Pre-retirees face longevity risks from declining finances and deteriorating health in older age as they are navigating the turbulent post-pandemic economy. Unlike younger workers with a longer time horizon to recover before they retire, pre-retirees and retirees have limited ability to recover from financial shocks.

For most people, retirement requires living on limited financial means vis-à-vis Social Security, workplace retirement benefits, and personal savings and investments. Despite these challenges, retirees are living happy, purposeful albeit financially vulnerable lives.

Life in Retirement: Pre-Retiree Expectations and Retiree Realities examines the beliefs and experiences of pre-retirees and retirees including their visions of aging and retirement, when and how retirement happens, life in retirement, and personal finances.

The report is based on findings from the 23rd Annual Transamerica Retirement Survey conducted in 2022 including more than 2,500 age 50+ workers of for-profit companies and 2,100 retirees.