NEW TIAA INSTITUTE SURVEY FINDS THREE IN FOUR OF TODAY'S RETIREES WISH THEY HAD SAVED EARLIER AND SAVED MORE
Lack of planning, job loss, career shifts, caregiving and other unexpected life changes drive retirees' deepest savings regrets
NEW YORK, July 22, 2026 /PRNewswire/ -- A new TIAA Institute study uncovers a striking gap for today's current American retiree: what they expect from retirement does not always match reality and that difference can carry significant financial consequences. The report Bridging the Gaps in Retirement Expectations: New Evidence and Insights identifies actionable strategies to help close those gaps before they widen further.
Retirees' Top Regrets Center on Savings, Insufficient Planning
As the economic and retirement landscape shifts, current retirees are re-evaluating their savings decisions, and some of those decisions are being met with remorse. More than three-quarters of current retirees (76%) say they regret not starting to save earlier in their lives, while nearly the same amount (71%) wish they had saved more.
While savings topped the list of regrets, researchers say insufficient planning for unexpected events closely followed with nearly half of current retirees expressing planning-related regrets. Among those surveyed 47% regret not having clear retirement goals, 49% regret underestimating healthcare and long-term care costs and 49% regret not planning for late-life events like health issues, career shifts and job loss and caregiving responsibilities. Among those surveyed, 51% report leaving the workforce for longer than one year due to an unplanned event.
"The retirees in this study are sending a clear and urgent message to everyone still in the workforce: what happens today will define the retirement you experience tomorrow," says Surya Kolluri, Head of TIAA Institute. "A retirement that meets or exceeds expectations requires planning for all the things you enjoy plus the unexpected. Our research shows having access to the right tools, and the right guidance at the right time leads to better preparation, greater confidence and fewer regrets."
A planning strategy that includes enrolling in employer-sponsored plans, including a source of guaranteed* income like an annuity, and accessing financial education and advice can lay the foundation for changing retirement outlook and sentiments. Among those surveyed, three in four retirees say they have a source of income that will last throughout retirement. Additionally, retirees who work with a certified financial professional carry significantly fewer regrets across every category — just 26% regret underestimating life events compared to 43% of those without an advisor.
Closing the Gaps
Employers are uniquely positioned to address the retirement readiness challenges identified in this study. To support employees at every stage of their financial journey employers can:
- Expand automatic enrollment and implement automatic contribution increases at key career milestones to build savings momentum over time.
- Expand financial advice as a core employee benefit, covering rollovers, early withdrawal penalties, and retirement savings continuity through life transitions.
- Introduce phased and flexible retirement options with education on products that allow partial withdrawals and continued saving.
- Provide clear, jargon-free education on guaranteed* lifetime income, including how to create guaranteed* income from 401(k) savings.
"Employers have both an opportunity and a responsibility to help workers navigate an increasingly complex retirement landscape," says Tim Pitney, Head of Lifetime Income Distribution, TIAA. "The employers who act on these findings will not only help their employees retire with greater security — they will build workplaces where people feel genuinely supported through every stage of their financial lives."
For a copy of the full report, visit TIAAInstitute.org.
About TIAA Institute
The TIAA Institute is a think-tank within TIAA, conducting cutting-edge research in the areas of financial literacy and longevity literacy, lifetime income, retirement plan design and behavioral finance in the context of retirement. The Institute provides consulting services for higher education and the broader nonprofit sector. For more information, visit www.tiaainstitute.org.
About TIAA
TIAA aims to provide secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions.i It paid more than $6.17 billion in lifetime income to retired clients in 2025ii and has nearly $1.5 trillion in assets under management (as of 03/31/2026).iii
Learn more about TIAA
Read the latest TIAA news
X | LinkedIn | Facebook
i. |
Based on data in PLANSPONSOR's 2025 DC Recordkeeping Survey published June 25, 2025. |
ii. |
As of December 31,2025, TIAA paid out $6.17B in total annuity income. This figure represents all annuity income, including guaranteed and additional amounts, for all of TIAA's annuity products. |
iii. |
As of March 31, 2026, assets under management across Nuveen Investments affiliates and TIAA investment management teams are $1,498 billion. |
iv. |
*Any guarantees are based on the claims-paying ability of the issuing companies. |
TIAA Institute is a division of Teachers Insurance and Annuity Association of America (TIAA), New York, NY.
©2026 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, New York, NY
5734871
SOURCE TIAA Institute
Share this article