Recently quoted in a Washington Post article, Wes Moss stated, “In the real world, the happiest retirees are ones who have a schedule of activities the minute they retire. The key is to build your core pursuits list long before you stop working.”
This is just one of many factors in what it takes to plan accordingly for retirement based on a recent Washington Post article where Moss hones in on one regret that many retirees face — retiring without considering how time will be spent.
One of the biggest regrets many face is not saving enough, especially when they were young. The power of compound interest is critical in retirement — you would have so much more in that retirement account had you been serious about saving in your 20’s or 30’s and not waited until your 40’s or, for some, their 50s. (For example, $10,000 invested at 4 percent with compound interest becomes $14,802 in 10 years. That $10,000 turns into $48,010 over 40 years.)
Some of the regrets may surprise you. Others are just common sense:
> Not contributing enough to your 401(k) — or borrowing from it.
> Failure to have a plan
> Not planning for unexpected or catastrophic events
> Retiring without considering how you’ll spend your time
> Not retiring earlier
Read the full article here.