Common Sense Financial Podcast
Episode 66 The Five Biggest Regrets People Have About Retirement
Regret and retirement don’t have to go together, but for many people they often do. Learn about the top five regrets people have in retirement and how you can set yourself up so instead of feeling like you should have done more, you can retire with confidence.
- When it comes to retirement, there are almost always things that you’re going to regret. Investments you missed the boat on or investments that went sour. Unfortunately, there is no crystal ball to make retirement planning easy.
- There are five common regrets that most retirees have and the first is not starting soon enough.
- The sooner you begin to save the longer your wealth has to compound over time. In addition to saving sooner, retirees often wish they had begun planning for the transition to retirement sooner as well.
- There is more to planning your retirement than just having a large investment account and picking the start date. Many retirees, mere weeks before retiring, find out there’s much more to it and wish they had started years earlier.
- The next big regret is not asking for help sooner. Making assumptions is a slippery slope, and there is so much to consider. It can be challenging even for a seasoned advisor to navigate all the tax implications and available products.
- Not changing strategies is another major regret of many retirees. There are certain phases of growing assets that require a different approach and knowing when you are entering into another phase is critical for capitalizing on opportunities.
- Many would-be retirees start off investing in mutual funds but end up blowing right past the time they should be adjusting their investment strategy. You shouldn’t be investing the same way in retirement as you did in your 20’s.
- Not saving enough is one of the most common regrets of people retiring today. The idea that saving 10% will allow you to achieve your goals is inaccurate. We’re seeing the most effective plans are coming from people saving in the 20%-30% range and with the end goal in mind.
- Many people put their head in the sand when it comes to making important decisions about their retirement because it brings to mind their own mortality, but it’s important to think ahead. The ideal time to figure out long-term care is not when you’re forced to.
- Many of these regrets may seem like common sense, but the vast majority of people aren’t following through with them, common sense or not.
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