The Biggest Retirement Mistakes People Wish They Could Undo
Written by
Daria Uhlig
Edited by
Brendan McGinley
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Retirement is a time to look ahead, but as with any major life change, it’s natural to have some regrets as you think about the road that got you there.
According to Retiree Life in the Post-Pandemic Economy, a study published last year by the nonprofit Transamerica Center for Retirement Studies (TCRS) in collaboration with Transamerica Institute, 7 in 10 retirees said they’d done as much as they could to prepare for retirement, but still had some regrets.
Saved Too Little or Too Inconsistently
Among retirees surveyed by TCRS, 76% wish they’d have saved more money, and done so more consistently.Â
Fidelity recommends putting at least 15% of your pretax toward income retirement savings. But even if your budget doesn’t allow that, saving as much as you can on a consistent basis will leverage compound interest to maximize the growth of whatever amount you can sock away.
Didn’t Know About Retirement Saving and Investing
That 68% of the retirees who participated in the TCRS study and regretted not knowing enough about retirement saving and investing is unsurprising, given that American adults routinely struggle with financial literacy, as measured by the TIAA Institute-GFLEC Personal Finance Index. Participants in the 2025 index survey correctly answered just 49% of the index questions, which included questions on six topics specifically related to retirement.
If your employer offers retirement benefits, the company’s benefit administrator could be a good source of information for you as you plan your retirement. A professional advisor, such as a certified financial planner, can also be invaluable, especially for fully customized retirement planning based on your budget, time horizon and risk tolerance.
Had Debt That Limited Ability To Save for Retirement
Nearly half (49%) of TCRS study respondents said that debt interfered with their ability to save for retirement. Whether you’re an early- or mid-career household or are actively preparing to retire, reducing or eliminating debt is vital to reaching your saving and investing goals.
Although some experts encourage people to continue saving and investing while paying off debt, Dave Ramsey of Ramsey Solutions likens that approach to climbing a mountain with weights tied around your ankles. As the company’s blog explains, paying off debt early, and only then saving and investing, can actually result in a larger nest egg over time.
Ramsey recommends the debt-snowball method, where you make minimum payments on all except your smallest debt, which you pay off as quickly as you can. Once the smallest debt is paid off, you put the money you were paying on it toward the next-smallest balance. This helps you build momentum that Ramsey Solutions compares to rolling a snowball downhill — each debt you pay off accelerates the repayment of the next debt in line.
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