by Damon Carr
Retirement isn’t a joke. It’s not something you wing. It’s not something you put off. It sure isn’t something you can depend on Social Security alone to carry you through. In short, for most people, retirement isn’t the life of luxury, leisure, and travel that we all fantasize about.
I recently read an interesting report in “Business Insider.” “Business Insider” surveyed over 3,300 seniors, asking them what they regret most about their retirement planning. The answers? Regretful! But the regret is preventable if you handle your business NOW.
Here are the top regrets and how you can avoid walking the same path.
“Didn’t Save Enough.”
This was the number one regret. You know what that tells me? Saving for retirement wasn’t a top priority. We think we have time, but we don’t. Most folks don’t take saving seriously until they hit their 40s or 50s—and by then, you’re playing catch-up. If you’re living paycheck to paycheck now, imagine how tight things will feel with no paycheck coming in.
If you don’t save, it’s going to be difficult to retire with dignity. Hard truth! If you retire with no retirement savings, you’ll simply stop working and start struggling financially.
Retirement isn’t an age. It’s a financial number. Once you have enough saved and invested to live a comfortable retirement, that’s when you can afford to retire. Do you know the amount you need to save for retirement? If you don’t, you need to find out.
“Relied Too Much on Social Security.”
I’m not knocking Social Security. We paid into it, we deserve it. But don’t get it twisted: Social Security was never meant to be your sole source of income in retirement. It was meant to be a supplement to your pension, and savings. Welp! People aren’t saving enough, Social Security is on the brink of insolvency, and pensions have become a thing of the past for private sector employees.
The average monthly Social Security check in 2024 was approximately $1,800. That’s before Medicare premiums and taxes. If you want a rough and dirty idea of what you can expect from Social Security, reflect on how much you receive in your paycheck every two weeks. Your projected Social Security benefits is approximately one of those paychecks per month. Try living off that while inflation eats away at your groceries, gas, and rent.
Social Security should be a portion of your retirement income—not your sole source of income in retirement.
“Retired Too Early.”
Some folks thought they were ready to retire. They had a little savings, maybe a pension, figured Social Security would carry them. They got tired of working and clocked out permanently. Now? They wish they waited. Here’s what they learned:
- Retiring early sounds good, until you realize: You have 30-plus years to pay for bills and lifestyle without a paycheck
- You may get penalized for taking Social Security too soon
- Your investments don’t have time to grow
- Inflation will chew through your savings like termites chew through wood
If you lack sufficient income to cover expenses and provide the lifestyle you want to live in retirement, YOU’RE not ready to retire.
“Didn’t Have an Emergency Fund.”
Life doesn’t stop throwing curveballs just because you retired. Health issues, home and car repairs, family emergencies will continue to rear its ugly head. Without an emergency fund, retirees end up dipping into their retirement accounts for unexpected costs, eroding the money they set aside exclusively for retirement.
Emergencies happen in the form of unexpected events and unexpected expenses. When they do, you don’t want to be forced to tap into retirement savings prematurely.
What Retirees WISH They Did Instead:
The regrets were heavy but the wisdom is golden. Here’s what these retirees say they wish they had done differently:
Invested Earlier
It’s not just about saving, it’s about growing your money. The earlier you invest, the more time your money has to multiply through compound interest.
If you’re in your 20s or 30s and not investing, you’re leaving hundreds of thousands of dollars on the table. Start with whatever you can. Let time do the rest.
Maxed Out Employer Matches
Too many people ignore their 401(k) match. That’s free money. Let me say it louder: FREE MONEY.
If your employer offers a match and you’re not taking full advantage, you’re iterally leaving cash on the table.
Built Emergency Savings
Whether you’re working or retired, you need an emergency cushion. That’s your financial safety net. It gives you peace of mind and keeps you from falling deeper into debt when life goes left.
What Should YOU Do Right Now?
Don’t just nod your head and keep scrolling. Apply what you’ve learned. Here’s how you can get ahead now and avoid becoming another regretful statistic.
Track Every Dollar
If you can’t measure it, you can’t manage it. Know where your money is going. When you track your spending, you get control over your money. And when you control your money, you can tell it where to go, instead of wondering where it went.
Cut Out What’s Not Needed
Needs vs. Wants—learn the difference.
“Needs” keep you alive: food, housing, utilities, transportation.
“Wants” keep you comfortable: streaming subscriptions, dining out, luxury, buying stuff you don’t need.
You don’t have to live like a monk, but if money’s tight and your future is shaky, sacrifice now to live better later.
Make Smart Money Moves
Put your money on a mission. You need more than just a budget. You need a comprehensive financial game plan!
- Create wiggle room in your budget so you’re not always on edge
- Build a 3–6 month emergency fund
- Save up for large purchases instead of swiping the credit card
- Start or increase contributions to your retirement plan TODAY
- Ensure you’re properly insured
Even if you feel behind, it’s never too late to take one step forward.
The saddest thing I took from this study is that so many of these regrets were avoidable. It’s better to learn from other people’s mistakes than to learn from your own mistakes.
People didn’t act. They assumed things would work out. They waited too long.
Now they’re living with the consequences.
You still have time: Time to make a plan. Time to make better decisions. Time to rewrite your future. The question is will you get serious about your money today, and do what is necessary to avoid retirement regret?
(Damon Carr, Money Coach and Tax Pro can be reached at 412-216-1013 or visit his website at www.damonmoneycoach.com)
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