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Retirement is no time for regrets. Your golden years should be spent reminiscing about a life well-lived — filled with hard work, meaningful relationships and hopefully enough savings for some much-deserved days on the beach.
Unfortunately, some Americans have more than a few regrets once they retire. A video on the My Retired Life YouTube channel explored these reflections, gathered from the host’s conversations with a sampling of folks in their 70s and 80s. Their responses are surprising, and maybe a little sad — but most importantly, they may inspire ways to avoid the same traps.
By considering their missteps now, retirees can take action to ensure they live their retirement years to the fullest, embracing experiences, enjoying their hard-earned money and nurturing their health.
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Regret 1: They wish they had retired earlier
Many retirees regret not retiring earlier, primarily because it would have allowed them to enjoy more of their retirement years in good health and with greater energy.
The 2024 Retirement Confidence Survey by the Employee Benefit Research Institute (EBRI) found that while workers often plan to retire around age 65, many end up retiring earlier, with a median retirement age of 62.
One way to help solidify any early retirement plans is to make sure you’re contributing consistently to one or more retirement accounts. While you may be contributing steadily, you may not realize that diversifying your investments with a gold IRA could help you protect your retirement fund from economic volatility.
Opening a gold IRA with the help of Goldco allows you to invest in gold and other precious metals in physical forms while also providing the significant tax advantages of an IRA.
With a minimum purchase of $10,000, Goldco offers free shipping and access to a library of retirement resources. Plus, the company will match up to 10% of qualified purchases in free silver.
If you’re curious whether this is the right investment to diversify your portfolio, you can download your free gold and silver information guide today.
Sadly, not everyone has the opportunity to spend retirement money on their own terms. Nearly one in five Americans have dipped into their retirement savings early because of an unforeseen medical bill or other emergency expense — highlighting the unpredictability of your quality of life and mobility during retirement when you’re not prepared. Retiring earlier (if you can afford to) may offer more enjoyment while you still have your health in check.
If you’re unsure which path to take amid today’s market uncertainty, it might be a good time to connect with a financial advisor through Advisor.com.
This online platform connects you with vetted financial advisors best suited to help you develop a plan for your new wealth.
Just answer a few quick questions about yourself and your finances and the platform will match you with an experienced financial professional. You can view their profile, read past client reviews, and schedule an initial consultation for free with no obligation to hire.
You can view advisor profiles, read past client reviews, and schedule an initial consultation for free with no obligation to hire.
Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
Regret 2: They wish they had spent more when they first retired
What comes first in retirement, saving or spending? Some of the interviewees in their 70s and 80s regretted not spending more money during their early retirement years, especially on experiences like travel, hobbies and family activities.
But recent data suggests seniors tend to wish they had saved more, reflecting America’s broader problem of retirement saving.
Of course, retirement expenses and essential purchases are inevitable. But you can make the most out of them by downloading the Acorns app and linking it to your bank account.
With Acorns, when you spend money via debit and credit cards, the app automatically rounds up the total cost to the nearest dollar and invests the remainder in a diversified portfolio of ETFs. Sign up now and you can get a $20 bonus investment.
Regret 3: They wish they took better care of their health
Retirees often lament not prioritizing their health earlier in life, as bad diets and sedentary lifestyles have a way of catching up to us as we age.
The National Council on Aging says nearly 80% of adults aged 60 and up have two or more chronic conditions — ailments that highlight the importance of staying active and prioritizing nutrition to avoid endless doctor visits before and during retirement.
As you approach your golden years, finding affordable health insurance can feel overwhelming, especially with different plans to navigate.
Ethos aims to provide affordable, straightforward life insurance policies with no medical exams required for most applicants, ensuring peace of mind and financial protection for your family.
No matter what your husband decides, you should both sit down with an estate planning attorney and talk through your options. If your husband has specific wishes, an attorney is ultimately the best person to suggest the right tools for carrying them out.
Ethos also makes it easy to complete a legally valid will online in minutes. Their service helps you document your wishes and create a will that reflects both your values and responsibilities.
You can complete your will online in under 20 minutes, with guided prompts that simplify each step of the process.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.