A Precarious Existence: How Retirees Are Financially Faring in Retirement (Survey Report)

Today’s retirees are living a financially precarious existence. How did this happen? Some could have been better at saving and planning, while others could have done everything right and still find themselves facing a savings shortfall. When today’s retirees started their working careers decades ago, the retirement landscape was quite different and many assumptions about retirement funding have since changed. Traditional defined benefit plans have all but disappeared amid the proliferation of self-funded 401(k) and similar plans. Life expectancies have increased, and now people have the potential of living longer than in any other time in history. Although inflation rates have been low, housing and healthcare-related costs have sky-rocketed. Government benefits, such as Social Security and Medicare, are under severe financial strain and reforms are imminently needed.

Transamerica Center for Retirement Studies^® conducted a survey in 2018 of more than 2,000 retirees in order to assess how today’s retirees are doing. Retirees are still relatively young at age 71 (median). A Precarious Existence: How Today’s Retirees Are Financially Faring in Retirement details the survey’s findings, identifies issues and opportunities, and offers actionable insights for current and future retirees.