Two in five people have retirement regrets, with retirees reporting unexpected challenges from not saving to not knowing their hobbies. Luckily, we can learn from each other’s regrets, and most things can be prepared for. The earlier you start the better prepared you can be. So, here are 18 things people regret when they retire.
Where You Choose to Retire
Places like Florida are often considered a retiree’s paradise, but these locations can come with a host of unexpected challenges. From unknown expenses to risks of flooding, choosing the right place to retire is crucial to avoid regrets when you’re supposed to be relaxing.
Not Saving
78% of retirees wish they saved more before they retired. When asked what financial advice they would give, 70% recommended finding different ways to invest or save more money earlier. Don’t make the same mistakes and start now. A little can go a long way over time.
Planning Ahead
Having a clear retirement plan can help you make the most of this time, reduce stress and bringing financial stability. However, many people leave retirement planning to the last minute, prioritizing the present over the future. Retirees often regret not finding a better balance here and wish they started planning further ahead.
That Home Gym
Investing in a home gym may seem like a great idea before you reach retirement, but many retirees say they regret this decision. As you get older, you will want to make the most of every opportunity to get out, and that daily walk or trip to the pool will seem far more desirable than your home gym and far more forgiving on the joints.
Family Relations
When it comes to retiring, it may seem easier to disconnect from family members who are at a different stage in life, but the truth is, no one knows what’s around the corner. Retirees often wish they had spent more time and effort keeping close relationships with their relatives and involving them in all retirement plans.
Keep Social Connections
Retirement can be a lonely time, so it’s important to maintain social connections as much as possible. This could involve joining a local yoga or arts class, trying out a relaxing team sport, or starting a dinner club with your neighbors. Whatever way you enjoy staying connected, try to keep this going as much as possible throughout retirement. Or you might regret it later.
Smoking
Don’t wait until old age to quit smoking; do it now. One of the biggest regrets in retirement is not quitting smoking earlier before the health effects become apparent and irreversible.
Healthy Eating
The earlier you start eating healthily, the better. Retirees warn that one of their biggest regrets is not starting this healthy habit earlier. This doesn’t mean cutting out your favorite snacks, but finding a balanced diet you can sustain is a sure way to help you when you reach retirement.
Not Exercising
The transition to retirement is seen as a crucial time for physical activity. Many retirees have noticed the impact of not staying active earlier in life, which can affect their enjoyment and satisfaction in retirement. It’s important not to wait until it’s too late to prioritize physical activity.
Thinking Your Time Might Be Short
Life can be unpredictable, but it’s important to also plan for the best-case scenario. Many retirees find themselves unprepared for a long retirement, leading to challenging situations. Give yourself the best chance of a peaceful retirement by planning for the fact you’ll be around for the long term.
Debt
The burden of debt can quickly erode your financial security in retirement. It increases stress, and growing interest rates are only going to get worse. It may not be possible for everyone to enter retirement without debt, but doing what you can to pay off high-interest rate debts before retirement will go a long way.
Exotic Pets
A ferret may seem like the perfect companion at first, but there may come a time when that energetic and curious ferret becomes too much to care for. They can also be expensive and are crepuscular animals. Retirees say it’s important to value your time and sleep, so consider investing in a less exotic pet that provides companionship without the challenging and expensive care.
Retiring Too Early
One of the biggest regrets in retirement is actually retiring too early. While it may seem like the ultimate holiday, retiring prematurely can lead to serious financial challenges. It’s important to ensure that you have a retirement plan in place and feel prepared for any scenario before making this decision.
Not Retiring Soon Enough
On the other hand, another big regret of retirees is not retiring sooner. A lifetime of work and routine can be a scary thing to walk away from, and many people may stay in their job due to the fear of change. This is a perfectly valid choice if it works for you, but many retirees feel they could have given themselves more time to rest and enjoy their hard work. Finding the right time to retire is personal, just make sure the decision is right for you and your family and plan accordingly.
Not Developing Hobbies
Life is busy and it can feel challenging to find time to do those hobbies you’re desperate to try, but retirement is the perfect time to make time. Start early so you can feel comfortable with the idea of the activity and not feel overwhelmed with your free time when you retire.
Not Embracing a Slower Pace of Life
Adapting from a hectic, busy life to a slower pace can be challenging. We all strive to be the best we can be, so transitioning to a more relaxed lifestyle can leave retirees feeling lost. But it’s okay to enjoy the fruits of your labor and take a break. This doesn’t mean life has to come to a halt; it simply means taking the time to appreciate a beautiful sunset or leisurely stroll, and embracing the fact that you can take things at your own slower pace.
Holding Off for Holidays
Retirement for some people may sound like an opportunity to take the longest holiday of your life, but don’t hold off for this. For some people, retirement might be the best time to take that once-in-a-lifetime trip, but for others, health and financial struggles might make this harder than you think. Find a balance that works for you. That might still mean saving for the retirement retreat, but maybe don’t sacrifice that city break next month.
Not Having Fun
Life can be challenging, and many retirees regret not making the most of their retirement by having fun. Do the things you love, spend time with the people that matter, try new hobbies, challenge yourself. But if that doesn’t feel right, don’t push yourself. Do what makes you happy, be carefree, and have fun. Because life’s not over yet, maybe for some it’s only just begun.
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