Here are some of their biggest regrets

• More than 1,000 older Americans told Business Insider about their biggest regrets in life.

• These include not saving enough for retirement and receiving Social Security benefits too early.

• Most older Americans are unable to absorb economic shocks, and millions are unable to afford daily necessities.

More than 1,000 Americans between the ages of 48 and 90 spoke to Business Insider. biggest regret In life. These insights show how complex retirement and its planning can be.

Responses to an opt-in Business Insider reader survey and interviews with 20 respondents show that preparing for retirement while navigating life’s obstacles is often a process of trial and error. Many said they were unable to crack the code on balancing how much to save, where to invest, when to retire, and how to be financially responsible in raising a family. Others said they received Social Security too early or did not pursue career opportunities that might have led to higher wages.

Janice Carroll, 79, was middle class most of her life and earned a decent wage, but now she lives comfortably on about $25,000 in Social Security and $35,000 in savings each year. He said he was having a hard time.

She retired more than 10 years ago and is now able to make a decent living, but due to lack of investment savvy, moving too often, and depleting her IRA account to buy a home for which she lost $50,000. He said that these things are causing him anxiety about the future. She is considering returning to work, but worries that it will be too taxing, both physically and mentally.

“I don’t have money to go to the movies or anywhere,” said Carol, who lives in Eugene, Oregon. “You never know what’s going to happen to you if you’re in an emergency situation.”

According to one study, the median age of 55 has less than $50,000 saved for retirement. prudential The study was conducted by Brunswick Group between April and May and interviewed 905 Americans ages 55, 65, and 75. National Council on Aging The LeadingAge LTSS Center analyzed data on 11,874 households from the Health and Retirement Study and found that nearly 50% of Americans age 60 and older have household incomes below the income needed to meet basic needs. The answer is yes.

Indeed, one survey found that three out of four retired Americans say they have enough money to live comfortably, compared with less than half of non-retirees. gallup poll The survey was conducted in April and surveyed 1,001 people and published in August.

of many respondents I regret it From disruption to financial stability due to a cancer diagnosis to unexpected divorce or layoffs, these are situations that are partially out of our control.

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BI analyzed more than 1,000 responses to previous article calls asking about life regrets among older Americans, in addition to dozens of emails received by reporters, and identified four main issues: Identified. I regret it They have about their lives.

1. Not being able to save enough for retirement

Jean Hoggatt, 69, is working part-time because she’s not sure she’ll be able to retire after various job losses and cancer treatment.

“I wish I didn’t think I could work into my 70s,” said Hoggatt, who lives in a St. Louis suburb and receives about $1,800 a month in Social Security benefits.

She regrets not being more financially prepared for emergencies, adding that she didn’t know exactly how to save for retirement or what funds were available.

Like Hoggatt, dozens said they were never taught by their parents, employers or professors. investment basicsadded that early in their careers, there weren’t many resources available for financial planning. Some said saving for retirement was a process of trial and error and wished they had worked with a financial advisor or taken a course to grow their wealth.

On the other hand, almost all respondents said they wished they had done so. Save more for retirement. Many said they were focused on living in the moment and not thinking about putting money into retirement accounts or investments over the course of their lives.

Additionally, respondents commonly believed that they could survive. social security Once you retire, you don’t need to save a lot of money. Well over a quarter say they have little savings and receive $1,000 to $2,000 in Social Security benefits each month, forcing some to work. part-time job Or move into low-income housing.

Jessica Johnston, senior director of the National Council on Aging’s Center for Economic Wellbeing, told BI, “The benefits we’re providing to people as they age haven’t kept up with the cost of living.” He added that the asset limits people can have to receive Supplemental Security Income are $2,000 for individuals and $3,000 for couples, unchanged since 1989.

Indeed, dozens of people said so. wasn’t enough Money set aside each week for retirement savings. Dozens said they were single parents who worked two or three jobs to put food on the table. Some people were disabled early in life and only had enough income to pay rent.

2. Making mistakes during the resignation process

Hundreds of people have written that they are lost. how much to savewhat to invest in, when to retire, and what to do financially during retirement. Dozens said they wished they had more guidance on things like pitfalls to avoid, how to live comfortably after decades of work, and what to do if a spouse dies.

Steve Watkins and his wife worked for their respective employers for 50 years and retired with enough money to live comfortably. Then, in January, his wife passed away.

Watkins, 74, receives about $3,100 a month in Social Security benefits and has more than $1 million in savings. However, Social Security rules state that he cannot receive his wife’s $1,300 per month because her amount is lower than his. The lack of income worries him because he doesn’t know how much of his savings will cover his remaining years.

“Either find another job to make up for it, or lose that amount of money and suffer,” said Watkins, who lives in a Los Angeles suburb.

More than 20 respondents said they claimed social security Because I did it too early, I received less money each month than if I had waited until my full retirement age and collected more money. Some had to collect Social Security early because they needed the money, but others didn’t realize how much more they could get if they waited.

Americans can collect Social Security benefits starting at age 62, but benefits are reduced until they reach full retirement age of 66 or 67, depending on their year of birth. You can delay receiving benefits until age 70, in which case the amount will be increased.

Similarly, dozens of people regretted retiring early without having a sufficient nest egg. I then had to work part-time to supplement my Social Security payments. A small number of people said that even though they waited until age 65, they wished they had delayed retirement until age 70 to pad their accounts and feel more financially secure.

3. Not making the right career choice

Hundreds of respondents said that not only were they not saving enough, but they should have been more proactive during their savings period. career To secure a higher paying role.

Dozens said they stayed in dead-end jobs too long and avoided developing marketable skills. More than 100 respondents said they wish they had worked in a higher-paying field or applied for a more prestigious job with the potential to pay more.

People in corporate positions should have tried harder. promotion Instead of calming down. More than 20 people said they wish they had built more networks outside of work in case they lost their job. Many people in their 50s and 60s said they were now facing unemployment.

At least a dozen people said they should have had more up-to-date information about the skills needed for the job. secure a new positionnew coding languages ​​and online tools.

Others wished they hadn’t been more ambitious. Dozens of people regret leaving stable careers to start their own businesses, and some have failed, leaving their founders in the red. Michael R., 70, told BI he lost more than $650,000 in savings and had to declare bankruptcy when his New York-based business collapsed during the 2008 recession. He asked to remain anonymous in part due to privacy concerns.

4. Not prioritizing education enough

Hundreds of respondents said they should have pursued it. education more. Dozens said they did not have the money to attend higher education or were not informed about the benefits of college, while those with means pursued associate’s degrees or other degrees to prepare for the workforce. I wish I had earned a bachelor’s degree.

However, respondents were divided when it came to student loans. More than 20 people said they regret not attending college and taking out loans to pursue higher education, which could have opened more doors. More than a dozen students said they wished they had taken out fewer loans or worked throughout college to pay for their studies. These people are still repaying loans from 50 years ago.

Indeed, at least a dozen people said they regret taking part. college And you won’t get a job right away. they said university didn’t prepare enough Aiming for a more advanced career.

Some said it was difficult to attend classes while juggling work and childcare, but attending college later in life opened more doors to them professionally. Still, many said the decision was fulfilling for their career advancement.

Carol Brownfield, 48, is returning to community college to become a therapist and counselor. The Washington resident has a lot of experience, including managing casinos and resorts, but said, “I want to improve myself and do what I want to do.”

“I’m going back to school for a career that pays better and aligns with my moral values,” Brownfield said. “My daughter sees that and says, ‘Mom, I’m right behind you,’ and she wants to do it too.”

Are you an older American and have a life regret that you would be willing to share with a reporter? Fill this out quick form or by email nsheid lower@businessinsider.com.

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