Monday, April 7, 2014
Financial advisors were asked to comment on the biggest retirement regrets of their clients. A common mistake mentioned is a person expecting their standard of living during retirement to be equal to that of when they were working. Among the many answers given, the following are the big six:
- Not saving more during peak earning years
- Living off of credit and accruing debt instead of saving
- Retiring early, resulting in less savings and a longer period of retirement
- Taking money out of IRA and 401(k) accounts early in life
- Counting on Social Security for support
- Not planning for unexpected healthcare needs
See Rodney Brooks, Retirement Living: Biggest Retirement Regrets, USA Today, Mar. 11, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.