Retirement is often imagined as a golden era — long walks on the beach, time with family, freedom from deadlines, and maybe a little travel. Yet for many, the transition to retirement brings unexpected challenges, from financial uncertainty to declining health and loss of purpose.
A recent survey conducted in August 2025 gathered responses from 910 participants to understand how prepared retirees feel, what fears dominate their thoughts, and what advice they would give to those still planning their retirement. The findings reveal valuable insights for anyone hoping to retire with confidence, balance, and peace of mind.
The Top Retirement Fears
Among retirees and pre-retirees alike, five common fears emerged:
- Declining health
- Running out of money
- Regret about not retiring sooner
- Losing a sense of purpose
- Boredom
Interestingly, financial concerns and health worries were almost equally prevalent, underscoring that “health is wealth” is not just a saying — it’s a lived reality for many retirees.
When participants rated their sense of financial preparedness on a scale of 1 to 10, the average score came in at 7.9. Roughly 50% said they worked with a financial adviser, 44% did not, and 6% had previously used one but no longer did.
Preparedness and Confidence: The Retirement Spectrum
The level of financial confidence varied depending on how close individuals were to retirement:
- Already retired: 46% felt prepared, 40% neutral, and 8% unprepared.
- Within five years of retirement: Only 24% felt very prepared, while more than half rated themselves in the middle.
- More than five years away: Just 15% felt ready, and nearly a quarter said they were unprepared.
Those already retired reported the highest average preparedness (8.29), while those more than five years away scored lowest (7.11). The reason, according to many respondents, was simple — fear of the unknown fades once you’re actually living it.
Advice from Those Who’ve Been There
When asked what advice they would give to those still preparing for retirement, retirees emphasized a few timeless principles:
- Start early and save consistently. Time is the most valuable investment tool.
- Plan — and keep revising your plan. A “solid plan,” as one retiree put it, “solves all problems.”
- Take care of your health. Poor health limits your ability to enjoy the very freedom retirement offers.
- Find balance. It’s not just about saving and investing — it’s also about living well along the way.
- Know yourself. Understand your priorities, your habits, and what truly brings you joy.
Tax-efficient strategies like Roth accounts were frequently mentioned, but the overarching theme was balance — preparing financially while nurturing physical and emotional wellbeing.
The Role of Financial Advisers
While about half of respondents worked with a financial adviser, the data revealed that professional guidance alone doesn’t guarantee confidence. People with high preparedness scores (9–10) were almost evenly split — 53% had an adviser, 41% did not.
The difference often came down to mindset. Those who felt confident tended to have a healthy relationship with money — they understood their finances, planned realistically, and viewed advisers as partners, not decision-makers.
As one respondent summarized, “You’re the CEO of your life. A good adviser is your CFO — someone who helps you make better choices, but doesn’t make them for you.”
What Retirees Wish They’d Done Sooner
Looking back, retirees shared a clear list of things they wish they’d prioritized earlier in life:
- Taking better care of their health
- Spending more time with friends and family
- Traveling more
- Saving more money
- Retiring earlier
Many noted that good health in retirement is what allows you to enjoy the freedom you’ve worked for. “You can always make more money,” one respondent wrote, “but you can’t make more time.”
Others emphasized emotional preparation. “Date your spouse now,” a retiree advised, “so being together later is a delight, not a duty.”
For Those Nearing Retirement: “The Ready in Five” Group
Those within five years of retirement shared a blend of optimism and anxiety. Their top concerns were:
- Health insurance and long-term care costs
- Cognitive decline and loss of independence
- Transitioning from “saver” to “spender” mindset
One of the most common regrets was waiting too long to start planning seriously. Nearly 30% said they wished they had saved more money, while many admitted they’d neglected their health during working years.
As one person put it, “It’s not the money I regret — it’s the missed hikes, the dinners skipped, the moments with my family I can’t get back.”
The “Not Yet” Club: More Than Five Years Away
For those still several years from retirement, the priorities were slightly different. The “not yet” crowd said they wanted to focus earlier on:
- Travel and meaningful experiences
- Purposeful work
- Spending more time with family
- Saving more consistently
Only about 35% of this group currently work with a financial adviser. Their biggest fears were inflation, market uncertainty, and the timing of their retirement — questions like “Will I have enough?” and “What if I retire too soon?” dominated their responses.
Lessons from the Least Confident Retirees
Among those who rated their financial readiness at six or below, the biggest lesson was clear: Know your expenses.
These individuals stressed the importance of understanding where your money goes and practicing living on your retirement budget a few years before you actually retire. “If you can live comfortably on that amount now,” one retiree explained, “you’ll transition smoothly later.”
They also advised gradually cutting back on work hours to ease into retirement mentally and emotionally — and to begin planning not just for financial needs, but for how to fill the days meaningfully.
The Broader Lessons: Beyond Money
The overarching takeaway from the survey was that retirement is as much an emotional and lifestyle transition as it is a financial one.
- Money matters, but meaning matters more. Financial security is essential, but it’s not enough on its own.
- Health is wealth. Poor health was mentioned as frequently as running out of money as a top fear.
- Timing is tricky. Many retirees regretted waiting too long, while others feared retiring too early.
- Purpose and connection count. Boredom, loneliness, and loss of identity were common struggles.
The most confident retirees were those who had planned intentionally — not only for their finances but for their daily lives, relationships, and wellbeing.
They were not just stress planning — they were living with purpose.
Final Thoughts
Retirement success isn’t measured by the size of your portfolio alone. It’s defined by how well you balance security, health, relationships, and meaning.
Those who’ve already crossed that bridge consistently advise:
- Save early and often.
- Prioritize your physical and mental health.
- Invest in your relationships.
- Don’t wait for “one more year” to start living.
Because, as one wise retiree put it, “Time is the only non-renewable currency we have.”
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