Among retirees, 62% would change the way they planned for retirement if they could go back in time, according to a special report from Lincoln Financial Group’s consumer sentiment research.

Most commonly, retirees wish they had started saving earlier (74%) and saved more (63%) for retirement. This was followed by choosing investments that provide a steady stream of income (36%) and paying off debts sooner (34%). Respondents also wished they had planned for increasing costs due to inflation (25%) and that they worked longer (21%).

Fewer than one in three retirees (30%) were very confident about making the right decision on how to manage their money in retirement. Additionally, just 27% said they felt certain they have enough money to last throughout their entire life in retirement, and 23% said they were sure they could maintain the lifestyle they wanted in retirement.

Retirement Mentors

Mike Lynch, the ’managing director of applied insights at Hartford Funds, believes mentorship can make a meaningful difference in clients’ readiness for retirement. In speaking on retirement preparedness—separate from the Lincoln report—he noted the value of listening to current retirees about their experiences.

“How do we have a better, longer life, really succeed and have enjoyment in retirement?” Lynch asks. “It’s about talking to peers, it’s about talking to people that are already in it, that have gone through the process and can talk about where they’ve stumbled and where they’ve succeeded.”

Lynch works with employers and noted that people often think of career mentors, but not people to help in retirement.

“The challenge is: When you enter retirement, who’s going to fill that role? Who’s going to be able to help you?” he asks. “I think a financial professional can sometimes, but I’m almost 60 and they may be in their 40s. They may not retire for 15, 20 years.”

As financial advisers look for new and innovative ways to improve their practices and offerings to clients, Lynch proposes that advisers can connect pre-retirees with mentors who are already retired.

“Why not tap into existing clients that have already retired, have had success in retirement, and allow them to be mentors to others that are approaching retirement but are still concerned about quality of life?” he says.

Tough Times

Lincoln surveying of both working adults and retirees uncovered concerns about current economic conditions and the effect on retirement savings.

Among those surveyed, 37% of all U.S. adults and 35% of retirees said their confidence in their retirement preparedness has been shaken, and both U.S. adults (72%) and retirees (77%) reported that the economy and stock market were the biggest shock to their system.

“Our research underscores the enduring wisdom of retirees and signals a crucial message for the entire financial planning industry,” Ralph Ferraro, president of retirement plan services at Lincoln Financial, said in a statement. “It reinforces the urgent need for personalized support, continued education and innovative solutions.”

The research showed that 83% of respondents said they would like to better understand what they can do to protect against the impact of inflation, and 81% of retirees expressed interest in solutions that protect them from losses due to market volatility, even if it means fewer gains when the market is performing well.

Lincoln’s report was conducted in April using the Qualtrics survey platform. Responses were collected from a total of 1,407 U.S. adults, including 261 retirees.