52% of retirees expect to pick up a part-time job to make ends meet

Without a solid plan for their future, many retirees are hoping for the best when it comes to maintaining their lifestyle once they leave the workforce. 

According to a recent survey by Retirable, a retirement planning platform, 64% of retirees plan to spend their years in retirement in the same way they're spending them now. Just 8% plan to do any significant traveling, and only 13% plan to split their time at a second home. 

Much of this comes down to financial constraints — 63% of respondents do not feel like they saved enough to get them through retirement, and more than half expect to take on a part-time job to keep income coming in. 

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While inflation could be partly to blame, employees may not be aware of how far their savings can actually go, says Tyler End, CEO of Retirable. Their survey found that 67% of respondents have not met with a financial adviser to come up with a plan for making their savings last, which can lead to a lack of confidence around how much they have in monthly income once they leave the workforce. 

"One of the most important elements of a sound financial plan is having the basics of long-term investment and income strategies set up," End says. "By accounting for a retiree's needs, goals and dreams throughout retirement, a financial adviser can effectively bucket assets into a range of low-risk to high-potential investments, and as life changes, the plan can be adjusted alongside to fit the needs of the individual and their family."  

Offering financial advice is a top priority for many in the workplace, yet engagement in these services remains low. According to financial management platform Origin, 93% of employees want their company to offer financial planning services. However, Retirable's research found that just 31% of employees have actually utilized these benefits to help them with a long-term plan. 

"[Employers should] provide greater access to financial planning tools and resources outside of cookie-cutter 401(k) programs that lack the education and clarity that many employees need," End says. "Hosting a webinar or info-session around this is a great place to start." 

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Especially for younger generations, starting education early and often and relying on virtual engagement strategies can help them avoid these pitfalls down the road. Yet for many, discussing finances at any age still remains taboo — Retirable found that only 15% of respondents have spoken to their own children about their plans for retirement. 

End says education and empowerment are the key to confident savings — whether employees pursue that through a company's benefits, or through the services of a financial planner on their own, it's crucial they have a clear understanding of what awaits once they leave the workforce. 

"With the proper investment decisions and reliable long-term income plans, most pre-retirees and retirees alike can effectively manage their current situation," he says. "It's critical that pre-retirees and retirees build a plan that accounts for wealth and health throughout retirement."