Additional Coverage:
- When to quit working, take Social Security, and focus on yourself: Older Americans share their regrets about navigating retirement. (newsbreak.com)
Retirement Regrets: A Common Story
Over 1,700 Americans have shared their financial regrets about retirement with Business Insider. Many wish they had retired later, claimed Social Security benefits at a more optimal time, and managed their savings more wisely.
Early Retirement and Premature Social Security
Kathleen Rudd, 74, retired too early and now faces financial challenges due to unexpected medical expenses. Misty Miller, 65, also retired early and quickly depleted her savings due to lavish spending. Sharon, 77, took Social Security prematurely and is now struggling financially.
Financial Planning Pitfalls
Experts say that many older Americans lack proper retirement planning. David John of AARP explains that people often underestimate their retirement needs or over-save, leaving them with insufficient funds or depriving themselves unnecessarily.
Rediscovering Purpose in Retirement
Retirement can also bring unexpected challenges, such as loneliness or a sense of lost purpose. Many retirees have returned to work to stay active and engaged. Cindy Kohli, 64, who receives disability benefits, has learned to prioritize her own well-being and rediscover her passions.