I Asked 200 Retirees for Their Best Advice. Here’s What They Said About the Real Key to Retirement Happiness.

Many 24-year-olds don't ponder extensively over retirement . With many years of work still ahead of them, most are concentrating on advancing their careers. footing in the workplace — not on the financial needs and life goals of their 65-year-old selves.

It was the same for me as well. Of course, I signed up for a 401(k) and began to construct a emergency fund , but I hadn't truly taken the time to outline what my life might be like 40 years into the future. Everything shifted not too long ago.

Over the last few months, including as part of Business Insider's " Retirement Regrets In this series, I personally engaged with more than 200 senior citizens, and an additional 4,500 pensioners chose to share their experiences through online questionnaires. These individuals kindly provided detailed accounts of their lives. pitfalls and successes of their personal paths toward the golden years. Some shared their perspectives rosy picture of what the future may hold — traveling the world, volunteering for causes they admire, or spending more time with family. Others expressed regrets and struggles — working multiple positions well into their 70s or 80s, looking after elderly parents, or residing in precarious housing conditions.

Initially, I didn't give much thought to myself. retirement , but as I heard more stories, I began to wonder if I was already making mistakes I might one day regret.

After one woman told me she was too safe with her investments, I took most of my money from savings accounts and decided to plow it into the market — albeit via still-fairly-safe index and mutual funds. After a man said he regretted not maxing out his 401(k) I boosted my contribution. However, what really resonated with me from these narratives wasn’t just the typical fiscal guidance but rather the considerable amount of discussion around the mental, communal, and emotional side Some mentioned that they dedicated their entire lives to working towards retirement. enjoy their twilight years in relaxation , only to find out they lacked the sense of achievement they derived from their work. Others mentioned this as well. sacrificed travel Or families aiming for wealth end up falling ill post-retirement. Some mentioned they thoroughly enjoyed their retired life despite having minimal savings. This wasn’t unusual; many participants stated that the non-financial aspects of retirement held greater importance.

Following conversations with numerous retirees, I came to understand that there isn’t an ideal version of retirement I cannot foresee the trajectory of my career, the length of my lifespan, or the surprises life might hold. Along the journey, I could make mistakes, just like numerous others have shared with me; however, recovery methods exist. My goals from today until my sixties might evolve, or an unforeseen major occurrence could alter everything. Yet, after conducting these interviews—over ten for this piece—I find myself considerably more at ease regarding my retirement plans compared to when I started. This process has provided clarity on actions that both myself and other members of Generation Z ought to consider for our future retirements—even though hitting golf balls isn’t really part of those visions.

While my conversations eventually reinforced the age-old canard that money can't buy happiness, the hundreds of retirees I spoke to made it clear that there is a lot of value in financial stability . People stressed some basic tenets: save intently, live frugally, and plan for the long term. Admittedly, many Gen Zers who are on the lower rungs of the career ladder have little to invest because of meager starting salaries and high living costs. But even so, those further along in their journeys told me that learning the fundamentals of finance — whether through YouTube videos, books, or conversations with family and friends — is immensely helpful as the paychecks start to grow.

Kevin Foster, now 64, was earning a low-six-figure salary as a chemical and wastewater lab technician before he left the working world. While he regrets running up his credit cards and not maxing out his 401(k) earlier in his career, he amassed over $700,000 in savings by the time he retired, including the pension his job provided. The forethought turned out to be crucial: He was compelled to conclude his professional journey At 58, after being diagnosed with a severe autoimmune disorder, he began sketching. Social Security Disability Insurance In 2020, he received slightly more than $3,000 each month. Even with his health issues, the mixture of Social Security benefits, personal savings, his pension, along with his spouse's earnings ensures they can maintain a comfortable lifestyle for years to come.

I mentioned to her that my grandson will be celebrating his 20th birthday soon, and ever since obtaining his driving permit, he has had a job," said Foster. "Though he does have some savings, I advised him, ‘Regardless of the amount, make sure you set aside at least something.’

Financial experts may differ when it comes to specifying exact savings targets, but they all agree on one key point: beginning your savings journey as soon as possible allows you to benefit from compound interest over longer periods. Fidelity suggests you should amass three times your income by age 40 and ten times your income by age 67. T. Rowe Price recommends that your combined assets when you reach 65 should fall within a range of 7.5 to 13.5 times your annual income. While certain experts advise giving priority to Roth IRAs, others recommend focusing more on 401(k) plans instead.

You have to save your money early because you'll need it in retirement. Try to sock some of your money away.

Chris Herman, who leads personal retirement efforts at Merrill and Bank of America, highlighted the importance of joining workplace retirement programs when possible. However, he admitted that it can be challenging for younger individuals to concentrate on the distant future, particularly during times of crisis.

"A very large percentage of people in their 20s will lose their job against their will at some point in their career. You want to be prepared for that," Herman said.

Donna Davis, 71, learned that lesson the hard way . The single mother worked as a teacher and held odd jobs doing catering and working at day cares but could never save much each month. She knew little about the stock market, exhausted her Roth IRA to pay her bills, and returned to work two months after she retired for added financial security. She told me that she may need to work well into her 70s since her pension barely covers her mortgage, Medicare , along with prescriptions. Even though these challenges were tough back then, she regrets not saving more during her youth.

Retirement dreams often differ from the realities," Davis stated. "It’s crucial to start saving funds early since they will be needed during retirement. Make an effort to set aside part of your income.

Although many retirees approached their plans with great diligence, careful preparation was not always sufficient. Some individuals still faced challenges despite thorough planning. illness or disease paused their retirement advancement. Others mentioned that the passing of a family member or losing a job hindered their progress. Some found it difficult to obtain stable employment. white-collar work After experiencing a layoff and transitioning to living from paycheck to paycheck, many individuals within my age group have not accounted for such situations. This has forced me to reassess my perspective on retiring. Even if I were to save extensively and adhere strictly to a schedule of life achievements, unforeseen events might still undermine all this advancement.

Although a significant life event may disrupt my plans, I’ve learned that it’s beneficial to acknowledge that life frequently turns out differently than expected—just as my mother would say, “Man proposes, and God disposes.” The best approach is to make every effort to enjoy each day thoroughly, set aside funds for unexpected expenses, and hear accounts from individuals such as Barbara Moore-Peters.

Moore-Peters, who is 62 years old, had a challenging upbringing marked by poverty and academic difficulties. Despite these obstacles, she managed to work as a nurse for thirty years while raising her children single-handedly. In 2008, she suddenly became blind but recovered some of her sight later on. Even so, managing employment proved difficult due to her ongoing visual impairment. Unfortunately, there’s currently no cure for her neuromuscular disorder. disease , and she's uncertain about maintaining her finances with a disability allowance. Even though she has these money concerns, she mentioned that her children and grandchildren make her later years enjoyable.

All I possess is my heritage," she stated. "Whenever I'm feeling low, I head to Ohio to visit my grandchildren and daughters for some comforting embraces and affectionate pecks.

Increasingly, I found myself chatting with people about the emotional fulfillment — or lack of it — that comes with leaving a career. Given my workaholic gene and the genuine enjoyment I get from my job, there is a chance I may never fully retire. Even if I get to a point where I can comfortably ride off into the proverbial sunset, I might not want to. I get bored very easily. It's why I've taken up marathon running, created trivia Games, and plan to visit all 50 states before turning 30. I am not the only one facing this; two dozen individuals who talked to BI mentioned they intend to work beyond traditional retirement age without plans to stop. Several stated that despite this, millionaires , they aim to continue moving forward.

Louis Belline, aged 75, mentioned that he “couldn’t make retirement work” five times. He retired from his position at Delta Air Lines during the mid-2000s after serving for 25 years. pilot Before resuming his career as a flight instructor and earning an annual salary of $130,000. Five years prior, his spouse opted for retirement with pleasure, and this Georgian duo boasts a combined wealth in the high seven-figure range. However, Belline mentioned that he might continue working well into his late seventies since it helps keep his mind agile.

Belline remarked, “I’ve seen folks retire and essentially stop living.” Their main worry is avoiding mental decline. They believe they can continue working and stay competitive with the younger generation, even though many of them are more intelligent.

David John, who serves as a senior strategic policy advisor for AARP, has observed numerous individuals retiring with great enthusiasm but later finding themselves feeling bored or lacking direction. According to him, adapting to this change can be challenging, and the absence of social interaction during retirement frequently leads them to seek employment again. In an AARP poll involving those who returned to work after initially stepping away from their jobs, around fifty percent cited “having a sense of purpose, maintaining a social circle, and being active outside” as reasons behind their choice to go back to working.

Multiple retirees I talked to managed to find purpose through innovative means. At age 67, Aida Porras experienced significant loss when she lost her mother some years back and subsequently cared for her husband during his battle with stage four cancer. Previously employed as a healthcare consultant, Porras was let go but continued consulting independently while also looking after her sick mother. Following her husband’s death, Porras assumed control of the family-owned art supply company based in Georgia, which provided her new direction. new circle of friends This piqued her curiosity about painting and gave her an opportunity to showcase her business acumen. Additionally, it aided her in coping with her sorrow and maintaining focus on life’s pleasures. She mentioned not having a specific strategy for her retirement, noting that several members of her family had reached their 90s.

“I’ll have additional money, which will be beneficial for me later,” Porras stated. “When I finally rest at night, I chuckle and think, ‘No one can dismiss me.’”

Listening to tales similar to Porras’ and many more has shown me that even if I don’t reach my financial milestones I could easily shift gears and start my own business, author a book, or perhaps engage in manual labor. There will consistently be opportunities providing both financial stability and personal satisfaction.

In the end, the key element for a thriving retirement appeared to be possessing a distinct comprehension of personal happiness. During my interviews, numerous individuals mentioned they had been overly ambitious after retiring, which led them to deplete their resources rapidly. Conversely, some stated they were excessively conservative, missing out on enjoyable experiences as a result. Those who viewed their retirement as successful concurred that retirement Is centered around fulfillment and purpose—whether achieving travel dreams, completing that final career milestone, or enjoying regular coffees with an old pal. Having often put aside personal pleasures for financial advancement, like holding down a full-time position throughout many semesters of university, I am now scaling back activities during free moments. By reducing certain obligations, I aim to focus more on exploration and well-being, though I haven’t completely disregarded recent economic shifts either.

I wasn’t born into riches, had no one guiding me, and never accumulated substantial wealth, yet I managed to do nearly all the things I always dreamt of pursuing.

My discussions have provided me with several excellent examples of what a genuinely prosperous retirement might entail. Consider Bill Watts, aged 78, who informed me that he considers himself highly successful in retirement despite not accumulating significant wealth. Living in Florida, Watts previously worked in selling insurance and mutual funds before dedicating 25 years to nuclear medicine and retiring at 67. Early adoption of IRA investments combined with prudent financial habits allowed him to maintain ownership of his fishing boat for three decades and embark on affordable global travels through meticulous budgeting. After retiring, he engaged in scuba diving and purchased a home in Seattle near his children, where he enjoys summer stays. Since ceasing work, his initial savings of $1.3 million have appreciated to around $1.8 million largely due to smart management. smart investing And amidst traveling and enjoying time with his wife of 53 years, he has filled his later years at age 70 plus with reading, browsing YouTube, and taking care of his homes.

“I didn’t grow up wealthy, had no mentors, and never earned much money, but I managed to do nearly everything I ever dreamt of,” Watts stated.

Maybe my retirement might resemble that of Lori Devlin, aged 68, who retired in 2021 following 36 years in the wine sector yet decided to take a " retirement job As the village clerk in her hometown on Long Island, she manages the municipality’s documents and handles administrative duties. During the 2008 economic downturn, her net worth dropped into negative territory; however, she managed to increase it significantly beyond the $1 million mark by the time she retired thanks to assertive investments and additional earnings from serving as an elected township trustee. Devlin mentioned that her retirement fulfills all her aspirations, despite earning considerably less compared to her former job in the wine sector. She finds joy in engaging with local governance and contributing positively to her community. At age 70, when she starts receiving Social Security benefits, she intends to gradually reduce her workload so she can focus more on traveling and spending quality time with her grandchildren.

I am roughly 40 years away from retiring, yet I've started utilizing my mid-20s to contemplate how to lead a meaningful life during my later years, even if this doesn’t involve becoming a multimillionaire or lounging beside palm trees every day.

Are you part of Generation Z and already contemplating your retirement? Kindly complete this form. quick form .

Noah Sheidlower is a journalist with Business Insider’s Economy division and headed up the Retirement Regrets series.

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