Widespread Retirement Planning Gaps Expose Risks Across US, UK, Australia, Kenya

Retirement planning extends beyond financial considerations to include how individuals envision spending their time and pursuing passions, a factor many Americans overlook despite recognizing retirement as a new chapter. A 2025 Lincoln Financial survey found that while most Americans in their 50s and 60s view retirement as an opportunity to engage in meaningful pastimes, only a minority have planned or budgeted for these activities, with many underestimating their costs. Internationally, similar patterns emerge: Australian employers now must contribute 12% to employees' superannuation, yet a significant portion of Australians remain unaware of their super balances and investment details, highlighting a knowledge gap especially among younger generations and women. In the UK, early and consistent pension saving is emphasized, illustrated by individuals like Sophia Jarvis, who benefited from a Junior Pension scheme started at birth, demonstrating the power of early compound interest in securing retirement. Meanwhile, Kenya faces a psychological retirement crisis where retirees struggle with identity loss and emotional adjustment despite financial provisions, with many using pension funds for immediate obligations rather than long-term security. These diverse perspectives underscore the importance of comprehensive retirement preparation that balances financial readiness with personal fulfillment and mental well-being.