Regrets, Had a Few
Most U.S. adults have financial regrets, and most common is not saving for retirement early enough, a new survey from Bankrate finds.
This is followed by not saving enough for emergency expenses and taking on too much credit card debt.
The good news is that two of these three big regrets can be fixed, even if you’re older. You just have to put a plan together that will reduce debt and build emergency savings.
Your credit union can help you in two ways: 1. your CU can offer you a low interest loan for consolidating your high-interest credit card debt and; 2. Your CU can help you to put a savings plan together – one that you can stick with.
The big regret – not saving for retirement early enough in life – is unfortunately all-too-common. Studies find that the vast majority of Americans are woefully behind in terms of funding their retirements. In fact, most 401(k) accounts lack even enough funds to pay for a year in retirement.
Young people need to start saving for retirement, even in addition to paying off student debt and saving for a down payment on a house. This is a lot to ask, but failing to do so only leads to big regrets later on.
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