10 Big Regrets of Many Retirees

Retirement should be a time of rest, relaxation, and leisure. Hopefully, you’ve saved and invested enough throughout your career so that you don’t have any financial worries .

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CBS News Money Watch reported that the U.S. is hitting “peak 65” in 2024, a retirement phenomenon that’s already well underway. This year will be record-breaking for retirement in the U.S., with an average of 11,000 Americans a day expected to celebrate their 65th birthday from now until December.

What’s more? Approximately 4.1 million Americans are slated to turn 65 this year — and every year through 2027.

With so many Americans entering retirement every day, a lot of them carry regrets. It’s never good to have regret in life, especially when you’ve come this far. Here are the 10 biggest regrets of most retirees that you’ll want to be aware of, according to GOBankingRates .

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Money mistakes the super wealthy never make - that you might be doing now.

1. Spending Too Much on Travel

Traveling broadens your horizons, opens your mind, and exposes you to new cultures and ideas. It’s arguably one of the best leisure activities you can partake in.

However, it’s not cheap to travel these days and the cost of flights, hotels, rental cars, and more can really add up quickly. Be sure to travel within your means to avoid debt.

2. Keeping an Expensive Car

Perhaps you’ve driven a luxury car throughout your working life, a non-essential expense that you’d prefer to keep even in retirement. But, maintaining an expensive vehicle during retirement can burn a hole in your wallet.

Inevitable repair bills and maintenance costs can be a lot to contend with, especially if you’re living on a fixed income.

3. Living in a Large, Costly Home

You might still live in the same home you raised your kids in. If it’s a large home with many bedrooms and bathrooms — but now it’s just you and your spouse living there — you probably don’t need all that extra space anymore. A larger home means more maintenance and higher costs overall.

Consider downsizing to a smaller home in your neighborhood so you can keep your community connections and save some money at the same time.

4. Eating Out at Restaurants Too Frequently

Dining out is fun, enjoyable and delicious. It’s a chance to relax and enjoy a meal with family and friends without doing the work of cooking and kitchen cleanup. It’s also far more expensive than buying groceries and cooking at home.

If you’re a retiree, try to curb your spending at restaurants, bars and cafes. Your wallet will thank you.

5. Loss of Community By Relocating Too Far Away

Relocating and downsizing can be a smart idea during your golden years. You can move into a smaller home and perhaps establish residency in a new state or city where your taxes will be lower. At the same time, relocating too far away can mean losing a sense of community that you’ve grown over the years — or living further away from your kids and grandkids.

Be sure to carefully consider all aspects before deciding to relocate.

6. Not Having Enough Home Equity

Building home equity over many years can be a crucial wealth-building tool. Hopefully, your home has increased in value since the time you bought it. Increased home value plus equity can equate to a huge return if you choose to sell it later on. You can make a profit to pad your retirement funds and put some of it towards a new, smaller home.

However, neglecting to build substantial equity can spell financial trouble and limit your housing options once you’re on a fixed income.

7. Not Being Prepared for the Costs of Selling a Home

It might be years (or decades) since you moved into your first home. It can be easy to forget all the costs associated with home sale transactions, but don’t be so quick to sell until you have a clear understanding of the expenses involved.

Closing costs, which include real estate agent commissions, can be up to 6% of the sale price. You might also be on the hook for income taxes as well if you sell your home for a profit.

8. Moving From a House to an Apartment

If you’re used to living in a house with a big yard, a front porch, a garden — and maybe even a swimming pool — making the move from a house to an apartment might cause you regret.

Apartment living can be very different than living in a home, so it’s best to think carefully before making the switch.

9. Getting Rid of Sentimental Family Heirlooms

After living in the same house for so many years, it’s easy to accumulate a bunch of stuff — sometimes too much stuff. This can include a variety of family heirlooms such as old photos, jewelry, works of art and more.

It can be tempting to purge things you can live without to declutter, but think twice before parting with items that have sentimental value to you. You might wish you hadn’t gotten rid of them later on.

10. Not Traveling Enough

While some retirees regret traveling beyond their means, others regret not traveling enough. There’s a whole world out there to explore, and you’re not getting any younger.

If you’re itching to see a new city and explore more of the world, prioritize travel while staying within a reasonable budget.

This article originally appeared on GOBankingRates.com : 10 Big Regrets of Many Retirees