Can You Guess Retirees’ Biggest Financial Regrets?

What do older people regret when it comes to their financial decisions?

Here are 3 common regrets based on a National Bureau of Economic Research study:

1. Not saving enough money – The average American has about $95,000 saved for retirement and 1 in 3 Americans have no retirement savings.¹ Set a goal to contribute to a 401(k) or 403(b) through your employer or an Individual Retirement Account.
2. Not factoring in healthcare costs – An average retired couple age 65 may need approximately $315,000 saved (after tax) to cover healthcare expenses in retirement.² Consider contributing to a Health Savings Account (HSA) to save for healthcare costs in a tax efficient way.
3. Filing for Social Security too early – If you claim benefits early at age 62, you will only receive 70% of your monthly benefit. However, if you wait until age 70, you will receive 132% of your monthly benefit.

At Jemma Financial, we want you to have fewer regrets in retirement. By working with a Jemma Financial Advisor, we can help you get on the right path based on your financial goals. Start a conversation today.

1. ThinkAdvisor, 8 Important Facts About Retirement Planning, 2. Fidelity, How to plan for rising health care costs