4 Tips To Avoid Money Regrets That Keep You From Enjoying Your Retirement
Written by
Laura Bogart
Edited by
Molly Sullivan
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If there’s one time in life when you don’t want to feel regret, it’s your retirement years. Those years should be spent enjoying your freedom, whether you want to become a road trip road warrior or simply spend more time on the porch reading.
Yet a study from MedicareFAQ revealed that nearly one-quarter of retirees have regrets since they’ve retired. A whopping 86% of respondents said that, in hindsight, they wanted to save more for retirement while 60% disclosed that they didn’t start investing in their retirement funds early enough.
Statistics like this could put a damper on your hopes for an easy retirement free of regret. However, with some savvy planning and common sense, you can avoid the pain of looking back and wishing you’d done more. GOBankingRates connected with Tarick Bernat, founder at American Financial Services, to talk about the steps you should take now to ensure you’re on the right track for a happy retirement.
Have a Vision for Your Retirement
It’s too easy to think of retirement as a golden horizon, shimmering at a distance but without real definition. Bernat said that having a clear definition of how you’d like to spend your retirement can help you create the right savings plan.
For instance, determining whether travel is important to you, and where you’d want to visit, can help you funnel away the appropriate amount of funds.
Start Saving Immediately
There’s no such thing as saving too early for retirement, and the longer you can save, the better off you’ll be.
“Time and compound interest are key in retirement planning,” Bernat said. “The earlier you start saving, the longer your money has to grow.”
Prioritize Your Health Now
The old slogan goes “healthy, wealthy, and wise” for good reason. You want to be healthy and strong enough to stay active during your golden years and enjoy the fruits of your labor — and your savings.
Bernat also reminded you that staying on top of your health in your working years by regularly exercising and checking in with your doctor can help you save money on healthcare costs when you’re retired.
Get In on the Gig Economy
A lot of hard work in the present day can lead to greater financial security in the future, so Bernat shared that taking advantage of opportunities through the gig economy can ultimately help you shore up your retirement savings. Whether you apply your extra money directly to your retirement savings or use it to boost your emergency savings or “fun money” fund to free up more money from your 9-5 to go to retirement, every little bit helps.
“Having multiple income streams can alleviate financial stress giving you more stability and security,” Bernat said.
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