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Regrets of the retired -- didn't save enough!

Contributed by FO | November 24, 2005 07:11 PM PST

Here are some sobering stats: 98% of retirees surveyed by Oppenheimer regret how they spent their money before retiring. Among current workers participating in the same survey, 97% regretted "how they and their spouse spent their money considering how much more savings they could have accumulated."

Of course, Oppenheimer is using these numbers to boost their own business (they are another company with baby boomers on the brain), but I think think the first statistic about regretful retirees it is something that everyone should consider, regardless of your current income. The lifestyle you enjoy when you are in your 50s and still working may take a drastic turn in your 60s when you decide to retire and have only your retirement savings, existing non-retirement assets, and social security to depend on.mortgage calculator

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Comments
>>> BRAD BEITER Commented on November 24, 2005

When I graduated from college, every single retired family member who gave me a check also told me to save for retirement.

People may say that you won't die wishing you had more money. But you may spend the 40 years before you die wishing you had!

Brad Beiter
www.TycoonReport.com


>>> FO Commented on November 25, 2005

I suspect that these retirees regretted spending money on things they didn't need. At work I constantly hear my colleagues breathlessly talking about the flat screen TVs they have, plasma vs. LCD, etc. The big ones cost thousands, and even smaller models can cost between $600 and $900. I am pretty happy with the 25" tube-based TV I bought last year -- it cost $190 and does the job just fine!


>>> Claire Commented on November 28, 2005

And I'm happy with the hand-me-down 20-yr-old fake-wood color TV that weighs more than our window air conditioner.



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