Most retirees wish they had saved earlier. Here's what they regret most

• Key Insight: Find out how unexpected workforce departures are forcing current retirees to rethink past financial choices.
• What's at Stake: Job-changing employees risk forfeiting employer matching contributions and draining their retirement savings.
• Forward Look: Brace for half of the workforce across all generations planning to work longer.
  Source: Bullets generated by AI with editorial review

Many retirees are rethinking the decisions they made before leaving the workforce, a new study by TIAA found, with many wishing they had saved earlier and better prepared for healthcare and other costs in retirement.

More than three-quarters of current retirees (76%) say they regret not starting to save earlier in life, while 71% wish they had saved more, according to TIAA's Bridging the Gaps in Retirement Expectations report, released Wednesday.

But savings were not the only source of regret. Nearly half of retirees say they fell short in preparing for key retirement challenges, including setting clear goals (47%), estimating healthcare and long-term care costs (49%), and planning for late-life events such as health issues, career changes, job loss, and caregiving responsibilities (49%).

Those planning gaps may reflect the unexpected disruptions many retirees faced before leaving the workforce. More than half (51%) say they left the workforce for longer than one year because of an unplanned event.

"The retirees in this study are sending a clear and urgent message to everyone still in the workforce: What happens today will define the retirement you experience tomorrow," said Surya Kolluri, head of TIAA Institute. "A retirement that meets or exceeds expectations requires planning for all the things you enjoy plus the unexpected. Our research shows having access to the right tools, and the right guidance at the right time leads to better preparation, greater confidence, and fewer regrets."

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The research was conducted by Ipsos in July 2025 and is based on a survey of nearly 1,600 U.S. adults. 

The growing gap between plans and reality

Kolluri said one of the report's biggest takeaways was the five-year gap between expected and actual retirement ages: Current retirees retired at an average age of 57, while future retirees expect to leave the workforce at 62. 

"It is important to note that this gap can be for any number of reasons including health-related, or caregiving or job displacement," he said. "This might be more about temporary departure from the workforce rather than retirement per se. These outcomes make it very important for adequate planning and preparation."

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Across every generation — from Gen Z to baby boomers — roughly half of workers expect to work longer than planned. Meanwhile, 62% of nonretirees say building an emergency cushion is a milestone they need to reach before they can even consider retirement, and 1 in 4 do not expect to retire at all. 

"For employers, that means a workforce that wants to stay engaged longer, and honestly, that's an opportunity, not just a challenge," Kolluri said. "The key is meeting those workers where they are with flexible arrangements and real financial support."

Career disruptions can come at a cost

The study suggests that career interruptions, caregiving responsibilities, and job changes can all undermine retirement savings. Half of U.S. adults have left the workforce for more than a year, and that figure rises to 65% among caregivers.

Job changes can also come at a cost. More than three-quarters of workers (77%) have changed employers at least once, yet 1 in 4 left a job before becoming fully vested in their retirement plan, forfeiting employer matching contributions. Another 1 in 5 cashed out their retirement savings entirely when changing jobs.

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"These aren't passive failures — they're gaps that plan design and education can directly address," said Tim Pitney, head of lifetime income distribution at TIAA. "Employers can make a meaningful difference by offering career interruption support, emergency savings accounts, and rollover guidance that keeps a job change from turning into a retirement setback."