Background: In a series of focus groups, the DCIIA Retirement Research Center delved into the experiences of retirees who have been out of the workforce for over five years and participated in employer-sponsored defined contribution plans. The research aimed to uncover what retirees wish they had known before retirement and how they manage both the financial and social dimensions of retired life. A special thanks to members of the RRC’s retirement income working group who contributed to these efforts.

Findings: The focus groups found that while most retirees were generally satisfied with their financial situation and lifestyle, their planning methods were often informal and reactive, especially among those who retired sooner than anticipated. Longevity planning and strategies for managing retirement savings were seldom understood or prioritized, with many relying on casual advice from personal networks rather than seeking comprehensive professional guidance. Social connections also emerged as a key factor in retirement satisfaction.

A unique insight was the importance of disciplined savings habits characteristic of their generation – habits formed partially due to their proximity to parents or grandparents that had lived through the Great Depression, and which may not be reflected in younger generations. This raises the question of whether these behaviors – and the related ability to successfully navigate challenges such as medical expenses and inflation – can be sustained by future generations, who will likely face new economic and workplace dynamics.

Bottom line: While retirees often value simplicity, flexibility, and accessible resources, gaps remain in areas like longevity planning and comprehensive financial strategies. Many relied on strong, likely generational, saving habits to navigate retirement successfully, but future retirees will face new challenges in a shifting economic landscape. Employers can play a vital role by offering tools, education, and personalized guidance to help employees prepare early and address both financial and social aspects of retirement, fostering confidence and stability for the future.