Many Americans are leaving the workforce earlier than they expected, and a large share are unhappy with how prepared they were for that transition. According to a new report from the TIAA Institute, retiring ahead of schedule is common, and most retirees say they wish they had done a better job building their savings before they stopped working.
The findings point to a gap between retirement plans and retirement reality. People may expect to work longer and save more over time, but an earlier-than-planned exit can reduce earning years and put added pressure on household finances. That can make retirement feel less secure than many had hoped.
The report also highlights a familiar regret: not saving enough. For retirees, that concern can shape everything from day-to-day budgeting to long-term financial confidence. It underscores how difficult it can be to catch up once a person is already out of the labor force.
Taken together, the results suggest that retirement timing is not always fully under a worker’s control, and financial readiness remains a major challenge. The report adds to growing concern that many Americans may be entering retirement earlier than expected without the savings cushion they wanted.
