While it’s absolutely important to live each day and not obsess about the future, it is also valuable to plan for and consider life changes such as retirement, especially in terms of finances and stability. Planning for retirement is sometimes set to the side or even avoided altogether. As often we can think it sounds so far away, making time to plan for your “golden years” can prove extremely impactful for your quality of life down the road.
A YouTube channel called “My Retired Life” conducted a poll asking retired individuals in their seventies and eighties what their biggest regrets were regarding their retirement. What I loved about this poll was it revealed some insightful responses that can hopefully serve as key knowledge nuggets to help guide people when it comes to dialing in on their future and retirement; planning with intentionality and avoiding pitfalls is the ultimate goal!
What I also love about this topic is that it should make us all aware of the need to stop and reflect. Even if retirement is not here right now, it will be at some point, so we should not avoid it—unless we want to potentially have our own regrets that mirror those outlined in the survey.
Here are the top five retirement regrets cited in the survey, as well as the takeaways to ensure your path goes as smoothly as possible:
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Not Retiring at a Younger Age
Respondents expressed they wished they had retired earlier so that they could enjoy their newfound free time more and engage in activities with more energy and better health. It’s cliché but true: We never know what tomorrow holds. Who knows what will happen down the road in terms of health, bills, and emergencies? Retirees shared the sentiment that the earlier you can retire and truly enjoy the perks of all your hard work and savings endeavors, the better!
2. Not Spending Enough
The retirees polled shared that they wish they had divided their money better and spent more of it over time and earlier in their retirement years, especially for travel and family activities. It’s not pleasant to think about, but it’s very true (and sad) that some individuals pass away shortly after they retire. It’s important to enjoy the journey and not stifle spending indefinitely.
Yet, other studies surely illuminate some retirees needed to do a better job saving for their future. If they do not make good choices with saving and spending early on, the funds might not be adequate down the road. Which category will you fit in? The beauty is we can all take a moment to reflect and learn from both sides of this topic and prepare ourselves.
3. Not Taking Better Care of Health
It is no secret that health issues can start to surface as we age. Survey respondents indicated that if they could do things over in their younger years, they would have prioritized their health more. Neglecting health can drastically shorten retirement years and negatively impact them on many levels—physically, emotionally, and financially.
4. Not Having Hobbies
Respondents expressed that without having leisure activities or hobbies or even maintaining some routine structure and social interaction, their sense of purpose faltered. Retirement can prove more fulfilling with engaging activities both individually and socially. And hobbies can help keep individuals sharper, both mentally and physically!
5. Not Traveling More
We do not live to work. We work to live. Travel can trump many things in life and truly stand out amongst the memories we create. In retirement, traveling can especially emerge as a means for retirees to explore, dapple with new experiences and encounters, add flavor and zest to an otherwise routine structure, and create amazing memories. According to the survey respondents, you do not necessarily have to travel far, but traveling in general to see new sights, perhaps visiting family and friends, and living outside the box can improve the quality of life and retirement.
Overall, based on the survey responses from individuals experiencing retirement firsthand, it is important to remind ourselves that retirement planning matters. Our quality of life and health greatly matter, and embracing life without regrets is a priority!
