The survey, by the Bankers Life and
Casualty Company Center for a Secure Retirement, was conducted in April via Internet
by the Blackstone Group and asked 300 retirees age 55 to 75 what they have
learned during retirement and what advice they would give to younger
Nearly all respondents (93%) said
saving early is their top piece of advice for retirement planning. That was
followed by contributing to retirement plans available at work (84%), doing
more planning (61%), investing conservatively (39%) and getting professional
advice (37%). One-third (30%) suggested living frugally and one in five
middle-income retirees (22%) recommend working as long as one can.
“Making your money last” was at the
top of the list of retirement topics they wish they knew more about. One in
four (25%) are looking for investment information and for guidance on how to
maximize returns on retirement savings.
Respondents said the biggest
financial surprise in retirement was not having enough income. Other surprises
included adjusting to a lower income, the high cost of health care, increasing
prices and no income increase in the future.