Retire With Purpose - The Retirement Podcast

485: Top 5 Retiree Regrets and How to Avoid Them

Feb 21, 2025

Marshall Johnson, a certified financial planner, shares invaluable insights into common retiree regrets and strategies to avoid them. He emphasizes the importance of saving adequately, revealing that many retirees wish they had saved more. The conversation also covers the significance of Social Security decisions and the challenges of managing debt in retirement. Furthermore, they discuss the regrets of early retirement and stress the need for health awareness and financial readiness. Overall, practical advice is provided to help listeners navigate their retirement planning effectively.

26:13

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Episode guests

Marshall Johnson

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Episode notes

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Quick takeaways

Many retirees regret not saving enough for retirement, highlighting the importance of consistent savings regardless of income level.

Health maintenance emerges as a significant concern, with retirees needing to prioritize health proactively for a better retirement quality.

Deep dives

The Importance of Saving for Retirement

Many retirees express regret over not saving enough for retirement, with a staggering 76% wishing they had saved more consistently. Current statistics reveal that only 13% of retirees have savings exceeding $1 million, while a significant 37% have $50,000 or less. The discussion highlights that the average savings for retirees is approximately $71,000, which raises concerns about financial preparedness. However, the podcast argues that a million-dollar nest egg is not a prerequisite for a comfortable retirement, indicating that many individuals with modest savings can still enjoy a fulfilling retirement experience.

Intro

3min

Retirement Regrets and Realities

10min

Navigating Retirement Finances

5min

Regrets of Early Retirement

5min

Avoiding Common Retiree Regrets

4min

You want to ensure you have all your ducks in a row before entering retirement. Today, we’re pulling back the curtain on the biggest retiree regrets so that they don’t become yours too.

In this episode, we discuss:

Do you need to be a millionaire to retire?
The Social Security “breakeven” number
Pros and cons of bringing debt into retirement
Preparing for a forced retirement

Today's article is from The Retirement Manifesto titled, 5 Top Regrets of Retirees (and how to avoid them). Listen in as Founder and CEO of Howard Bailey Financial, Casey Weade, breaks down the article and provides thoughtful insights and advice on how it applies to your unique financial situation.

Our Market Outlook Webinar is live! Visit https://bit.ly/4bmHkUb to register.

Show Notes: RetireWithPurpose.com/485

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📧 WEEKEND READING FOR RETIREES: Receive CFP® insight on 4 hand-picked financial articles delivered straight to your Inbox each Friday: https://bit.ly/3OEdGgu

📅 SCHEDULE YOUR PERSONAL FINANCIAL REVIEW: Book a 15-minute call with Howard Bailey Financial to see how the topics discussed here apply to your individual situation: https://bit.ly/3z5mXIw

ABOUT HOWARD BAILEY FINANCIAL: Our mission is to help others gain clarity in purpose and elevate meaning in their lives through personal and practical financial strategies. Our Retire With Purpose™ Framework starts with establishing your unique financial philosophy — the true meaning and purpose for your money in retirement. Through continued education, one-on-one meetings, and a comprehensive team planning approach, we have helped retirees across the country secure their financial futures. And while we can't work with everyone, our goal is to provide value to everyone we meet. Our team of advisors and support specialists strive to deliver the very best experience in pre-retirement and retirement planning. Learn more about our process here: https://howardbailey.com/our-process

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