And, as you can imagine the regrets range from “I wish I started saving earlier” to “I wish I traveled more when my health was good.”
But, the number one biggest regret most retirees have is claiming Social Security too early. As many as 57% of recent retirees chose to claim Social Security before their full retirement age, locking themselves into a lifetime of 25%-30% smaller Social Security payments.
The National Bureau of Economic Research also found that early Social Security claims are linked to increased likelihood of living in poverty in one’ old age.
Reasons vary for why someone might decide to claim Social Security early – I get that stuff happens that’ outside your control – but knowing what you know now, I hope you wait at least until you’re closer to age 70 before you start claiming benefits. The difference in payout even from age 68 to 70 is often as much as $1,000 per month.
What other retirement regrets should you watch out for? Here’ my list of the other 6 biggest regrets retirees have and how to sidestep them all: