8 common financial regrets of retirees

[NeoGreen]

https://www.treehugger.com/culture/8-common-financial-regrets-retirees.html

8 common financial regrets of retirees
Katherine Martinko, December 19, 2018


These are valuable lessons for those of us not yet at retirement age.

How many times do you wish you could do something over, and do it differently? Retirees are particularly well-placed to reflect on financial decisions they've made in life – or didn't make – and to provide guidance to those of us not yet at that stage in life. What follows is a list of 8 common regrets that retirees have. Avoid that same regret by taking action now.

1. Not retiring early enough
A survey of retirees between 62 and 70 with $100,000+ in investable assets found that half of respondents wished they'd retired up to four years earlier than they did. Those who were 60 and older by the time they retired said they "regretted waiting so long."

2. Falling for the "siren call" of credit cards
One man told the Washington Post that he and his wife racked up debt in the early stages of their marriage, forcing one to give up the credit card and rely on cash. "That’s a hard discussion we should have had early in our marriage. Like, on our first date."

3. Being impatient
You won't get rich overnight. Even the smallest amounts of money ($5 or $10) set aside from an early age add up. Remember the adage: “Bears and bulls make money. Pigs get slaughtered.” Instead think, “grow rich slowly.”

(snip)