Ep 69: 7 Biggest Retirement Regrets

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Show Notes

When will inflation go down? That’s a question on a lot of people’s minds. Today we’re talking about the Inflation Reduction Act, which passed both the House and the Senate.

So, where is the money coming from for this bill and what is it going to support? What does this mean for you from a tax standpoint? And will it reduce inflation?

What is the Inflation Reduction Act?

You might be surprised to learn that nearly a quarter of all retirees wish they would have done things differently for retirement. Some of the regrets are small but others are pretty significant and have a huge impact on retirement.

Our goal today is to share the most common items retirees pointed to when they explained what they would have done differently. By highlighting these and sharing them today, we hope to highlight the areas you might want to pay closer attention to. If we can learn from the mistakes of others, it’ll benefit us in retirement.

So today we’re sharing the seven biggest regrets people have about retirement:

  1. Not Diversifying Investments

We talk about diversifying investments all the time because it can have a huge impact on the money you have going into retirement and how much you keep in retirement.

We met one couple that had saved up a couple million dollars, but we discovered that about 50% of their savings was in one company stock. That stock had already fallen 30% despite the market doing well.

  1. Not Seeking Professional Financial Help

You need a comprehensive plan, and you want to maximize your savings. Some people want to handle investing themselves, but a professional can help you make good choices and not miss opportunities.

  1. Not Preparing for Diminished Capacity

This topic is often ignored and then becomes a regret. If you need help making decisions and paying bills, this can become a big stress in your and your family’s lives. You need to sit down and get your estate documents in place.

  1. Not ‘Practicing’ Retirement First

You might not think about having a dry run for retirement, but like everything else in life, practice makes perfect.

  1. Not Having a Purpose for Retirement

We’ve talked about this before on the podcast, but having a plan and a purpose for how you’ll spend your time in retirement is crucial. Too many people arrive at retirement and ask, ‘What’s next?’

  1. Not Having Enough Non-Work Friends

Having work friends makes every day more enjoyable, but will those relationships last into retirement when you’re no longer going into the office? 

  1. Not Communicating with Your Partner about Expectations

Communication is at the core of any good relationship and retirement is no different. Make sure you and your partner are on the same page with hopes, goals, and needs for retirement.

We’ll dive into all of these in more detail on the show but let us know if you have any questions about these common regrets.

[6:41] – Diversifying investments

[11:03] – Seeking professional help

[15:02] – Diminished capacity

[18:29] – Practicing retirement

[22:20] – Purpose

[24:31] – Non-work friends

[27:44] – Communication

[33:06] – Question: Conservative investor

Thanks for checking out this episode. We’ll talk to you again soon.

 

Don’t be part of the 26% of retirees that don’t have the lifestyle they wanted during retirement.”

-Scott Sierens