July 15, 2021
Regret can be a powerful motivator to change behavior.
For anyone younger than 60 I hope you will avoid an all too common regret that today’s near-retirees and retirees have.
More than 5 in 10 people between the age of 60 and 74 said they regret that they didn’t save more earlier in their life. Among women who had been divorced or widowed, 6 in 10 regret not saving more.
The good news is that about 4 in 10 people surveyed were satisfied with their saving. But that’s still less than half of people nearing or in retirement. And for the record, just 1.5% of people surveyed said they regretted saving too much. So let’s all agree that saving is not something that leads to regret.
I hope those of you who are younger will learn from the regrets of the generations ahead of you. When it comes to saving, more definitely seems to be better in terms of landing near retirement feeling good about how you tackled your financial security.
Can’t imagine saving more now? You sure?
A few tips:
The next month, double your saving-by-spending-less goal to $20. Keep ratcheting up your savings. Often when we start with a smaller goal that we can easily reach, it builds confidence and momentum. See if you can get to $100 a week in savings.
It’s easy to create the same automated saving with an IRA; there is no charge to have money auto-deposited each month from your bank account into your IRA. And for those of you working on building your emergency savings, I want you to check out The Ultimate Opportunity Savings Account from Alliant Credit Union.