Most 24-year-olds aren’t thinking too deeply aboutretirement.
The same was true for me.
That all changed recently.
People generously recounted thepitfallsandsuccessesof their own journeys to the golden years.
After a man said he regretted notmaxing out his 401(k), I increased my contribution.
Others said theysacrificed travelor family to achieve wealth, only to get sick after retiring.
A few said they’ve loved retirement even with little in the bank.
These weren’t aberrations: Hundreds of respondents said the nonfinancial elements of retirement were the most important.
After talking with all these retirees, I realized there isn’t an ideal form ofretirement.
People stressed some basic tenets: save intently, live frugally, and plan for the long term.
He started drawingSocial Security Disability Insurancein 2020, which paid just over $3,000 monthly.
Rowe Pricesuggests your total assets at 65 should be between 7.5 and 13.5 times your income.
You want to be prepared for that," Herman said.
Donna Davis, 71, learned that lessonthe hard way.
“Dreaming of retirement and the reality of retirement are two different things,” Davis said.
“You have to store your money early because you’ll need it in retirement.
give a shot to sock some of your money away.”
While a lot of retirees were dutiful about their planning, considered forethought wasn’t a cure-all.
For some, anillness or diseasehalted their retirement progress.
Others said a loved one’s death or a job loss set them back.
Some struggled to securewhite-collar workafter a layoff and transitioned to living paycheck to paycheck.
There’s no cure for her neuromusculardisease, and she’s unsure how she’ll stay afloat on disability.
Despite the financial worries, she said her children and grandchildren make her retirement years worthwhile.
“The only thing I have is my legacy,” she said.
I get bored very easily.
Many said that even asmillionaires, they hope to keep going.
Louis Belline, 75, said he “failed retirement” five times.
But Belline said he may work until his late 70s because it keeps him sharp.
“I see people retire and sit down and die,” Belline said.
“The biggest concern I have is I don’t want my brain to atrophy.
I figure I can keep trucking and keep up with these younger people who are smarter than me.”
Several retirees I spoke with were able to get creative in how they found purpose.
while providing consultation as an independent contractor.
It also helped her overcome her grief and stay focused on life’s joys.
“I’ll have some extra cash, which will help me down the line,” Porras said.
There will always be something to give me financial and personal fulfillment.
My conversations have given me some pretty good models for what a truly successful retirement may look like.
Are you a member of Gen Z who is already thinking about your retirement?
kindly fill out thisquick form.
Noah Sheidloweris a reporter on Business Insider’s Economy team who led theRetirement Regretsseries.
