Americans Share Four Common Retirement Planning Regrets

Everyone knows they need to set aside money to save for the future. But recent studies indicate that many people who are reaching retirement age have very common regrets and mistakes.

If you haven’t revisited your retirement or estate planning strategy in some time, the end of the year is a great time to tap into that resolutions energy and get things done. It doesn’t matter where you’re starting, because there are always opportunities to get things more in order. Working with your financial planner and your estate planning lawyer are a good way to understand the basics and to feel more confident heading into 2023.

A majority of older Americans shared in this recent study that was published in the National Bureau of Economic Research, that approximately 60% of Americans aged 50 and above wished they had saved more for expenses. Other regrets mentioned in the study include wanting to stay in the workforce longer but failing to do so, wishing they had filed for Social Security benefits later, and wishing they had better prepared for possible health expenses.

The good news is that there are many strong lessons to be learned from this older generation and things you can put into your estate plan and financial plan now that will help you be more successful in the future. Although you may have many different questions about your financial strategy and how this connects to your estate plan, working with an experienced and dedicated lawyer is one of the best ways to set yourself up for success. A knowledgeable and experienced attorney can answer many of your questions and help guide you down the path towards creating an estate plan that adapts to your life needs as necessary.

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