Retirees Face Increasing Debt and Financial Regrets in Later Years
Many retirees express regret over insufficient savings, with only 2% wishing they had saved less, while a majority wish they had saved more. Retirees also regret not working longer, delaying Social Security claims, and securing lifetime income through annuities to manage expenses. The lack of financial literacy and debt management skills among older adults contributes to these regrets.
- The emotional toll of accumulating debt in retirement can be severe, affecting mental and physical well-being, and it's essential for policymakers to develop targeted solutions.
- How will changing demographics, including the increasing number of retirees living longer, impact the development of new financial products and services designed specifically for this age group?