Rethinking Retirement: When Saving Too Much Becomes a Regret

Retirement advice often emphasizes saving aggressively, cutting expenses, and preparing for a long life. But a growing number of retirees are discovering a different kind of regret — not that they didn’t save enough, but that they were too frugal to enjoy the fruits of their labor.

“Saving Regret” Is More Common Than You Think

A survey by the National Bureau of Economic Research found that nearly 60 percent of people aged 60 to 79 expressed regret about their past financial decisions. Some wished they had saved more, but many also felt they had been overly cautious and missed out on meaningful experiences while they had the health and freedom to enjoy them.

The Longevity Factor

Research from the University of Pennsylvania’s Wharton School revealed that retirees who learned more about their potential lifespan were significantly more likely to regret not making long-term financial decisions, such as purchasing lifetime income products or delaying Social Security. The regret over not buying those tools increased by more than 40 percent once people were informed of their realistic longevity expectations.

Missed Opportunities Are a Common Theme

In a national sample of Americans over 50, major regrets included not saving enough (57 percent), not purchasing long-term care insurance (40 percent), not creating guaranteed income for life (33 percent), and retiring too early (37 percent). These decisions often stemmed from fear — fear of outliving savings, fear of market crashes — but they also led to missed opportunities for travel, family time, or creative pursuits.

The Emotional Cost of Caution

A Bankrate survey found that 22 percent of respondents said their biggest financial regret was not saving earlier for retirement. However, 40 percent of those with regrets hadn’t done anything to address them in the past year, citing inflation and uncertainty as barriers. The result is a sense of being stuck — not just financially, but emotionally.

What This Means for You

It’s natural to want to be prepared, but excessive caution can rob retirement of its joy. Striking a balance between financial security and life satisfaction is the real challenge — and the real opportunity.

Start a Joy Fund

Set aside a portion of your retirement income — even 5 to 10 percent — specifically for meaningful experiences. Travel. Family outings. Lessons. Things that make you feel alive.

Plan Smart, Not Just Safe

Talk to an advisor who can walk you through options like lifetime annuities, long-term care plans, and the best time to take Social Security. These tools aren’t just about income — they’re about peace of mind, which can free you up to actually enjoy retirement.

Review Regularly

Your circumstances will change. So should your plan. Revisit your budget, your goals, and your mindset every year. Ask yourself: Am I holding back because I have to — or because I’m afraid to let go?

Don’t Wait for Someday

One of the most repeated regrets among retirees is putting off joy. Experiences are often best enjoyed when your health and mobility are still strong. Don’t wait until it’s too late.

Avoid Retirement Regret

The research is clear: a retirement focused only on preservation can lead to missed moments and lasting regret. By blending financial discipline with intentional joy, you give yourself permission to not just survive retirement — but to truly live it.