What Retirees Wish They Knew Sooner: Lessons from the 2024 Retirement Income Report
“If I had only known then what I know now.”
It’s a phrase many of us say in hindsight — and when it comes to retirement planning, it often carries even more weight.
The newly released Brighter Super & Investment Trends 2024 Retirement Income Report provides candid insight into how retirees view their past financial decisions. Their reflections offer valuable guidance for those still building toward retirement — and highlight common pitfalls that may be avoidable with the right strategies.
The Voice of Experience
Take Robert, a fictional former engineering manager, who shared:
“I thought I was doing everything right. I saved, lived within my means — but I still missed opportunities simply because I didn’t know what to look for.”
Stories like Robert’s are all too common. They emphasize that retirement readiness isn't just about discipline — it's also about education, timing, and access to professional advice.
What the Numbers Reveal
The report highlights that 38% of retirees wish they had contributed more to retirement accounts during their working years.
But behind that number are layers of small decisions: the vacations, renovations, or education expenses that often took priority. The insight? It’s not just about the size of your nest egg — it's about the consistency and intentionality behind how you build it.
Regrets Retirees Share Most
- Not contributing more consistently to retirement accounts
- Delaying or avoiding professional financial advice
- Being overly conservative in their investment strategies
- Prioritizing short-term spending over long-term goals
- Retiring earlier than they were financially prepared for
Each of these decisions had compounding effects over time — not just financially, but emotionally.
Key Lessons for Future Retirees
1. Start Early and Contribute Consistently
Even small contributions can potentially add up over time. Consider increasing your savings rate gradually, especially when receiving raises or bonuses.
Hypothetical examples are for illustrative purposes only and do not reflect actual investment results.
2. Balance Risk with Opportunity
Being too conservative with investments may limit your portfolio’s growth potential. On the other hand, being too aggressive can increase volatility. A well-balanced portfolio, tailored to your goals and risk tolerance, is key.
All investments involve risk, including the possible loss of principal. No strategy can guarantee success in all market conditions.
3. Seek Professional Advice Early
Retirement planning involves more than just saving — it's about understanding taxes, withdrawal strategies, estate planning, and more. The earlier you consult with a fiduciary advisor, the more flexibility and foresight you gain.
4. Consider the Long-Term Impact of Today’s Spending
Many retirees look back and wish they had delayed non-essential purchases to contribute more toward their future. You don’t have to sacrifice joy — just balance it with long-term security.
Looking Ahead with Confidence
The good news? 39% of retirees reported feeling satisfied with their financial choices. That means careful, values-aligned planning does pay off.
Whether you're 10 or 30 years from retirement, now is the time to check in on your progress and refine your strategy.
Take the Next Step with Whalen Financial
At Whalen Financial, we specialize in helping high-net-worth individuals create strategies that align with their goals, family values, and legacy vision — all while navigating risk, taxes, and long-term sustainability.
Disclosures
Whalen Financial is an SEC-registered investment adviser. Registration does not imply a certain level of skill or training. This content is provided for informational purposes only and should not be construed as investment, legal, or tax advice. Please consult with a qualified financial professional before making any financial decisions.
Investment Risk: All investments involve risk, including the potential loss of principal. Past performance is not a guarantee of future results. Diversification does not ensure a profit or protect against loss.
Hypothetical Examples: The individuals and scenarios presented in this article are fictionalized for illustrative purposes only. They do not represent actual clients or outcomes.
Third-Party Sources: Data and commentary referenced from the Brighter Super & Investment Trends 2024 Retirement Income Report are for educational purposes. Whalen Financial does not endorse or control third-party content.
