I’m 70 Years Old but Can’t Retire Because of These 6 Money Mistakes I’ve Made
Written by
Laura Beck
Edited by
Chris Cluff
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For many Americans, the dream is to retire comfortably by age 65 and spend those golden years traveling, with family, or simply enjoying a new chapter of life. But for Dr. Gregory P. Gasic and Andy Gillin, that retirement finish line has been pushed back due to a series of financial missteps over the years.
Now in their 70s and 80s, here are some of the money mistakes that are keeping them in the workforce longer than desired.
Missed Retirement Account Opportunities
“One of the greatest blunders I made was failing to participate in employer-sponsored retirement schemes,” said the 70-year-old Dr. Gasic, co-founder of biotech company VMeDx. “Many times I thought there was still time to figure it out.”
By not maximizing retirement accounts like 401(k)s earlier in his career, Gasic missed out on years of valuable tax-advantaged growth and compounding that could have built a larger nest egg.
Lack of Diversification
“I did not diversify my investments early enough in life,” Gasic said. “Some of the money tied up into stocks and ventures failed to pan out as expected sometimes, making me lose heavily.”
Without a diversified portfolio of assets like stocks, bonds, real estate and more, Gasic’s wealth took a hit during inevitable market downturns over the decades due to over-concentration in certain areas.
Delayed Entrepreneurship
Gasic cited not starting his own business venture until later in life as another mistake that set back his retirement prospects.
“The entrepreneurial path may not have happened as soon as it should have, although such an undertaking has contributed greatly towards improving my finances,” he said. “One benefit of this venture has been the creation of an additional income stream.”
Prioritizing Career Over Finances
Gasic’s passion for the medical field and helping patients often overshadowed focusing on his own finances when younger.
“Early in my career as a neurologist, my commitment to work overshadowed my financial well-being,” he said. “My focus on saving or investing for later wasn’t consistent enough.”
Housing and Relocation Costs
Meanwhile, Gillin, an 80-year-old attorney and managing partner at GJEL Accident Attorneys, cited housing decisions and frequent relocations for career opportunities as a money drain.
“I relocated many times, and each relocation came with high costs,” Gillin said. “I often chose convenience over financial prudence like investing in property that would appreciate over time at the expense of proximity to work.”
Not Having a Long-Term Strategy
Looking back, both expressed regret over not having a solid long-term financial strategy in place from an early age.
As Gillin put it: “When I was younger, I was fixated more on immediate needs and self-sufficiency. There is always the next bill or expense; saving for something far away seemed less pressing.”
Tips To Avoid Delaying Retirement
To help ensure you don’t wind up delaying retirement for financial reasons, the experts advise:
- Start saving and investing as early as possible, ideally in your 20s
- Take full advantage of tax-advantaged retirement accounts like 401(k)s
- Maintain a diversified portfolio across stocks, bonds, real estate, etc.
- Consider an entrepreneurial venture for additional income streams
- Don’t let your career passion overshadow retirement finances
- Have a long-term financial road map and stick to it for the future
All that said, work remained a passion for Gasic and Gillin into their later years and they were able to right many of their earlier mistakes.
“Being 80, my decision to continue working beyond 65 years was not just about money, but the fact that I sincerely love what I do,” Gillin said. “This is not the case with everyone else; therefore, one of my [pieces of] advice would be for people to choose a career path they love.”
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