The Biggest Regrets Retirees Have (and How to Avoid Them)

Retirement is meant to be the greatest time in our lives. We work for decades to finally reach the moment when we can leave work and simply never return. It’s the point where you are supposed to rediscover your hobbies, lunch with friends, and enjoy life. Yet, so many retirees are plagued by regrets. We’re going to break down the biggest regrets and teach you how to avoid them.

Regrets in retirement 1: The Downsize

Downsizing is an inevitable part of retired life, yet many retirees wish they’d have done it sooner. The kids are gone, and with just you (and your partner) in the home, there’s all this empty space. It can make you feel lonely – it also means you have more to clean and more to maintain. So, downsizing early is an important step. You may want to consider it even before you officially retire.

Regrets in retirement 2: Waiting

A lot of retirees reach retirement and wish they’d done it much sooner. You plan and you plan for the day and sometimes you push it back. You decide to stay on because what will you have to do if not go to work every day? Then they actually retire and wonder why on earth they waited as long as they did. There’s also a health aspect in there. You don’t want to wait until your health forces you into retirement. You want to enjoy your non-working days.

Regrets in retirement 3: Overspending

This is a common one – people who spend excessively in the early years of their retirement. They go travelling, spoil their kids or grandchildren, indulge in luxury items, and then… oh, we’re in trouble. It’s really important to create a sound financial plan for your retirement and stick to it. Sit down and think about what you’d like to do and work out what it will cost. Financial planning is key to an enjoyable retirement.

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