NEW YORK (TheStreet) --  The younger the savers, the more likely they are to embrace target date funds, said Elaine Sarsynski, executive vice president and head of retirement services at MassMutual.

According to Sarsynski, asset allocation strategies like target date funds are becoming increasingly popular among busy millennials who would prefer to turn management of their retirement investments over to a professional.

"We have over 3 million Americans that we are responsible for in our plans, and in our millennial population, about 51% of them invest in target date funds," said Sarsynski. "This allows them to have a portfolio manager that is focused on their age of retirement and then managing that glide-path over time."

Meanwhile, Sarsynski said employers are doing more to incentivize older employees to prepare for retirement because they realize that those workers are typically more expensive to employ, inasmuch as they tend to be heavier users of medical benefits and are more likely to become disabled. Also, more employers are coming to recognize that their employees' personal financial issues can spill over into the workplace, so are taking proactive steps to promote financial wellness.  

"We know today that 80% of our baby boomers are suggesting they are going to work longer and that translates into higher benefit expenses, higher health care costs, higher disability and overall it is just not productive for the organization," said Sarsynski.   

According to MassMutual's study, women are more likely to be stressed than men both before and after retirement, and more often succumb to negative emotions such as frustration, sadness, nervousness and loneliness.  On the flip side, women in retirement more often report having positive experiences such as enjoying new opportunities, spending more time with friends and family, and reinventing themselves.

Finally, Sarsynski offered one key piece of upbeat data: Retirees are becoming increasingly adept at managing their expenses and income in retirement as they age. For example, they are finding creative ways to cut expenses without giving up activities they enjoy.

"As you begin to refine your understanding of retirement, you actually are happier, relaxed and more well-adjusted," said Sarsynski.