Many people who are now retired would have quit work four years earlier – if they had had the opportunity to do so as they were approaching retirement.
This is the most notable takeaway of a survey sponsored by New York Life and conducted by Ipsos Public Affairs that polled 750 retirees between the ages of 62 and 70 with $100,000 of investable assets. The survey indicated that 46 percent of those who responded wished they would have started their retirement earlier if they had the same level of financial security that they did when they retired.
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In general, respondents indicated they would have retired four years earlier than they actually did. This was fairly consistent across genders, with men reporting that they would have retired 4.53 years sooner on average, and women reporting that they would have retired 3.96 years sooner on average.
This trend in retiree perspectives points out a potential market for those selling financial services, as 75 percent of those who wished they would have started their retirement earlier reported being interested in hearing about services that would have facilitated an earlier retirement.
"Much of the dialogue around retirement has been focused on people enjoying longer lives and ensuring they don't run out of money," said David Cruz, senior managing director at New York Life.
Retiring younger gives people the opportunity to enjoy the freedoms of retirement while they are more active and can get more enjoyment out of their retirement savings.
Cruz said he hoped that the wisdom of those who had already been through the process of planning their retirement would help those now reaching the age of retirement make informed choices.
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