Do Not Regret Your Retirement

Retirement-money

When many people retire they have regrets about things that they wish they had done differently. It does not have to be that way.

To fulfill their version of the American dream many people make a bargain with themselves. They bargain that they will work hard and temporarily set aside some of their desires. In exchange for that, they will someday be able to retire from work, relax and enjoy life. However, many people find themselves with regrets after retiring.

The Washington Post recently wrote about some common regrets and how they can be avoided in “How to retire without regrets.”

They include:

  • Not starting to save for retirement soon enough causes many people to not be able to afford the lifestyle they want in retirement.
  • People often regret not retiring earlier than they do and find that their health no longer allows them to do everything they wanted to do during retirement.
  • Another common regret is not seeking professional financial help earlier in life.
  • People who have pension plans often regret not setting up those plans to give a benefit to a surviving spouse.
  • People who do not know all of the tax implications of withdrawing from retirement accounts tend to regret making decisions that require them to pay more taxes than necessary.
  • Many people come to regret not knowing when to change from saving as much money as they can to being able to spend more of it.

Some people are always going to have regrets.

Fortunately, all of the above regrets can be avoided. So if you take them into account now, you do not have to be one of the people who has regrets in retirement.

Reference: Washington Post (July 30, 2016) “How to retire without regrets.”

For more information on Trust and Estate Planning please visit our website.

DocuBank Portal

Submit to Schedule a Free Estate Planning Consultation