The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
Do you have your financial bases covered?
The average salary is $50,000. Financial experts agree that by the age of 55, you should have at least 7x your salary saved—this calculates to at least $350,000. But according to the federal reserve, the median retirement savings of those aged 65 to 74 is $126,000.
It’s easy to “live life with no regrets,” but looking back, some senior citizens have expressed what they wish they would’ve done sooner, financially speaking.
- About 1 in 4 senior citizens regret not saving and investing sooner
- 10% of seniors claim that their biggest regret is taking on too much credit card debt
- Women are twice as likely than men to regret racking up so much credit card debt
From this list, the top regret is the same advice every financial expert gives—to save and invest as early as you can. But if you’re trying to save and pay down debt at the same time, which should you prioritize?
Your decision depends on current debt, lifestyle, and age. Yet starting off today, no matter how small sets yourself up for future success. You can learn more from what financial regrets senior citizens have on Lexington Law, so you can apply their lessons to your life.