A recent survey reveals that over half of retirees in the United States would have planned their retirement differently if given the chance.

The most significant regret among older Americans is not starting to save for retirement earlier. Retirees also want investments that provide a steady income stream and automatic paychecks from their retirement assets. Additionally, many retirees feel they should have prepared better for unexpected events like inflation and market volatility by investing in solutions that protect them from losses. Annuities are a great option to address these concerns.

Another survey indicates that a substantial number of retirees may heavily rely on Social Security benefits to meet their financial needs. It predicts that by 2030, approximately one-fifth of the US population will be 65 or older, with 12,000 people turning 65 daily in 2024. The study highlights that 50% of households are at risk of lacking sufficient income to maintain their living standards in retirement. Many married couples and unmarried individuals may depend on Social Security for 50% or more of their income due to inadequate alternative sources of protected income. The disappearance of employer pensions and low personal savings rates are contributing factors.

A survey by AARP reveals that a significant portion of adults aged 50 and over expect to work in retirement for financial reasons. This trend is attributed to the financial feasibility of leaving the workforce and the projected increase in labor force participation among individuals aged 75 and older.