Vanguard received hundreds of answers to that question, and Matt Bell of The Balance highlighted some of the primary areas of concern. These areas provide important insights about retirement worth considering for Boomers, since they reflect the opinions of retirees who have already been through this stage of life.
A common theme was that retirees should have considered investing earlier than they did. They recognized that compounding works best over a long period of time.
Ill-informed investment decisions were another regret. Clearly, it pays to consider investment decisions wisely instead of risking assets on speculative investments. A related regret was investing too heavily in an employer's stock. When it comes to objective investment decisions, a financial advisor is an important resource.
Retirees recognized that it may have been short-sighted to take Social Security payments too early. At the very least, waiting until "full retirement age," or age 70 if possible (when you receive the maximum Social Security monthly payout) makes a real difference in income in later years.
Understanding What Retirement Means
Retirees regretted concentrating on only the financial aspects of retirement. Just as important is the psychological impact of retirement. What you will do in retirement becomes a key challenge, one for which many retirees are unprepared.
Instead of second-guessing your retirement and being unprepared, think carefully about it and plan ahead!