One Idea:Â
From the recent Transamerica Retirement Survey, here are The Top 5 Retirement Regrets that surfaced:Â Â
- Didn’t Save Enough. (76% wish they had saved more consistently. Excluding home, a shocking 37% of retirees have $50k or less in savings.)
- Took Social Security Too Soon. (Most retirees take SS by age 63 with reduced benefit. Unless major health issue, delaying SS is one of the best inflation hedges you can have later in life.)
- Retired with Too Much Debt. (20% of retirees have over $25,000 of non-mortgage debt)
- Retired Too Soon. (50% of retirees retire sooner than planned because of health or loss of employment.)
- Didn’t Prioritize My Health. (70% of those over 65 regret not taking better care of themselves).
One Question:Â
What are you prioriting now, that you may regret in the future?
One Exercise:
This week, take a look at where you stand on The Top 5 Retirement Regrets, and determine what small actions you can take that will move you in the “No Regrets” direction.
Note: I am not a financial advisor, but give all my children same advice:
1. Automate retirement savings, and work way up to 15%. (ex. 15% of $50K = $7500. Annually @10% = $1.41M in 30yrs)Â
Note sure what to invest in? Here’s a free book link and great resource site. Also, NEVER take a loan from your retirement savings.
2. Pay off non-home debt (credit cards, car loans) asap. Average new car loan is 74 months. (that’s crazy).
3. Don’t make short term decisions that have long term health impact.
4. If above challenging, need to spend less or make more, preferably both.
5. Invest 50% of your salary increases and bonuses.  (It’s hard to lower your standard of living – so slow down increasing it!)