Retirement is no time for regrets. Your golden years should be spent reminiscing about a life well-lived – filled with hard work, meaningful relationships and hopefully enough savings for some much-deserved days on the beach.
Unfortunately, some Americans have more than a few regrets once they retire. A recent video on the “My Retired Life” YouTube channel explored these reflections, gathered from the host’s conversations with a sampling of folks in their 70s and 80s. Their responses are surprising and maybe a little sad – but most importantly, they might inspire ways to avoid the same traps.
Regret 1: They wish they had retired earlier
Many retirees regret not retiring earlier, primarily because it would have allowed them to enjoy more of their retirement years in good health and with greater energy.
The 2024 Retirement Confidence Survey by the Employee Benefit Research Institute (EBRI) found that while workers often plan to retire around age 65, many end up retiring earlier, with a median retirement age of 62.
Nearly one in five Americans have dipped into their retirement savings early, not by choice, but because of an unforeseen medical bill or other emergency expense – highlighting the unpredictability of your quality of life and mobility during retirement. Retiring earlier (if you can afford to) may offer more enjoyment while you still have your health in check.
Regret 2: They wish they had spent more when they first retired
What comes first in retirement – saving or spending? Some of those in their 70s and 80s regretted not spending more money during their early retirement years, especially on experiences like travel, hobbies and family activities.
But recent data suggests seniors tend to wish they had saved – not spent – more, reflecting America’s broader problem of retirement saving. A recent survey by Lincoln Financial Group revealed that 62% of retirees would go back and change their post-career planning if they could, with 37% expressing concern over their preparedness for retirement. This underscores the common regret of retirees who don’t have the resources to fully enjoy the financial fruits of their labor during their most active retirement years.