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7 Biggest Regrets of Retirees and Older Adults In the U.S.

We all have some regrets, but more so as we get older. Aging and regrets go hand in hand, especially when we finally have time to think about our lives. Retirement regrets often occupy the thoughts of older people, and many share their wisdom so that the younger generations can avoid the same pitfalls. Older people have lived a life full of experiences, mistakes, lessons, and regrets. 

As a favor to our elders and future selves, we should learn about their biggest retirement mistakes and do our best to make better choices. Here are the life regrets of older adults that we should keep at the back of our minds as the years pass us by:

1. Not Prioritizing Saving

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What do retirees regret most when they reach their golden years? It’s the amount of savings they have left in their bank account. Many life regrets of older adults revolve around their financial health and well-being when they no longer have a steady source of income. It can be hard to continue living the same life you had in the past if you fail to account for all your other expenses financially. 

Many retirees go on a dream vacation when they leave the workforce, only to find out they don’t have enough left in savings to sustain a relaxing lifestyle. As far as avoidable retirement regrets go, saving more money is something we can all strive to do while we are young. Setting aside a good portion of your income to ensure you have the best golden years ahead is sound advice we should all follow.

2. Ignoring Long-term Care Insurance Opportunities

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Another common theme when discussing regrets about retirement planning is the cost of long-term care. We don’t want to assume that we will need long-term care after retirement, but this is the case for most. Retirees who don’t invest or buy long-term care insurance might end up using their hard-earned savings to afford the care they need. Or, in worst-case scenarios, they have to settle for subpar healthcare that does not meet their needs.

At first, it seems like long-term care insurance is an unnecessary expense, especially when you still feel spry and able. As you age, things might take an unexpected turn. It is better to have long-term care insurance long before you require it.

3. Retiring Too Early

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Retired folks often share advice for future retirees, and one common theme is their working status. One of the most common retirement regrets older people tell the younger generations is how they miss working. The work they speak of doesn’t mean the typical 9-to-5 office lifestyle. The life regrets of older adults and work center around the lack of physical and mental challenges they face during retirement.

Of course, everyone deserves to retire and enjoy their older years, but that necessarily means putting an end to fulfilling work. One of the things retirees wish they had done differently, which you can do when you reach retirement age, is to find part-time work. Staying active, even just for a few days a week, will give you a sense of purpose and keep you feeling younger for longer. 

4. Working Too Much

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On the other end of the spectrum for retirement regrets is the way some older people feel about the time they spent working when they were younger. Too many working-aged people waste their time concentrating on their jobs and forget to enjoy their lives. When they finally reach an age when they have enough time and money, the common regrets of retirees sound the same: too tired to enjoy the fruits of their labor.

Of course, saving and working as much as possible while young is necessary. But the best advice for future retirees is to enjoy life while you can. Take a well-earned vacation occasionally, check off some items on your bucket list, and go on an adventure. Living a life of balance means you won’t have the same life regrets as older adults.

5. Living Someone Else’s Life

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Yes, financial regrets in retirement are the most common, but they are not the only ones. What do retirees regret the most when they look back? They often mention how sad they were in the past because they didn’t live the life they wanted. Many blindly follow the path laid out in front of them and only start to question when it is too late. 

If you’re wondering how to avoid retirement regrets, take a closer look at your life right now. Is what you’re doing really what you want in life, or was it dictated by someone else? Make positive changes to live more authentically before it is too late.

6. Losing Contact with Friends

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Another top retirement regret older people often talk about is losing contact with their friends from the past. Back then, losing contact with people who had once played a significant part in your life was easy. Today, thanks to the internet and social media, we can easily find people and reconnect with them before retirement age. Learn from the things retirees wish they had done differently. 

Reaching out is the easy part; staying in touch is a challenge. Write an email to a long-lost friend and rekindle a friendship.

7. Not Letting Yourself Be Happy

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Last on the list of retirement regrets is happiness, but it’s never too late to be happy. There is no point in reminiscing and thinking about a life that has passed by. You can’t change the past; mulling over what you could have done differently will not make you happy. Instead, one of the most important life lessons from retirees is to allow yourself to experience happiness and joy.

Common Retirement Regrets You Can Avoid

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When you have reached the age where retirement is on the horizon, you may start questioning yourself. There are several financial regrets in retirement and physical and emotional life regrets of older adults. Instead of focusing on what you will regret when the time comes, make the changes in your life now.

Invest in long-term insurance, consider part-time retirement, and settle grievances with friends and family. Act now, and when the time comes, you’ll advise future retirees about living their best lives, not warning them about regrets.