When was the last time you got a do-over? Maybe you took a mulligan in your last game of golf, or you had the chance to revamp a project at work for better results. Unfortunately, financial mulligans are few and far between, and are almost nonexistent when it comes to retirement. When the topic of life after a 9-to-5 comes up, most people immediately think of their slim savings for retirement. While we should probably all be saving more for our golden years, money isn’t the only thing to plan for to have an enjoyable retirement.
The average American is feeling more confident about their ability to afford a comfortable retirement, according to the Employee Benefit Research Institute’s 2016 Retirement Confidence Survey. However, only 21% of respondents were “very confident” their savings would be enough to cover their expenses after they left the workforce for the golf course. Growing confidence is great, especially after record lows during the Great Recession. But that doesn’t change the fact that the luster of the so-called golden years fades quickly when retirement isn’t quite as rosy as it was portrayed to be.
While retirement is supposed to be a relaxing reward after decades of work, it can only become that if you put in some planning ahead of time. Many retirees and experts warn against these seven retirement regrets, and most stem from not having a specific plan for what your retirement will be like. No matter how far away that retirement date seems, it pays to be thinking about these things now.