It’s not uncommon to have financial regrets, from spending too much on an impulse buy to not saving enough for vacation. But when it comes to retirement planning, mistakes can be especially costly.
Here are six regrets you’ll want to avoid as you save for your golden years.
1. Not saving early enough
It’s never too late to start saving money and building your nest egg, but starting earlier will give you an advantage. The best time to start is right now, even if retirement is decades away. It’s easy to disregard the need to save when you’re in your 20s and 30s and have ample working years ahead of you, but those are some of the most critical years to compound your wealth.
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2. Taking Social Security too soon
You can take out Social Security when you turn age 62, but your payments will be reduced compared to if you wait. Tapping Social Security as soon as you can may help cover costs in the short-term, but it may not make sense for your long-term financial picture.
Some people consider working a few more years so they can delay receiving Social Security.
3. Underestimating health care costs
Health care costs are on the rise, and in retirement, you may need to invest in more health care than you realize. In a 2025 report, Fidelity Investments estimated that a 65-year-old retiring can expect to spend $172,500 on average in health care and medical expenses throughout retirement — a more than 4% increase from 2024.
Saving money for health care, including in tax-advantaged accounts like health savings accounts (HSAs), can help.
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4. Failing to plan withdrawals strategically
Withdrawing from retirement plans lets you tap into all of the money you have saved over the years, but if you rush the process, you can end up with a much higher tax bill than you expect. Strategic withdrawals let you maximize how much of your nest egg you access each year while minimizing the tax burden.
Understanding required minimum distributions (RMDs) and tax planning are important parts of a withdrawal strategy.
5. Relying too heavily on one income stream
Social Security can be a major part of your financial picture, but assuming that you will be able to live off of those payments alone may be a mistake.
Leaning exclusively on one income source to fund your retirement lifestyle can result in a lot of hard decisions later down the road, and may require you to sell financial assets when their prices have dropped if you’re in a pinch. It’s better to diversify your income streams.
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6. Ignoring estate planning
Retirees who leave inheritances for their heirs should make sure the money will reach the right people. Setting up an estate plan eases those worries.
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