4 Best Tips Retirees Have for Younger Generations

Learning from the experiences of those before you—mistakes as well as what worked—is a good way to help aspiring retirees on track to a happy and secure retirement while minimizing regrets and bad decisions.

In a new study by MedicareFAQ, a Medicare learning resource center, more than 560 self-reporting retired Americans were surveyed to understand their regrets better and to see what advice they can offer to younger generations. Respondents were 65% female and 35% male, with an age range of 27 to 90 and an average age of 65 years old. The average age of retirement amongst respondents was 58, with the majority having been retired for 5 or more years.

Here are the top four pieces of advice gleaned from the study:

1. Prioritize financial planning and savings

 The vast majority of retirees in the study (86%) said wish they would have saved more before retiring, and 60% say they did not start investing in their retirement funds early enough. The survey found 67% of retirees say start saving earlier is their biggest piece of advice.

The study found 59% of retirees have financial concerns about their retirement, and less than half (46%) have saved enough money for a comfortable retirement.

Next page: Take your health seriously