How to avoid these 4 common retirement regrets

By Alyssa Place, This is my expertise

Published August 9, 2022 5:30 AM EDT Updated May 1, 2023 12:24 PM EDT 2 Min Read

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“,”_id”:”00000184-6328-da88-a3f7-e3bae33f000a”,”_type”:”0e03c796-a33e-3b3e-bf6e-44e8de00da13″},”theme.0000016a-26be-d776-a36b-27fe4fd90000.:core:enhancement:Enhancement.hbs.enhancementAlignment”:null,”theme.0000016a-26be-d776-a36b-27fe4fd90000.:core:enhancement:Enhancement.hbs.clearFloat”:false,”theme.0000016a-26be-d776-a36b-27fe4fd90000.:core:enhancement:Enhancement.hbs._template”:null,”_id”:”00000184-6328-da88-a3f7-e3bae3320000″,”_type”:”c5b60bfe-fc18-3e1d-bd70-75608e803f66″}”>Workers spend their lives planning, saving and dreaming of their life in retirement, yet for many, it’s not all it’s chalked up to be.

ConsumerAffairs found that 51% of retirees regretted not saving sooner, and 36% wish they’d invested earlier on. While it’s important to save for retirement at any age, encouraging employees to start saving as early on in their career as possible can help them build good habits and take advantage of compound interest.

“The sooner you start to save, the more your investments can compound,” says Anne Ollen, managing director at the TIAA Institute. “Let’s say you have two women who both turned 65. The first one saved $100 a month when she was 25 years old. The other waited until 40 and saved $200 a month. You’d find that the person who started investing when she was 25 would now have almost $450,000. But the woman who waited until she was 40, even though she contributed twice as much per month, would now have barely $200,000. Compounding is extraordinarily powerful.”

Alyssa Place

Editor-in-chief

Alyssa Place is the editor-in-chief of Employee Benefit News and has been with the team since 2019. Her work covers mental health, DEI, women at work, financial wellness, retirement and workplace … Read full bio

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