Meet the Oversavers: Older Americans With Plenty for Retirement But Wishing They’d Worked Less and Played More

• Certain Americans save excessively for retirement, which leads them to make sacrifices throughout their working lives.
• Financial advisors suggested finding a balance between saving money and savoring life to prevent regrets during retirement.
• This is part of an continuing series exploring the regrets of older Americans.

Joshua Winston, aged 70, performed quite well. preparing for retirement He successfully operated two veterinary clinics, managed smart investments , and lived frugally .

However, just one week following his retirement in May, he was diagnosed with cancer . Now, Winston mentioned, he has misgivings. working such long hours throughout his career, frequently skipping outings and evenings reserved for couples.

Winston is one of a few dozen respondents to an informal Business Insider survey who said they worked too hard During their careers or concentrating excessively on accumulating savings for retirement, sacrificing family time ,, engage in travel, or pursue other recreational activities during their youth. They are part of over 3,600 senior citizens in America who have shared their experiences. life regrets Through surveys or direct emails sent to journalists. This article is part of an ongoing series.

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Certain survey participants believed they were lagging behind. retirement goals And decided to avoid bigger expenditures, only to find out they were overly prepared and excessively careful. Some mentioned traumatic events, like the loss of someone dear or a catastrophic medical diagnosis , caused them to worry about setting aside funds in case of another crisis. Conversations with five Americans who believed they were overly frugal highlight the challenges of understanding how to properly ready oneself for retirement.

Dylan Tyson, who leads retirement strategies at Prudential Financial, explained the mentality of someone who saves excessively: "You're cutting back on living — skipping that additional journey or missing out on attending that concert or ball game with your loved ones — due to concerns about not having sufficient savings set aside."

Saving for an underwhelming retirement

Winston, who lives in Arizona, spent much of his career in veterinary work. Throughout his life, he drove modest vehicles , resided in a home of upper-middle-class status, and was careful when considering bigger buys.

He retired with around $3 million but regretted not using some of that funds to hire assistance for his clinic, which would have allowed him to avoid working nights as an emergency veterinary hotline operator.

"Winston mentioned that this consumed much of his time. Whenever he went out with his wife, he couldn’t enjoy watching a movie due to receiving around twelve phone calls," he stated, although he admitted that the helpline contributed significantly to making his practice prosperous.

He intended to use part of his savings for this purpose. retirement However, he was informed about his lung cancer diagnosis in May and mentioned that life had been "difficult" ever since.

“I have sufficient funds to sustain myself till I’m 95 and still manage some vacations. My life stretches out before me like this, yet here we are,” Winston stated. “I’ve been diagnosed with cancer, and I might not get to relish the wealth I diligently saved.”

Tyson mentioned that although many retirement When referring to “guesswork,” individuals should aim to calculate the amount of lifetime income required to meet their retirement objectives while also considering and managing their expenditure priorities, desires, and aspirations.

Amidst the uncertainty faced by millions of Americans, we observe that the more astute individuals among them are proactively developing financial strategies centered around what matters most to them," Tyson stated. "They safeguard these objectives by securing stable and consistent sources of income for their retirement requirements and desires—enabling them to stress less and chase after their deepest aspirations.

Putting in excessive effort at work and losing touch with loved ones

Ruth Mills, aged 63, stated she began saving later In life, she managed to accumulate seven-figure wealth through thrifty living and strategic investments. The Minnesotan became a parent during her early twenties when money was scarce. Despite this, she persisted. single mom , she held multiple jobs, working odd jobs as a part-time in-home personal care assistant in addition to full-time work. She worked her way up to a senior accounting officer for the state.

She mentioned that due to her extensive work hours and sole responsibility of caring for her children, she lost chances to go out. friends She mentioned that a part of her wishes she had skipped saving some money so she could have taken on fewer jobs or spent time pursuing hobbies instead.

"I saved effectively for my retirement, but perhaps excessively since I was overly thrifty throughout my working years and didn’t indulge enough when I was younger because I spent too much time working," Mills stated.

Mills mentioned that she postponed her visit to Ireland because she no longer feels physically capable of making the journey. Recently, downsized Her home, with plans to retire shortly so she can spend her golden years doting on her grandkids and maintaining an energetic way of life.

"Maintaining wealth globally sounds amazing, yet I haven’t achieved this level of affluence; however, without close companions and family members to enjoy those riches with eventually, one must weigh these benefits carefully," Mills stated. Furthermore, she mentioned, “Given my prior efforts in saving and investing wisely early on, I’m eagerly anticipating securing enough financially so as not only to cover life’s essentials but also to embark on exciting journeys and create cherished memories alongside my grandchildren.”

Ryan Viktorin, a financial advisor and CFP at Fidelity, mentioned she identifies three types of oversavers: individuals who face an adverse incident preventing them from using their savings, and those who constantly fear they will not accumulate sufficient funds due to various reasons. healthcare costs Or due to market fluctuations, and individuals who keep working as they haven't psychologically adapted to retirement, worrying about it being dull or lonely.

She mentioned that those baby boomers who are retiring today listened to tales from their parents or grandparents about living through the Great Depression.

I often encounter clients who have saved extensively, and they mention that being thrifty is deeply ingrained in them,” she explained. “They express feeling unable to truly savor life or embrace experiences due to this constant drive to save.

Not being present for important family events

Kirk, aged 75, mentioned that he hadn’t recognized how well-prepared he was for retirement. This retired lawyer from California opted to be referred to by just his first name due to privacy reasons. Throughout his career, he had been employed with several financial organizations and consistently contributed the maximum amount allowable into his 401(k) plan. As a result, Kirk accumulated more than $1.1 million in tax-deferred retirement funds. Nevertheless, he remained concerned about potential emergencies or stock market downturns potentially disrupting his carefully laid-out retirement strategy. comfortable retirement .

Upon retiring from his full-time position at age 67, he recognized that numerous chances had eluded him due to his hesitance to spend money. One regret was passing up an extended journey to France with his brother during his sixties when both of them were more capable; unfortunately, his brother now faces cognitive difficulties making such trips challenging. During a visit to Hawaii, he enrolled his two kids in a helicopter tour without joining them as a way to cut costs.

It would've been an incredible experience to share and discuss with them for many years," Kirk stated. "I could finance a batch of helicopter trips right now and wouldn’t feel the loss financially.

Viktorin emphasized the significance of examining the difference between expenditures and earnings, and determining if there’s any flexibility within your financial plan aside from setting money aside for retirement. This approach might assist in easing some concerns that older Americans currently face.

When crafting a financial strategy, you have the opportunity to explore various scenarios and visualize their outcomes," Viktorin explained. "For instance, how would things change if we decided to take additional trips and incur higher expenses? Or consider flying in business class instead of opting for coach or economy seats? And what impact might it have if we increased support for our kids?

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