My Clients Near or in Retirement Wish They Had Done These 5 Things

1. Realized Retirement is more expensive than expected.  Wished they had started saving earlier and more aggressively.  Used the power of compounding interest to allow savings to grow.  Had amounts deducted directly from their paycheck to retirement plans/savings and, if they had their own businesses, paid themselves first.

2. Focused on financial and physical fitness. They recognized that keeping finances and health in good shape leads to a longer happier lifestyle. It woud have been beneficial to hold off on purchasing the latest car or gadget.  Cutting back on the purchases of depreciating assets and keeping vehicles longer could have allowed that monthly payment to be put into savings.  Exercising and maintaining physical health can allow one to continue to stay active and hopefully cut down on medical expenses in later years.

3. Made sure all estate and end of life documents are in order throughout their lives. Having a will, medical and financial directives and if necessary, a trust are very important parts of planning. Making sure family/loved ones know where documents are kept is crucial.

4. Enjoyed life and spent more time with family.  Make time to do the things you enjoy doing; whether that’s traveling or pursuing your favorite hobbies.

5. Wished they had held off on taking Social Security until Full retirement age, which is generally around age 67.  For every year that you hold off, it can increase your monthly social security income by up to 8% increase.