Plan participants expectations for retirement may need to be reevaluated. A new survey, sponsored by Genworth and featured in an article from PlanSponsor, reveals that 73% of pre-retirees are sure that they will retire when they planned but only 48% of retirees actually retired when they planned. In fact, 46% of retirees reported they retired sooner than planned. Fifty-two percent of pre-retirees expect their expenses to decrease in retirement however, of those who have retired, 65% actually reported that their expenses in retirement either remained the same or increased.
Plan participants may need to reevaluate their retirement expectations for a more conservative approach when calculating how much to save for retirement and how long they have to save it.