Homeowners are actually more likely to be overconfident in their retirement readiness," Chen said. "There's a lot of misconception in terms of how people assess whether they are ahead or not in retirement."
The survey found that among those who say they are ahead or on schedule for retirement, 42% cite an early start in retirement savings as a key factor.
Owning a home can bring other benefits in retirement years, despite the misconception that it significantly boosts financial readiness for retirement.
The Center for Retirement Research's National Retirement Risk Index shows that 28% of working-age households are 'not worried enough' about their financial preparedness for retirement.
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