Retiree regrets: How employers can get the next generation to retire better

A significant number of seniors wish they had saved more for retirement or made better choices in the area of work/life balance, a new report has found.

The study, from insurance resource MedicareFAQ, surveyed 569 U.S. retirees in January of this year. It found that one in four retired Americans have regrets about their decisions regarding retirement savings or related decisions. The biggest regret was in saving: 78% said they didn’t save enough money or prioritize finances. The second biggest regret was health, with 52% saying they didn’t prioritize their health. And 28% said they didn’t have a good work/life balance in their working years.

When asked what advice they would give regarding retirement, 67% said advised starting retirement savings as early as possible, 19% advised prioritizing experiences over material possessions, and 14% advised finding a fulfilling work/life balance.

“Although we should all listen to our elders, the saying holds true especially when it comes to advice given by retirees,” the report said. “The biggest thing is to prioritize financial planning and savings. Other top pieces of advice include taking your health seriously, traveling more, focusing on personal growth and happiness, and not living too far beyond your financial means.”

Delayed retirement—an option for some older workers

Although 9 in 10 of the retirees surveyed said they enjoy being retired, there are still some who delay retirement for a range of reasons. Of those, 49% said they delayed retirement because they enjoyed working. An additional 38% said the delay was because they didn’t have enough money saved; 33% said they delayed to improve their Social Security payout. And 31% said they delayed retirement to maintain health insurance coverage.

There’s also the element of staying fulfilled; 23% said they struggled to find purpose and fulfillment in retirement. Retirees address this by volunteering (18%); others say they plan to continue to work part-time (25%).

Maria Pearlman, a spokesperson for MedicareFAQ, said there are things employers can do to help workers transition into retirement.

“Some employers may offer phased retirement programs, which would allow employees to gradually reduce their hours or responsibilities as they transition into retirement. Additionally, some companies may offer programs where retirees can be re-hired on a part-time or contract basis, leveraging their expertise and experience on specific projects,” she said. “When it comes to volunteering, some employers may offer paid volunteer time off opportunities, which is a great way to experience different organizations and see what a full-time volunteer experience may be like.”

Pearlman also noted that Employee Assistance Programs (EAPs) can be a resource for workers considering life transitions. “Employees can access counseling services, financial planning assistance, and other resources through EAPs,” she said. “The AARP also has many resources for retired Americans, or Americans nearing retirement to help plan for the transition. It’s best to consult with your HR to talk through potential options and resources.”

How employers can help workers avoid regrets

The study’s bottom line seems to be that there is still more work to be done in convincing younger workers to start saving for retirement, and that issues such as work/life balance should be addressed sooner, rather than later. Pearlman said employers should ensure that employees have easy access to resources such as financial planners. “It’s not just enough to have the resources available,” she said. “It’s important that there’s an ease or access.”

Related: Cost of retirement’s gone up: Americans now expect they’ll need $1.25 million

Talking to employees about their needs and concerns is a good first step, regardless of workers’ ages, Pearlman added. “Annual conversations where management can listen to feedback is a start in ensuring a good work/life balance,” she said.

“The biggest takeaway is to make sure employees understand retirement planning, especially financially, no matter their age,” Pearlman said.” Younger employees should be thinking about their future, and it’s important to have resources available to walk them through retirement planning. It’s also important that younger employees recognize the importance of financial planning, so clear direction and information can help inform those decisions early on in their careers.

“Working with employees as they near retirement to assist in a smooth transition is also important, so offering programs or guidance, and willingness to be flexible to ease the transition could aid in avoiding some of the regrets.”