Nov 6, 2026

5 Retirement Regrets Current Retirees Want You To Avoid

One of the best ways to prepare for retirement is to learn from people who've already made the transition. A recent TIAA Institute report found that many retirees look back wishing they had made different financial decisions long before they stopped working. Their biggest regrets offer valuable lessons for workers who still have time to course-correct.

These are the top regrets among current retirees, and what you should do instead.

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1. Not Beginning To Save Sooner

Current retirees' No. 1 regret is waiting too long to start saving for retirement (76%).

"Delaying savings is costly primarily because of the power of compounding," said Surya Kolluri, head of the TIAA Institute. "The earlier money is invested, the more time it has to grow.

"A dollar saved at 25 is worth more at retirement than a dollar saved at 45, even though contributions are identical. Early saving also builds the habit of living below one's means, which can pay dividends throughout a career."

If possible, workers should start saving as soon as they have earned income, ideally during their first job.

"Even small contributions in one's 20s can outperform much larger contributions made later due to the power of compounding over decades," Kolluri said. "Those who begin early also have more flexibility to weather career gaps or market downturns without dramatically altering their retirement timeline."

2. Not Saving Enough

The second biggest regret retirees have is not saving enough (71%). Because retirement needs vary from person to person, Kolluri recommended working with a financial professional to determine how much you should aim to save.

"A financial advisor can help model specific retirement income needs based on expected expenses, lifestyle goals and longevity assumptions," he said. "Retirement calculators and planning tools can also help identify gaps between current trajectory and retirement goals."

For those who feel behind, Kolluri stresses that progress is still possible.

"Although our research found retirees have regrets about not saving enough and not saving sooner, it is never too late to start planning for your future and harnessing the power of compounding," he said.

"Talk to a financial advisor about your current retirement savings trajectory and goals, and where you might be able to invest or cut back to get closer to those goals."

To help manage the risk of outliving your savings, Kolluri said retirees may also want to consider sources of guaranteed retirement income.

"A guaranteed income source like an annuity will provide income for as long as you live, helping eliminate the ‘what if’ of whether or not you’re saving enough," he said.

3. Underestimating the Impact of Life Events

Nearly half of retirees (49%) regret underestimating the impact of major life events. Unexpected challenges such as health setbacks, job loss, divorce or caregiving responsibilities can disrupt even carefully planned retirement goals, making emergency savings and contingency planning essential.

4. Underestimating Healthcare and Long-Term Care Costs

Similarly, 49% of retirees said they regret underestimating healthcare and long-term care costs. Healthcare expenses often increase with age and can place significant pressure on retirement savings, so it's important to factor these costs into long-term financial plans as early as possible.

5. Not Having a Clear Retirement Plan

The fifth biggest regret among retirees is not having a clear retirement plan with specific goals (47%).

"A robust retirement plan starts with one foundational question: Where will your income come from when you stop working?" Kolluri said.

"A strong plan should identify all expected income sources: Social Security, retirement accounts and crucially, a guaranteed income component that covers essential expenses no matter how long you live or how markets perform."

Beyond income sources, a robust plan should include a target retirement age, a healthcare and long-term care strategy, a drawdown plan for retirement assets and contingency planning for life events such as career gaps or unexpected health costs.

"Most importantly, a retirement plan shouldn't live in your head," Kolluri said. "It should be documented, specific and revisited regularly. Working with a financial advisor to build and maintain that plan is one of the most impactful steps anyone can take toward a retirement they can actually count on."

This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.

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Written by

Gabrielle Olya

Edited by

Ashleigh Ray