The Current State of Retirement: A Compendium of Findings About American Retirees

The Current State of Retirement: A Compendium of Findings About American Retirees is based on a 2015 survey of more than 2,000 American retirees by Transamerica Center for Retirement Studies. It provides in-depth perspectives about retirees including their attitudes about life in retirement, time commitments, living arrangements, and personal finances.

Many retirees are still recovering from the Great Recession while managing their households with modest retirement incomes. The good news is that most retirees are enjoying life, but the concerning news is that many may be ill-equipped to deal with a financial shock such as the possible need for long-term care.

Although years have passed since the financial crisis known as the Great Recession, many retirees are still feeling its aftereffects. The survey found that only 45 percent of retirees say that they have either fully financially recovered or were not impacted. Thirty-five percent say they have somewhat recovered, eight percent have not yet begun to recover, and 12 percent feel they may never recover from it.

As a society, we frequently speak of the need for workers to save and prepare for retirement. Unfortunately, the conversation often ends once people stop working and retire, which is when it becomes even more critical for them to have a financial plan that can last their lifetime.