career regrets vs. retirement regrets: don't make the same mistakes

Let's talk about something we all think about from time to time: those "what ifs" in life. As a financial advisor who's had the privilege of helping many clients transition into retirement over the past decade, I've heard a lot about what they wish they had done differently in their careers. The same can be said for their regrets about retirement.

Those of us who are in the career-building phase of life might be dreaming of the perfect retirement; but what if we could access the wisdom of those who came before us to avoid some of their common regrets? On the other hand, if you're considering retiring in the next five years, I want you to be able to steer clear of the most common retirement regrets I've encountered in conversation with clients who have been retired for many years. By learning from these real-life experiences, it's my hope that we can all make smarter decisions and aim for a life journey that's truly fulfilling.

First up, career regrets of retirees:

Not Pursuing Passion Projects: Many clients tell me they regret not following their passions or taking risks to pursue more fulfilling careers. The fear of financial instability or the comfort of a secure job often kept them from chasing their dreams.

Overworking at the Expense of Personal Life: A significant regret among retirees I talk to is having spent too much time working and not enough time with family and friends. The pressure to climb the career ladder often led to neglected relationships and missed life events.

Not Enjoying Life in Pursuit of Saving Money: If you know me, you know this is a huge concern of mine and one that I work hard to help clients feel peace of mind about their financial plan so they can avoid this regret. Clients often tell me they regret not investing more in experiencing life along the way in favour of saving money for retirement. It's common for people to have difficulty making the switch from saving to spending, especially when they haven't been able to enjoy the fruits of their labour along the way.

Failing to Continue Learning and Growing or Staying in Unfulfilling Jobs: Some retirees tell me they wish they had pursued further education or skill development. Sticking with a job that didn't bring joy or satisfaction is a common lament. Many wish they had sought out more meaningful work rather than staying in a role out of convenience or fear of change.

Do any of these feel familiar to you? The key is to be proactive, thoughtful, and willing to make changes that align with your long-term happiness and well-being.

Now, let's compare those regrets with common retirement regrets I hear from clients:

Not Enjoying Life More During the Healthy Years: I often have clients who look back and wish they had taken more time to enjoy life while they were still healthy and active. They regret not traveling more, trying new experiences, and making the most of their physical capabilities. Prioritizing joy and adventure when you can is crucial, as good health isn't guaranteed forever.

Underestimating Healthcare Costs and Neglecting Health and Wellness: Many retirees regret not planning sufficiently for healthcare expenses. Medical costs can be substantial and unexpected, often exceeding what was initially anticipated, which is something I help clients plan for and stay ahead of. Failing to maintain a healthy lifestyle during their working years is a regret to be mindful of. Poor health can limit mobility, independence, and overall quality of life in retirement.

Lack of Planning for Purpose and Engagement: Some retirees tell me they find themselves feeling aimless and unfulfilled because they did not plan for how they would spend their time. Having hobbies, volunteer work, or other engaging activities is crucial for a satisfying retirement.

Not Downsizing or Adjusting Living Arrangements Sooner: I've had clients who regret not moving to more suitable living arrangements earlier. Whether it's downsizing to reduce maintenance and costs or moving to a community with better amenities, timely adjustments can enhance your retirement and comfort.

I've seen firsthand how understanding these common regrets can really open up opportunities for making better choices in both your career and retirement planning. It's like having a roadmap from those who've been there and done that, helping you avoid some of the same pitfalls.

​Here are some actionable tips to takeaway from this conversation to steer clear of these regrets and set yourself up for a more satisfying journey:

Pursue Passion Projects: Whether it's a side hustle, a hobby, or a complete career change, integrating your passions into your work life can lead to greater satisfaction.

Balance Work and Personal Life and Seek Meaningful Work: Prioritize relationships and personal time. Set boundaries to ensure you're not sacrificing your personal life for career advancement. Don't be afraid to explore new career opportunities that align with your values and interests.
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Plan Financially and Health-Wise for Retirement: Start saving early and plan for potential healthcare costs. Maintain a healthy lifestyle to ensure a vibrant and active retirement.

Engage in Purposeful Activities: Remember to enjoy life now while you are healthy and able to pursue experiences that you value.

​Remember, it's never too late to make positive changes. Whether you're early in your career, nearing retirement, or already enjoying your golden years, these insights can help you live a more balanced, happy, and rich life.