What are people's dreams for retirement and how good are their chances of achieving those dreams? New research from the Transamerica Center for Retirement Studies answers those questions in its new report, "The Current State of Retirement: Pre-Retiree Expectations and Retiree Realities." Comparing the hopes of 50+ workers with the realities of retirees, the report identifies how retirement is changing and looks at changes needed in public policy. Work and finances were two main areas addressed in the study. Fifty-plus workers plan to work longer than current retirees. Better health, increased longevity, decline in physically demanding jobs and fewer employers offering pensions have changed the retirement landscape. Sixty-seven percent of age 50+ workers are planning to work past age 65 or not retire at all.

Retirees quit working earlier than 50+ workers plan to quit. The median age for current retirees is 62. Their experience demonstrates that a number of factors affect retirement age. Sixty percent of retirees left their jobs sooner than planned. Of this group, sixty-six percent left for employment-related reasons such as organizational changes, job loss or unhappiness with the job or career.

Current workers are more likely to envision a transition period between full-time work and full-time retirement. Fifty-four percent of 50+ workers plan to work, at least part-time, after they retire. Only five percent of surveyed retirees are currently working. Although 50+ workers report receiving more retirement planning assistance from their employers than retirees received, only slightly more than twenty percent reported having access to flexible work arrangements or opportunities to shift from full-time to part-time work.

Other areas of comparison in the study include health and longevity, where to live and how to spend time in retirement, fears and lifestyle, and finances in retirement. The report also includes recommendations for 50+ workers, retirees, employers and policymakers.