The biggest retirement regrets — and how to avoid them

Sun, Mar 9, 2025, 8:30 AM 4 min read

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If given the opportunity to do things over, many retirees say they would've made financial decisions differently.

According to research by Olivia Mitchell, a Wharton professor and executive director of the Pension Research Council, a majority of the adults over the age of 50 that Mitchell surveyed expressed strong regret over insufficient savings.

"A majority of the respondents said they wished they saved more," Mitchell said on a recent episode of Decoding Retirement (see video above or listen below). "Only 2% said they wished they had saved less."

Retirees highlighted other regrets as well. Many regretted not working longer and not delaying their Social Security claims — both of which would have increased their retirement income.

Another notable finding was regret over not securing lifetime income, such as through an annuity. Annuities provide a steady income stream, making it easier to manage expenses, especially as cognitive abilities decline with age.

“Many people are financially not as literate as they were when they were younger,” Mitchell said. “And having that steady income stream is and can be a real boost. People regretted not having done that as well.”

Read more: Fixed annuities vs. CDs: Which is better for your retirement savings?

In the podcast, Mitchell also addressed the increasing number of older adults who are retiring with mortgage debt, student loan debt, credit card debt, and the like.

According to Mitchell, older adults once took pride in being debt-free in retirement — so much so that mortgage-burning ceremonies were a common tradition in 20th century America.

“But that attitude is not true of retirees today,” she said.

More and more retirees are now entering retirement without paying off their mortgage — and in some cases, they even take on a larger mortgage when relocating to a sunnier climate or another state.

Credit card debt has also become a growing concern for retirees. And strangely, around 6% of retirees are now seeing their Social Security checks garnished due to unpaid student loans — either their own or those taken out for their children, Mitchell said.

“So debt is increasingly troubling the older population,” she said.

Read more: How to pay off credit card debt when your budget's tight

Furthermore, Mitchell noted that high inflation has led to increased interest rates on various types of debt, including mortgages, credit cards, and student loans.