No one likes regrets. But for many retirees, that’s a harsh reality. More often, these regrets are small decisions that felt harmless at the time.
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GOBankingRates asked five retirees to share their biggest regret. Their answers reveal patterns that could save you decades of catch-up stress. Here’s what they wish they’d known sooner.
Also see what retirees will regret most in 10 years, according to ChatGPT.
One of the biggest retiree regrets is not saving enough money early on in their working years. For many people, saving and investing feels optional in their 20s and 30s, especially when money is tight or retirement seems far away.
“I regret not saving/investing early,” Helen F. said. Another retiree echoed this: “I really only started investing in my 40s. Start early.”
The earlier you start, the more time your money has to compound.
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If you don’t take advantage of employer-matching contributions, you’re turning down free money that could boost your retirement savings.
“I regret not signing up for the company matching contributions. Most young people think retirement is a lifetime away, and it is,” one retiree said. “But matching by the company is free money.”
Financial regrets weren’t the only ones. One retiree mentioned they wished they had treated health as a long-term investment.
“Not switching to eating healthier sooner, exercising more, and stopping making other things a priority over this,” Nancy L. said. Poor health can make retirement more expensive and less enjoyable.
For many people, working with a financial planner might not seem necessary when you’re in your 20s and 30s.
“I regret not engaging with a CFP until my 50s,” Michelle C. said. Getting professional help can help avoid costly mistakes and make better financial decisions.
Retirement is more than just having enough money saved. That’s why many end up regretting not preparing emotionally and having a plan for the transition to retirement.
“My biggest regret is not being more patient with myself in the first few months,” one retiree said. “The transition was a little tough, and I was afraid I’d done the wrong thing, so I felt even worse.”
It might seem like a normal transition. But the reality is that many things go into transitioning smoothly without stress and self-doubt during those first months.