Retiree Regrets
Meanwhile, nearly 7 in 10 retirees (69%) say they did as much as they could to prepare for retirement, according to the findings. That said, they also indicated there were some things they wished they had done differently. 76% agree they wish they would have saved more and on a consistent basis.
More than two-thirds of retirees wish they would have saved more and on a consistent basis — and half wish they hadn't waited so long “to concern themselves with saving and investing for retirement,” according to the researchers.
Out of 2000 respondents, 46% regretted not putting money into a savings account every month, 29% wish they'd chosen a better paid job or career, and 24% regretted not saving more for retirement.
20 percent of adults ages 50 and over have no retirement savings at all. 61 percent are worried they will not have enough money to support themselves in retirement. Perhaps most startling, only 40 percent of men who are regularly saving for retirement believe they are saving enough. For women the number is 30 percent.
Unless you have a secret plan to get free money or you're lucky enough to hit the lottery, not saving enough for retirement will leave you scrambling to get by in old age. At the very least, you'll need to work longer or make serious adjustments to your lifestyle to get by.
Just 16% of retirees say they have more than $1 million saved, including all personal savings and assets, according to the recent CNBC Your Money retirement survey conducted with SurveyMonkey. In fact, among those currently saving for retirement, 57% say the amount they're hoping to save is less than $1 million.
Overall, 22% of Americans said not saving for retirement early enough is their top financial regret. Older generations, who are closest to retirement, were more likely to cite not starting to save early enough as their biggest regret than younger generations.
While millionaires may keep large portions of their wealth in other deposit accounts and investments, some may use a checking account to manage daily spending. Millionaires also recognize the importance of having liquid assets, like funds in checking and savings accounts.
Many Americans struggle to save money, but it's generally worth the effort to do so since there can be serious downsides to not stashing away cash. Those consequences can range from going into debt, facing financial hardship after losing your job, and not being able to achieve your aspirations, like homeownership.
On average, 63 is the ideal age for retirement according to both retirees and pre-retirees. While current retirees are hitting close to that mark with an average actual retirement age of 62, there are signs that future retirees could have more difficulty retiring at their ideal age.
You might not want to stop working no matter how old you get — and that's ok! It all boils down to using your passion as motivation for success so that you can continue doing what you love for as long as possible. So don't limit your retirement dreams just yet — with the right alignment, you may never want to retire!
1) Not Changing Lifestyle After Retirement
Among the biggest mistakes retirees make is not adjusting their expenses to their new budget in retirement.
Key themes included lack of financial literacy and overspending. Many regretted not hiring a financial advisor or planning for unexpected challenges such as job loss or health issues. Others wished they had started saving earlier or been better prepared for Social Security cuts and rising medical costs.
Debt: High levels of credit card debt, student loans, and medical bills can make it difficult to set aside money for savings. Stagnant wages: For many, wages have not kept pace with inflation and the rising cost of living, making it harder to save.
For example, Some research studied data from multiple US public opinion surveys and found that retirement will make the older person feel more satisfied with their quality of life, and the impact on men is significantly greater than that on women (19).
A stunning new Bankrate survey of 1,030 individuals finds that more than half of American adults (56%) lack sufficient savings to shoulder an unexpected $1,000 expense.
Millionaires don't worry about FDIC insurance. Their money is held in their name and not the name of the custodial private bank. Other millionaires have safe deposit boxes full of cash denominated in many different currencies.
Musk's best investments include PayPal, SpaceX, DeepMind Technologies, Tesla, and The Boring Company. Elon Musk is an engineer, industrial designer, and technology entrepreneur known for disrupting multiple industries. Musk holds the distinction of being the world's richest person as of January 2025.
Your net worth is what you own minus what you owe. It's the total value of all your assets—including your house, cars, investments and cash—minus your liabilities (things like credit card debt, student loans, and what you still owe on your mortgage).
By age 35, aim to save one to one-and-a-half times your current salary for retirement. By age 50, that goal is three-and-a-half to six times your salary. By age 60, your retirement savings goal may be six to 11-times your salary. Ranges increase with age to account for a wide variety of incomes and situations.
Yet, nearly 57 million people do not have access to a retirement plan at work.