I’ve been in this business for quite some time now. Over the years, I’ve seen thousands of individuals and couples and all of them have had a different story or tune that was unique to them. From the good and the bad I began to realize the similarity between the feelings and concerns I was hearing. I started to see a trend. People were upset, they were sad and had financial regrets.
Here are a list of the top 5 financial regrets that I believe to be most common amongst retirees:
- Didn’t Save Enough: The most common regret I’ve heard is that people felt that they had not saved enough for retirement. They felt they did not take advantage of using that extra income they had while still working and being able to save.
- Dipping in the Cookie Jar: I know those cookies smell good but you can’t have dessert until you’ve finished your dinner! Pulling money out of retirement savings accounts too early can result in early withdrawal penalties and taxes.
- Forgetting Yourself: Who wouldn’t do anything and everything for their children? I’ve heard people tell me that they’ve depleted most if not all their retirement accounts to help pay for things like; their kids’ college tuition or their wedding. Remember, in order to help others you have to be able to take care of yourself.
- Match dot You: No, no! Not match.com! Match dot you! Retirees confessed another regret is not joining their company’s 401(k) plan sooner. Whether their reasons were needing or wanting more money at the time or not realizing the impact saving a little early on could have, this is one regret that I’ve heard time and time again.
- Enjoying the Journey: It’s easy to get caught up in your career – making and saving money to set yourself up for the future. But remember to enjoy the journey along the way. One of the most commons regrets I’ve heard is the lack of travel in one’s lifetime. Take time to enjoy everything that you work so hard for.
It’s hard to look ahead and avoid any regretful decisions. Life happens sometimes. But, I do know one thing’s for sure – if you can work a little harder and prepare a little more today, your future self will not regret it.
If you have any of these regrets and want to see how we can straighten them out, give me a call. I might be able to get you to the clearing with a little more ease.