“Regret” and “retirement,” fortunately, are not words that are often linked together. However, that does not mean everyone enjoys a regret-free or idyllic retirement. In fact, most Americans are concerned that they will not have enough money to pay for retirement and medical costs in the event of a serious illness or accident, according to a recent Gallup poll on financial fears.
Naturally, everyone would prefer to sail off into retirement unburdened by concerns about costs, health and the future, which is why financial planning can be so valuable in charting a timeline and a course for retirement. By 2030, the United States will be home to more people 65 and older than children for the first time ever, underscoring the need for prudent planning, according to the U.S. Census Bureau
A survey by the National Bureau of Economic Research recently identified the 10 biggest retirement-related regrets among those ages 60 to 79. Some may be surprising, some less so, and all can be planned for in some degree. The top concerns among those surveyed were:
Interestingly, most people who wished they had saved more believed that they could have done so with a better budget and less money spent on extravagances.
If none of the items above are current or future concerns, consider yourself both lucky and prepared. If, however, you have particular concerns about financial literacy, earnings, investments, long-term planning or anything else, your financial advisor can help you address and negate potential regrets prior to and during retirement. The more you prepare for retirement, the more likely you are to enjoy this time, crossing those regrets off the list.
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