies.

Recent Retirees Stay Highly Engaged as Advisors Refocus

Instead of a "set it and forget it" planning approach, advisors report that their recent retirees are monitoring their portfolios closely. 

More than half (56%) of advisors say their recently retired clients review their portfolio and financial plan at least monthly. Nearly one in five (19%) review continuously, with access through digital platforms and periodic advisor contact, and 16% do weekly brief check-ins during market volatility periods.

Financial professionals are adapting their approaches to meet the investment needs of their clients. Notably, 93% of advisors increased their focus on addressing healthcare costs over the last year, and 87% increased their focus on identifying guaranteed income solutions.

"The first few years of retirement are critical, and we're encouraged to see recent retirees lean on their advisors to navigate a changing market environment. Advisors play an essential role during this period, helping retirees navigate new financial realities, manage spending and adjust strategies as their next chapter begins to unfold," Jestice said. "Advisors can help boost confidence by reviewing or exploring guaranteed income solutions or other strategies to address longevity risk. With expert guidance, retirees can feel confident their plan supports both today's needs and tomorrow's possibilities."

The Nationwide Retirement Institute offers resources to help advisors facilitate conversations with Gen X clients.

For more insights on this survey data, see our infographic.

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Provisions of these options may vary based on plan selection and/or by state regulation. These investment options may not be available in all states.

Nationwide's eleventh annual Advisor Authority study, powered by the Nationwide Retirement Institute^®, explores critical issues confronting advisors, financial professionals and individual investors—and the innovative techniques that they need to succeed in today's complex market.

About Advisor Authority: Methodology
The Harris Poll, on behalf of Nationwide, conducted an online survey in the U. S. among 510 advisors and financial professionals and 2,007 investors ages 18+ with investable assets (IA) of $10K+, August 19-September 2, 2025. Among the investors, there were 180 recent retirees (those who retired in the last five years) and 274 longer term retirees (those who retired more than five years ago).

Respondents for this survey were selected from among those who have agreed to participate in our surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data for advisors is accurate to within ± 4.3 percentage points using a 95% confidence level. For investors data is accurate to within ± 2.8 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact [email protected]. 

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S tracking public opinion, motivations and social sentiment since 1963 that is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

About Nationwide
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified financial services and insurance organizations in the United States. Nationwide is rated A+ by Standard & Poor's. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; and pet, motorcycle and boat insurance.

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