When it comes to retirement, we want to make the right moves. We may be making a money checklist, and we may want to avoid making big retirement mistakes, but what about the regrets? While some of the biggest retirement regrets definitely have to do with money, those aren’t the only regrets out there. Money Adviser, from Consumer Reports, offers 5 of the top retirement regrets (and I offer my own thoughts):
- Didn’t start saving earlier: No surprise here. You can build up a much larger nest egg if you start earlier. Even five years can make a big difference.
- Didn’t save enough: Sometimes it seems like you just can’t put in that much money. However, if you look through your budget, and consider that 10%-15% of your money each month is wasted, you might be surprised at how much money you can find to put toward your retirement goals.
- Didn’t take better care of self: This is where the money regrets start disappearing. Although health is kind of related to money. You are less likely to spend money fixing health problems if you take the right steps now to exercise and eat (mostly) right.
- Didn’t develop better friendships: Apparently, many people wish that they had more friends, and fewer professional acquaintances. I can see where it can help to have friends once you retire, providing social interaction that is not dependent on work.
- Didn’t develop hobbies: It helps to have hobbies and interests when you retire. Many folks regret not having something they can do to engage their time and enjoy themselves.
I am still 20-25 years from “retirement”, but this list gives me something to think about. I don’t want to have these regrets, so, while I can’t turn the clock back and start investing in a retirement plan 10 years ago (instead of 5 years ago), I can look forward and work toward negating the other regrets by boosting my retirement savings, continuing to live a healthy lifestyle and developing relationships and hobbies.
What retirement regrets do you hope to avoid?