Top 10 Financial Missteps Retirees Wish They Had Avoided, According to Experts

wavebreakmedia / Shutterstock.com

Hey, you got your eyes on retirement, right? Imagine it — days packed with fun, zero worries. Well, pump the brakes. Over half of Americans say they might not have stacked enough cash for those golden years. Let’s not make that mistake, shall we?

Explore More: 8 Myths About Debt That Boomers Must Stop Believing Before They Retire

Check Out: 7 Common Debt Scenarios That Could Impact Your Retirement — and How To Handle Them

1. Not prioritizing savings in the early years

Let’s be real, saving ain’t easy in your twenties and thirties. Friends, family, fun—all that good stuff takes the front seat. Ryan Marshall from Wealth Enhancement Group says retirees often regret not investing early enough. Miss the compounding train, and you miss out big time. Think IRAs, 401(k)s—get on it, pronto!

Trending Now: 9 Moves for Retirement Planning To Make Now If You’re Worried About the Economy

2. Overlooking tax consequences

Nobody loves taxes. Devin Carroll of Carroll Advisory Group warns: you’ve got to plan for them. Some retirees regret not understanding the tax hit they’ll take when pulling from retirement accounts. More tax-free accounts like Roth IRAs? Yes, please.

3. Not paying off debt before retiring

Debt, the American classic. We buy homes, cars, college degrees—everything. Michael Collins from WinCap Financial suggests axing as much debt as possible before retiring. Keep those payments from eating up your retirement income. It’s a stress-buster too.

Debt to Consider Paying Off

Type of Debt	Why Pay It Off
Mortgage	Lower monthly expenses
Auto Loans	Reduce financial obligations
Credit Cards	High interest rates

4. Underestimating healthcare costs

Folks, newsflash—healthcare ain’t cheap, especially as you age. Dennis Shirshikov from CUNY says to plan for those medical bills. Think long-term care insurance and a dedicated healthcare savings account. Medigap could be your backup plan if you’re already climbing the retirement mountain.

5. Disregarding investment fees

Investment fees—those sneaky little leeches. Devin Carroll warns that these can gobble up your savings without you noticing. Keep an eye on those fees and make sure you’re getting your money’s worth.

6. Panicking when the market drops

Yeah, the market can be a roller-coaster. But freaking out and selling everything when things dip? Big mistake, says Carroll. Stay calm, stay invested. After all, it’s the long game that counts.

7. Claiming social security too early

Patience, my friend. Claiming Social Security right out the gate means smaller checks for life. Carroll advises waiting it out a bit to maximize those benefits. More dough for your golden years!

8. Spending too much early in retirement

Retirement feels like freedom, right? That’s why some retirees spend like there’s no tomorrow, says Carroll. Slow down, tiger! You don’t want to end up broke ten years in. Pace yourself.

Tips for Budgeting in Retirement

• Track your spending
• Avoid big purchases
• Prioritize essential expenses

9. Putting their children’s needs first

Parents, listen up. Your kids are expensive, we get it. But Collins warns against sacrificing your retirement for them. Balance is key. Your future self will thank you.

10. Borrowing from 401(k) or IRA accounts

Got a rainy day? Before you think about tapping into that 401(k) or IRA, consider alternatives. Collins says borrowing from these accounts could be a big regret later. Taxes, penalties, and lost growth potential—ouch.

More From GOBankingRates: This article originally appeared on GOBankingRates.com: 10 Biggest Money Regrets of Retirees, According to Financial Experts