Some people make the decision to focus on work and wait for retirement to enjoy life. But sometimes regrets set in as the Washington Post reported recently in “How to retire without regrets.”
Some of those regrets include:
- Not starting to save for retirement soon enough causes many people to not be able to afford the lifestyle they want in retirement.
- People often regret not retiring earlier than they do and find that their health no longer allows them to do everything they wanted to do during retirement.
- Another common regret is not seeking professional financial help earlier in life.
- People who have pension plans often regret not setting up those plans to give a benefit to a surviving spouse.
- People who do not know all of the tax implications of withdrawing from retirement accounts tend to regret making decisions that require them to pay more taxes than necessary.
- Many people come to regret not knowing when to change from saving as much money as they can to being able to spend more of it.
Some people are always going to have regrets.
An estate planning attorney can help guide you and avoid those regrets.
Reference: Washington Post (July 30, 2016) “How to retire without regrets.”