76% of American retirees have big savings regrets — and younger workers now plan to put off retirement to avoid them

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American retirees are looking back on their retirement savings experience and, in big numbers, are expressing deep regrets over not saving enough cash for their post-working years.

That's the conclusion from a new Teachers Insurance and Annuity Association of America (TIAA) study.

TIAA found that 76% of American retirees regret not starting to save earlier in their lives, while nearly the same amount (71%) wish they'd put away more money overall (1). The report also cited a "striking gap" between retirement and reality, and that variable can bring severe savings shortages to the table. Regrets were particularly common among younger retirees, with the average study respondent saying they left the workforce at age 57.

Future retirees, on the other hand, don't expect to retire until 62.

"The retirees in this study are sending a clear and urgent message to everyone still in the workforce: what happens today will define the retirement you experience tomorrow," Surya Kolluri, head of TIAA Institute, said in a statement.

"A retirement that meets or exceeds expectations requires planning for all the things you enjoy plus the unexpected."

What experts took away from the TIAA study

The study also digs deeper into the psyche of the average U.S. retiree, while providing a much-needed list of "red flags" younger retirement savers need to avoid.

Here's a closer look at the most critical of those lessons learned.

Underestimating retirement savings is a recurring theme

Multiple factors play into U.S. retiree financial regrets, and some are more equal than others, but all of them fall under insufficient planning, TIAA reported.

Nearly half (47%) of TIAA survey respondents say they regret not having clear retirement goals, while 49% expressed remorse over miscalculating healthcare and long-term care costs. Meanwhile, 49% regret not accounting for late working-year financial factors, health issues, career shifts, job loss and caregiving responsibilities.

That issue alone resonated deeply with survey responders, with 51% noting they had to leave the workforce for longer than one year due to an unplanned event.

Retirement savings experts say that remorse is all too real, as creating a rigid retirement plan that leaves no room for flexibility is a common misconception many individuals tend to have about saving for their retirement.

"Often, savers may plan unemployment around a specific age they'd like to retire, when in reality, predicting the twists and turns of life is nearly impossible," Brianna Rodgers, director of investor education at Madison Trust Company, told Moneywise.