We all make mistakes, and we all have regrets.
Thats part of the deal when youre a human being.
We got to wondering: What do old people regret the most, financially speaking?
If they could go back in time, what would they do differently especially when it comes to money?
A researcher at the University of Pennsylvanias Wharton Business School recently found out.
Economics professor Olivia Mitchellconducted a survey of nearly 1,800 older Americanswith an average age of 72.
Whats your biggest financial regret?
The answers may surprise you.
Pay attention to the 72-year-olds.
Here are the top five financial regrets, along with our suggestions for how to handle them.
You brew coffee at home, you dont walk into Target and you refuse to order avocado toast.
(Can you sense my millennial sarcasm there?)
I Should Have Saved More for Retirement
Lets start with the biggest one.
An eye-opening 57% of older Americans regret that they didnt save more for retirement during their working years.
Thats more than half!
(Yes, obviously we are advanced mathematicians here at The Penny Hoarder.)
Actually, this shouldnt come as much of a shock.
Any number of studies have found that lots and lots of American families have virtually nothing saved for retirement.
Our advice here is really straightforward: Learn from your elders and startsaving for retirementnow.
If you havent gotten around to this yet, the sooner the better.
If youre already saving for retirement, dig a little deeper and sock away a little more.
I Should Have Bought Long-Term Care Insurance
We know, we know.
Your eyes are glazing over right now.
After all, who wants to think aboutlong-term care insurance?Boring, am I right?
The thing you should know here is 40% of older adults regret not having it.
Youre the one who has to pay.
Only about 7.5 million Americans have this insurance because, unfortunately, it can be pricy.
So the insurance costs money.
Long-term care isreallypricy, though, so having this insurance can pay off.
I Should Have Worked Longer
Third on the list: 37% of retired Americans regret not working longer.
Millions of Americans cant afford to retire.
On the other hand, lots of us end up gettingforced into retirementdue to a layoff or health problems.
Having trouble finding full-time work at your age?
Heres our list of20 part-time jobs for retireeswho arent quite ready to call it quits.
Swipe Like a Millionaire No Gold Card Required
Ever wondered how millionaires get to be… millionaires?
So we looked into it.
What we found aresimple, millionaire-approved tipsthat anyone can use to manage their money.
I Should Have Invested in an Annuity
Actually, were not too sure about this one.
Now, here at The Penny Hoarder, were not necessarily fans of annuities.
Sure, guaranteed income for life sounds like a great deal, and thats what most annuities promise.
But nothing is ever as good or as easy as it seems.
The positives:Annuities protect you against the risk of outliving your money.
No matter what, youll have income coming in as long as you live.
The negatives:Theyre often ridiculously complex,with loads of less-than-transparent fees.
And finally, inflation can eat away at your earnings over time.
Or should you delay Social Security to get a higher benefit amount?
Its a bit of a gamble either way.
Just know that nearly a quarter of retired Americans wish theyd waited longer.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.
And by senior we mean older.
