A survey is revealing why many are regretting how much they saved for retirement
When you think of retirement, you often think of a weight lifted off of your shoulders. After years of working, taking care of loved ones, and ultimately planning for the big event, it’s the time when you get to live out the rest of your life (mostly) worry-free.
However, a survey out by Coventry Direct is revealing that may not be the case for some. They surveyed 500 retirees and asked them about their financial planning for retirement. It turns out that almost 53% of retirees say they have regrets about when they started saving, stating that they began saving too late.
On top of that, 24% say they regret the amount that they saved. That number plays a role in the post-retirement lifestyle many may have dreams of. From planning on where you want to retire to taking trips that you might’ve put on the backburner throughout the years, saving enough will determine how close you are to achieving that lifestyle. About 1 in 4 respondents said they don’t have the lifestyle they wanted. The retirees in the survey said they’re traveling less, have a smaller social circle than they want, regret where they live and aren’t able to spend as freely as they would like to.
While it’s easy to tell yourself to start saving, we can’t ignore the fact that life gets in the way sometimes. With the rise of COVID-19 cases resurfacing, it’s hard to plan how much money you’ll save, travel, etc. in a time when the future is so uncertain. The pandemic could also be at fault for many retirees not traveling as much and having smaller social circles.
The retirement planning among the survey respondents isn’t entirely negative though. 48% of the retirees said that retirement is living up to their expectations. Some even said one of their regrets was saving too early, which is a better end of the spectrum to be on than not being prepared enough. In all, the survey definitely proved the point of hindsight being 20/20.
You can view the full survey here.