“While it’s encouraging to hear many retirees say their planning has paid off, we see indications that pre-retirees face challenges juggling multiple priorities such as putting children through college and taking care of aging parents,” said Rita Assaf, VP of Retirement Offerings at Fidelity Investments. “Notably, the current generation of retirees could be the last to use predictable sources of income such as pensions as the primary way they fund retirement. The shift toward relying on retirement savings heightens the importance of grounding yourself in a financial plan as early as you can.”

Fidelity compared the sentiments of recent retirees with those who are nearing retirement and found most recent retirees are positive about their financial situation. Seventy percent indicated they have saved and planned appropriately for a comfortable retirement. Fidelity noted many of today’s retirees have multiple sources of predictable retirement income, including Social Security and pensions.

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Still, 70% of recent retirees said the rising cost of living has eaten into their savings, and 57% said they have been caught off guard by health care costs. Forty percent said Medicare covers less than they thought.

Pre-retirees expect to need to be more self-reliant when it comes to their sources of retirement income, according to the report. Sixty-one percent said retirement savings from IRAs, 401(k)s or other workplace and small business plans will be one of their biggest income streams. That compares with about half of today’s retirees.

Fidelity’s advice for pre-retirees is to maximize retirement savings with the right mix of accounts, consider consolidating retirement accounts, leverage catch-up contributions, and continually evaluate investments to make sure they fit the time horizon, risk preferences and financial circumstances.