Watch Phil Capriotti on The Wealth Council

Sundays @ 1PM on Fox Business

LEARN MORE
CLIENT PORTAL

Advice Retirees Wish They Knew Sooner

Retirement can be one of the most fulfilling times in life, but getting there comes with its own set of challenges and learning experiences. While reflecting, there may be some tips and advice people wish they had taken sooner or not at all.

In our Medicare Q&A Facebook group, we asked retirees what retirement advice they’d give to their younger self. Many shared a lot of valuable insights and advice they wished they had taken, and others were able to share the retirement tips that worked out for them as well.

Here are some top tips from those who have been through it and come out the other side for those who are preparing their retirement plans now.

Start Saving Early

As expected, one of the most common pieces of advice is to start saving for retirement as early as possible. Many retirees emphasized the importance of contributing to a 401k plan right from the start of their career and saving consistently from a young age.

As one group member put it, “Start that 401k early…because retirement is here before you know it!”

Retirees also mentioned getting in the habit of saving at least 10% of their gross income, including any additional revenue such as bonuses and annual raises. As income increases, the amount put into one’s savings should increase, too.

To wrap it up, save, even if it’s only a little each month. Saving earlier and for longer will allow you to reap the benefits later.

Taking Full Advantage of Employer Benefits

Retirees often stress the importance of taking advantage of employer benefits, especially a 401k matching program. When it comes to 401k contributions in particular, always strive to save at least as much as your employer will match.

A company that cannot provide retirement savings assistance, like a 401k, may not be in your best interest if you want to maximize your savings.

If you don’t have access to an employer-sponsored 401k program, consider opening an account outside your employer, such as an IRA (Individual Retirement Account).

Another aspect highlighted was the importance of rolling over your 401k plan to your new employer’s plan whenever you change jobs to avoid managing multiple accounts later in life. “It’s easier to pull from one pot than six pots,” one group member simply put it.

Although this type of benefit has been slowly dissolving over the years, those with access to a defined benefit pension plan mentioned the importance of securing such benefits whenever possible.

If your employer offers a high-deductible health plan, contributing to a Health Savings Account (HSA) can also be beneficial. Letting those HSA contributions build will also come in handy once it becomes time to pay for healthcare during retirement.

Diversify and Plan Your Investments

Investment diversification is a key strategy for managing risk and ensuring a steady income in retirement. We received tons of feedback about diversifying investments and generating multiple passive income streams. Our group members also agreed on the importance of finding a good financial planner to help them navigate these investment decisions and retirement accounts.

There are tons of singular pieces of advice retirees have to offer:

  • “Fund a Roth IRA and then keep rolling the Roth into high-yield CDs.”
  • “Roth funds and Traditional funds are the most important for future withdrawals.”
  • “Open an interest-bearing savings account.”
  • “Do not accumulate credit card debt.”

People will also have agreements and disagreements about all the advice you get. Prioritizing financial education ensures you know which moves work for your unique situation.

Educate Yourself and Seek Professional Advice

Many retirees wish they had educated themselves more about retirement and finances and sought professional advice earlier in their careers.

Research. Learn. Analyze.

It’s not the most interesting topic in the world, but it is important to learn so you can understand and be in control of your finances.

Learn from friends’ and family’s successes and failures. Learn the different financial concepts that can make or break your retirement plan, such as interest, stocks, various retirement plans, and bonds.

https://boomerbenefits.com/advice-retirees-wish-they-knew-sooner/

Share:

View the Latest Posts:

Before Your Next Appointment: 5 Medicare Questions That Can Help Prevent Costly Surprises

You schedule an appointment, hand over your insurance card, and assume your coverage will take care of the rest. Then a bill arrives—or the pharmacy tells you that your new prescription needs approval. Understanding your Medicare coverage before you use it can help you prepare for expenses, address paperwork, and ask better questions. Whether you are new to Medicare or have had coverage for years, these five questions are worth keeping handy. 1. Can I Use This Doctor With My Coverage? “Do you take Medicare?” is a starting point, but the next question depends on how you receive your benefits. With Original Medicare, you can generally use doctors and hospitals that accept Medicare throughout the United States. Ask whether the provider accepts assignment, meaning they agree to accept the Medicare-approved amount as full payment for covered services. With Medicare Advantage, you may need to use your plan’s network for non-emergency

7 Medicare Enrollment Mistakes to Avoid When Turning 65

Turning 65 is an exciting milestone—but it also brings important Medicare decisions. With multiple enrollment periods, coverage options, and deadlines to understand, even a small mistake could lead to delayed coverage, unexpected expenses, or lifelong penalties. Here are seven common Medicare enrollment mistakes and how you may be able to avoid them. 1. Assuming Medicare Enrollment Is Always Automatic Some people are automatically enrolled in Medicare Parts A and B, while others must enroll themselves. If you are already receiving Social Security or Railroad Retirement Board benefits before turning 65, enrollment may happen automatically. If you are not receiving these benefits, you will generally need to sign up for Medicare. Do not assume your coverage will begin automatically. Confirm your enrollment status before your 65th birthday. 2. Missing Your Initial Enrollment Period Your Medicare Initial Enrollment Period is a seven-month window that generally includes: The three months before your 65th

Original Medicare vs. Medicare Advantage: What Should You Choose at 65?

As your 65th birthday approaches, you will have several important Medicare decisions to make. One of the biggest is choosing how you want to receive your Medicare benefits. Should you select Original Medicare, or would a Medicare Advantage plan better fit your needs? Both options can provide valuable healthcare coverage, but they work very differently. The right choice depends on your doctors, prescriptions, budget, travel plans, and personal preferences—not simply on which option has the lowest advertised premium. Here is what you should understand before making your decision. First, What Is Original Medicare? Original Medicare is the traditional federal Medicare program. It includes: Medicare Part A, which generally helps cover inpatient hospital care, skilled nursing facility care, hospice care, and certain home healthcare services. Medicare Part B, which generally helps cover doctor visits, outpatient care, preventive services, medical equipment, and other medically necessary services. With Original Medicare, you can generally

Medicare Wellness Visits Explained: What Is Covered—and What Is Not

When you become eligible for Medicare, you may hear several similar-sounding terms: the “Welcome to Medicare” visit, the Annual Wellness Visit, and a routine physical exam. Although these appointments can all play a role in managing your health, they are not the same—and Medicare may cover them differently. Understanding the distinction before scheduling an appointment can help you ask the right questions, make better use of your benefits, and avoid unexpected costs. The “Welcome to Medicare” Preventive Visit The “Welcome to Medicare” preventive visit is a one-time appointment available during the first 12 months that you have Medicare Part B. This visit is designed to establish a baseline for your health and create a preventive-care plan. Your provider may review your medical and social history, discuss screenings and vaccines, check basic measurements, perform a simple vision test, assess certain health risks, and provide a written checklist of recommended preventive services.