5 Biggest Financial Regrets of Older Americans — And How You Can Avoid Them

5 Biggest Financial Regrets of Older Americans — And How You Can Avoid Them

David Nadelle  Fri, April 18, 2025  GOBankingRates

As one continues down the road of life, it’s a journey filled with unique experiences, challenges and opportunities for growth, shaping who you are and what you become. Enjoying the adventure isn’t without its difficulties, however, and many can’t help but regret the things they didn’t do along the way.

Regrets might be inevitable, but you can’t let them consume you. It’s always best to get a head start and avoid things you feel could come back to haunt you when you’re older. But even if you’re already “up there” in age, it’s never too late to practice sound financial strategies.

Business Insider asked over 1,000 Americans between the ages of 48 and 90 their views on retirement regrets, and their insights shed light on how challenging retirement and planning for it can be. People retire at different ages and for different reasons, but here’s what Business Insider and others had to say about five common financial retirement regrets, starting with under-saving for their retirement years.

Not Having Enough Retirement Savings

Not surprisingly, not having enough money to enjoy a comfortable lifestyle in retirement was the biggest regret most retirees have, according to not only Business Insider but the 2022 working paper “Financial Regret at Older Ages and Longevity Awareness,” published by Abigail Hurwitz (Hebrew University of Jerusalem) and Olivia S. Mitchell (University of Pennsylvania’s Wharton School).

Not saving more was the biggest regret for 52% of Hurwitz’s and Mitchell’s survey respondents.

Saving early and consistently through your working years is the smartest course of action, but it’s really never too late to get started learning and earning. If you’re retired, you can try to play the market and up the risk in your investment portfolio, but it might be a better idea to adjust your spending and find ways to increase your income.

Taking Social Security Benefits Early

Assuming it still exists when the time comes for you to retire, Social Security is one of the steadiest income streams and inflation hedges you can have later in life. However, unless you have serious financial or health difficulties or expect to live a shorter life, starting Social Security early decreases the amount of benefits you’ll get over your lifetime.

According to Transamerica’s 24th annual retirement survey, the median age at which retirees began receiving benefits is 63, and nearly three in ten retirees began receiving benefits at age 62, the earliest age available, resulting in a significantly reduced payment. Only 4% of retirees waited until age 70 to receive benefits.

If you’re nearing the age where you can start claiming Social Security, holding off until you’re 70 should be a goal you take very seriously.

Not Pursuing Education More

TO READ MORE:  https://www.yahoo.com/finance/news/5-biggest-financial-regrets-older-110325306.html