Retirees Regret Not Doing It Earlier

I go on and on about retiring early on this site but the reality is that everyone eventually will retire one way or another whether on their terms or not. Death on a job you HAVE-to work is just another retirement under unpleasant terms. I was able to retire early and it has been far better than I could have imagined but allow me to let you in on a little secret. Of those who retire on their own terms, those Retirees Regret Not Doing It Earlier, and that includes myself.

No matter what age you finally retire you will regret that you didn’t start getting motivated and serious about financial independence earlier and retiring sooner. It’s not just me and the retirees I know, there was even a TIAA-CREF survey in late 2014 with results indicating that the biggest regret of retirees is that they didn’t retire sooner.

It is hard to explain but Retirement from NEEDING to take part in the rat-race and living a financially free lifestyle is that good. I certainly can look back and see where I could have gotten serious earlier than I did to at least retire on my early retirement plan’s scheduled age 50 retirement, a year earlier than I retired.

Although the journey to financial independence is not a race and should be accomplished on your own timeline, everyone who gets there and looks back will see times of missed opportunities and mistakes that introduced delay into their journey. For most it was simply their resistance to financial change that caused their delay.

Retiree Regret Recap

  • Even if you retire on your own terms you will second guess some of your life’s financial decisions and any wasted opportunities to have left the rat-race for your life of freedom earlier. This isn’t a regret that induces any kind of despair but a regret that has you kicking yourself and wishing you had pulled your head out of your keister sooner than you did. You will however still be very happy about what you have accomplished and that you retired on your terms.
  • If you retired under poor circumstances you will definitely regret your lack of financial efforts and have even greater regrets as you try to stretch your meager to non-existent retirement funds to cover your basic living costs. This regret will most likely have an element of despair to it. Sorry but that is the sad truth.

Retirees Regret Not Doing It EarlierOur Time is Finite, Retire Early

We don’t live forever. We certainly may spend some part of our elderly life in poor health or at least have less health than our younger self. When we are young we certainly think there will always be time to start something important and life altering later. It seems so obvious that we only have a finite time of living with energy and activity. Why isn’t that enough to get us to make the financial changes necessary to accomplish what we already know is the better way to live?

The answer is resistance to change. In fact anytime we attempt to do something that may be difficult or different from what we normally do or that others around us do we hit head-first into resistance. Resistance comes to us as doubt, insecurity, temptation and fear of failure.

Even with everything we know about what we should do, resistance in its many disguises makes its appearance and causes procrastination. Procrastination is addictive and becomes a nasty habit and all it does is cause delay which eats into our finite time of life which no amount of money or purchased stuff can replace.

“Most of us have two lives. The life we live, and the unlived life within us. Between the two stands Resistance.” Steven Pressfield

Two Part Future Retirees Regret-Killing Action Plan

PART 1-

As soon as you become financially aware, crush any resistance. Start doing all the things required to reach financial independence and retirement. Don’t procrastinate, don’t delay, just do it:

  • Figure out what it is that you want. Envision your future self and FI-Retired lifestyle. Stay focused on making it happen.
  • Create your strategic early retirement plan. Set measurable and reasonable financial goals.
  • Track your progress and tweak your plan as necessary.
  • Create and set a realistic smart frugal budget to cut wasteful spending now. Redirect the money saved to better your financial situation. DO INCLUDE in your budget RETIREMENT SAVINGS.
  • Always keep your eyes open to opportunity where you can increase your income to start super charging your financial goals.
  • Start investing as soon as possible and as young as you can do it. The earlier you start the better. It is never too late because anything you do is better for your future self than doing nothing.
  • Always take full advantage of any retirement work plans. If there is a 401k Match get it. At least start with the percentage of investment rate of the company match.
  • Use automatic payroll deposits when ever possible. You won’t miss the money you are contributing. It’s harder to skip saving.
  • Take every opportunity to ramp up your savings rate as soon as you can.
  • Highest priority is pay of all non-mortgage debt. It adds to the cost of your lifestyle and robs from your cash flow. Once debt is gone then ramp up your savings rate.
  • If you have a mortgage then there is nothing more liberating than having that paid off before you retire. Don’t let a mortgage payoff get in the way of increasing your retirement investment rate.
  • Consider retiring early and often. If you have a passion or encore career of interest to pursue start doing whatever is necessary to pull it off. It is the absence of needing to work that defines retirement. Not the absence of working.
  • Get financial help if you need it. A fiduciary CFP may be able to give guidance on what you can and need to do to meet your financial goals.
PART 2-

Prepare yourself to handle Spending Temptation while on your FI journey. It is a commercial consumerist world with constant temptation. It is very seductive. I am not talking about the occasional small splurge but the budget killers. The retirement delaying spending on unnecessary and wasteful luxury.

  • We have to buy things and replace things. Beware the up-sell to spend more for more features or luxury that you don’t need and doesn’t add any real happiness to your life.
  • On every big purchase ask yourself if this is going to delay your retirement. If so, is it going to be worth it?
  • Never fall for the easy financing and low monthly payment trap to buy something you really do not need or anything for that matter. Debt is a FI dream delayer.
  • When you financially fall, and most folks do, pick yourself up and get yourself back on track as soon as possible. Know that it will be one of those events you will look back on once retired with regret. All because delay ate into the finite time that you have left.
In Conclusion

GET MOTIVATED! Retirees Regret Not Doing It Earlier. I believe the reason for delay is usually because of our resistance to financial change. For all of those thinking about beginning, are currently on, or almost finished with their FI Journey. Just realize Retiree Regret only happens if we allow ourselves to miss opportunities, procrastinate, spend foolishly, or through inaction we cause unnecessary delay. Delay in reaching our financial independence and early retirement as soon as we could have.

As I said, I have had a few thoughts of regretting my delaying early retirement. It is not despair connected, it’s just me shaking my head wondering why I was such an idiot.

Time is finite and I am grateful to have escaped the rat-race as soon as I did. We never know how many more trips around the Sun that we have left.

Did you retire early and regret not doing it sooner?

If you are on your FI journey now, can you look back and see where you could have started earlier or have avoided a setback?

7 thoughts on “Retirees Regret Not Doing It Earlier

  1. It’s a shame they regret not doing it early. If someone can retire by 40, that means a lot of dedication. Or really high salary. Or both.

    I’m not sure if I’ll ever retire. We got/are getting a late start on retirement due to too many other financial issues. I’m going to do my best to make up for lost time starting next year — but that’s a lot of compound interest we missed.

    Also, I’m a little paranoid about not having a paycheck. I had to live on $700 disability payments in a city where a one-bedroom was about that expensive. So I may always enjoy the freedom of being able to earn. I’m thinking that part-time would be about perfect. Maybe I’ll feel differently later.

    1. Hi Abigail, thanks for the comment. Regret for missing opportunities to have reached success even earlier isn’t really all that bad. Its like anything else, in hind sight you can always see where you could have done better. Good luck on your FI journey and getting that dream part time job.
      Tommy

    1. Thanks for the comment Alexandra. I wish you well on starting any planned improvement. Anything is far better than nothing. I am sure you will find away to make it happen.
      Tommy

  2. I am retiring at the end of this year. I despise my job and cannot wait to get my fanny out of here. I already made my decision and will have enough retirement income to cover my basic needs plus a little bit more. I haven’t saved properly, then again I’ve never been good with money. I have always adapted to whatever my finances are. If I earn more I spend more. If I earn less I spend less. In both cases I have been in perpetual debt my entire adult life and nothing will change in retirement. I’ve never really worried about it, I’m not going to start now.

    Life is short and it gets shorter by the day. I’m looking forward to my next life adventure and whatever happens, happens. Good luck to all who have experienced problems with their retirements and may all of you find inner peace. Perhaps those who are having difficulties should look inside themselves. Happiness comes from within. I wish all of you well.

    -Wayne K.

    1. Thanks for the comment Wayne. I wish you great luck and happiness in your retirement. You sound like you are more than ready emotionally to call it good. Your skill of adapting your lifestyle to your financing will come in handy in retirement.
      Tommy

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