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These accounts can give them more options in retirement and help reduce the taxes they pay, he said.
Not Paying Off Debt Before Retiring
Unfortunately, theres nothing more American than debt.
Its how we buy homes, cars, college degrees and big TVs.
Consider purchasing long-term care insurance while youre still young and healthy enough to qualify for lower premiums.
And if you are already retired, Shirshikov suggested exploring supplemental insurance options like Medigap.
But they can add up, Carroll said: Fees can eat away at your savings.
That goes double for retirement investing, said Carroll.
Some retirees regret selling their investments when the market took a downturn because they were scared, he said.
In hindsight, they see that staying invested would have been a smarter move.
This is another reason for investing early.
It makes it much easier to benefit from the long-term rise in themarket and disregard dipsalong the way.
Many retirees wish they had waited longer to claimSocial Security benefits, Carroll said.
Claiming too early means getting smaller monthly checks for the rest of their lives.
But that exuberance can result in spending beyond your means, explained Carroll.
He added that with life expectancies getting higher, it can result in serious monetary shortfalls late in life.
Putting Their Childrens Needs First
Children are expensive.
And, often, being a good parent can be really expensive.
You want the best for your kids, and its difficult not to prioritize their needs above your own.
But Collins said that retirees often need to express their regret at not trying harder to find another solution.
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