Are you thinking about retirement? Do you have a solid plan in place?
If you don’t, you might find the wisdom shared with 24-year-old Business Insider reporter Noah Sheidlower in his article, “What I learned from 200 retirees,” interesting.
After reading through 4,500 responses to a retirement survey and interviewing 200 retirees, the Gen Z writer learned a lot about what not to do while saving for retirement. While responses were from American retirees, it’s safe to assume that the lessons Sheidlower learned apply to anyone with a focus on retirement planning.
To help, here are the biggest regrets Sheidlower learned from these retirees and what you can do now to avoid the same fate.
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1. Didn’t start saving early enough
Saving for retirement during the early years of your working life is hard, especially if you don’t come from wealth. Paying off college loans on an entry-level salary might not allow you any extra money to put away — but the earlier you start investing, the more you benefit from compound interest.
Sheidlower spoke to 64-year-old Kevin Foster, who emphasized the importance of putting some money away as soon as you start earning, even if it’s just a few dollars.
“I told [my grandson], ‘I don’t care how much you put away, you’ve got to put something away.’”
According to a BMO survey, 76% of Canadians are worried they will not have enough money in retirement because of rising prices. Considering you need somewhere between seven and 13 times your annual income to retire comfortably, the sooner you start saving, the easier it will be to reach that milestone.
Choosing the account where you save your money is just as important. Using a high-interest savings account like the EQ Bank Notice Savings Account not only lets you save — but also lets you take advantage of a high earning rate and this lets your money work for you. For instance, open an EQ Bank Notice Savings Account and each dollar you add earns 2.85% or 3.00% in interest (depending on the type of account you select).
2. Too conservative with my investments
Sheidlower was surprised how retirees actually regretted playing it too safe with their investments — often keeping their money in low-yield accounts for too long.
This had such an impact on the Gen Z writer that he altered his own investment strategy. “After one woman told me she was too safe with her investments, I took most of my money from savings accounts and decided to plow it into the [stock] market,” Sheidlower shared.
Turns out this is a wise strategy — particularly when time is on your side. Quite often, the smartest investment strategy is to focus on the long-term growth and appreciation offered by equities and to avoid stashing all your savings in an emergency fund or sitting in a bank account. account.
The key is to diversify, either using a basket of stocks or using funds such as mutual funds or exchange-traded funds (ETFs). Remember, just putting money inside a TFSA or RRSP doesn’t do anything if it’s not invested. That said, everyone’s tolerance for the emotional ups and downs that come with investing is different. If watching your investments rise and fall every day sounds like a nightmare, you’ll want to make sure your investment strategy is diversified to avoid panic selling when the market inevitably dips.
Whether you’re just getting started with investing or you’ve been trading for years, it’s important to use a brokerage that offers key educational insights combined with low or no-trading fees.
Good options include CIBC Investor’s Edge educational tools, including: Learn to trade with CIBC Investor’s Edge Learn to meet your investment goals and beat inflation
To take advantage of no trading fees, consider opening a Questrade account. Questrade offers $0 fee trades with no annual account fees or inactivity fees, making it a cost-effective option for investors. Get $50 cash back when you open a self-directed Questrade account and deposit $250 or more within the first 30 days.
3. Didn’t have a cushion for life’s curve balls
Sheidlower notes that “[Kevin] was forced to end his career at 58 after developing a debilitating autoimmune disease,” highlighting how quickly your financial situation can change.
As Sheidlower learned, Kevin went from earning a low-six-figure salary as a chemical and wastewater lab engineer to taking home just US$3,000 a month on disability.
While Kevin managed — thanks to his wife’s income and the US$700,000 he saved up prior to his diagnosis — many retirees do not have that much in the bank should tragedy strike.
A Scotiabank survey found that 55% of Canadians had an emergency fund that could cover three months of living expenses in 2024. That’s down from64% of Canadians who could cover three months of expenses in 2019.
The lesson? Ensure your emergency fund is large enough to handle any unfortunate surprises.
You can grow your emergency fund faster with a high-interest savings account like the EQ Bank Notice Savings Account so you don’t have to worry about being caught in a similar situation to Kevin.
Read more: Are you drowning in debt? Here are 3 simple strategies to help crush your balance to $0 in no time
4. Underestimate expensive health care costs
Many retirees spoke of declining health and increased healthcare needs in retirement. Whether it’s a sudden, unexpected chronic illness like the one Kevin was diagnosed with or the natural aging process, health care costs inevitably rise with age.
This means it’s important to optimize your health insurance policies by considering the coverage available to you when you are no longer employed.
PolicyMe’s health and dental insurance helps you cut down on out-of-pocket costs for both routine and emergency care. For instance, a PolicyMe policy will cover the cost of dental exams, X-rays, cleanings, fillings, extractions, root canals, gum treatments, major dental surgeries, and even braces.
For health-related expenses, PolicyMe plans can cover prescription drugs, vision care like glasses and laser eye surgery, therapy and mental health services, registered massage therapists, chiropractors, orthotics, hearing aids and more.
They can also provide you with critical illness insurance, which is a type of coverage that provides a one-time, tax-free lump sum payment if you’re diagnosed with a serious illness (covered by the policy).
5. Blew through my retirement fund too fast
Many who only increased contributions to their retirement accounts later in life regretted not doing so earlier, losing out on valuable years of compound interest that would have dramatically changed their lifestyle in retirement.
“In my interviews, many people said they were too ambitious upon retiring and blew through their reserves too fast,” Sheidlower wrote.
Since inflation means retirement will be much more expensive in 30 years than it is today, future retirees don’t always realize just how much more their living expenses will eventually cost them. This can lead to overspending in retirement if you’re not careful.
Thus, it’s important to find ways to lower fixed costs for things like car and home insurance as soon as possible upon retirement. YouSet can help you find the most affordable car and home insurance based on your financial situation and needs, so you aren’t wasting precious money every month.
All you need to do is provide some information about yourself and YouSet will provide you with a list of policies from multiple insurance providers to compare and choose from, saving you time and ensuring you get the best deal available.
6. Too cautious and sacrificed my enjoyment
Sheidlower noted that some retirees “said they were too cautious and sacrificed their enjoyment.”
Retiring with a large nest egg in the bank is great, but if you live out your healthiest years too afraid to spend it, what was all that sacrifice even for? Too many retirees mentioned regrets around not spending the money they worked so hard for all their lives.
Books like Die With Zero can help you understand how to efficiently and safely spend well in retirement.
But if you’re not sure where to start, working with a financial advisor can help you map out an effective spending plan in retirement, so you live your golden years without remorse.
What To Read Next
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- Ray Dalio just raised a red flag for Americans who ‘care’ about their money — here’s why Canadians should limit their exposure to U.S. investments
- I’m almost 50 and don’t have enough retirement savings. What should I do? Don’t panic. Here are 6 solid ways you can catch up
- Here are the top 7 habits of ‘quietly wealthy’ Canadians. How many do you follow?
Sources
1. Business Insider: What I learned from 200 retirees by Noah Sheidlower (April 6, 2025)
2. BMO: BMO Retirement Survey: Over Three Quarters of Canadians Worry They Will Not Have Enough Retirement Savings Amid Inflation (Feb 12, 2025)
3. CIBC: Trading with Investor’s Edge
4. CIBC: Investing 101
5. Scotiabank: Your quick guide to getting to setting up an emergency fund by the Advice+ team (Feb 24, 2025)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.