[PODCAST] The Biggest Regrets People Have in Retirement, and Lessons for Future Generations from Security Mutual
Recorded 12/17/2024
Pretty much everyone has had lasting disappointments to one degree or another, some personal, some financial. Whether it’s words you wish you hadn’t said or the fact that you didn’t buy Nvidia stock when it first came out, we all have something. The best anyone can hope for is that someday you will look back and realize that on an overall scale, your regrets were, as they say, too few to mention.
Like everyone else, retirees have their share of regrets when it comes to finances. Understanding what they’d do differently can be incredibly valuable for younger people. It gives them a chance to avoid making a big decision—or a series of small decisions—that they will regret for the rest of their lives.
With that in mind, a recent survey by the Transamerica Center for Retirement Studies can provide insights to younger people as they begin preparing for their retirement. According to the study, some of the biggest regrets current retirees have are:1
- They wish they had known more about personal finance.
- They think they waited too long to address their financial shortfall
- They believe they’ve had too much debt.
- They wish they had started earlier.
- They wish they had been more persistent in saving money.
- They wish they had gotten more professional advice when they were younger.
- Some feel they started collecting Social Security too early.
- Many would have liked to keep working longer.
SML Planning Minute – Episode 311 – “The Biggest Regrets People Have in Retirement, and Lessons for Future Generations” examines how there are plenty of lessons for younger generations in these study findings. But for the most part, they reinforce what many people already know.
- Start saving as soon as possible and keep at it.
- Minimize credit card debt. Learn the basics of personal finance.
- Someday you may find that the sacrifice was worth it.