Majority Boomers Regret Retirement Planning Amid Rising Healthcare Costs

Many Baby Boomers face significant financial regrets in retirement, primarily due to delayed saving and poor management of the money they earned, with 82% wishing they had planned earlier. The power of compounding highlights the cost of delaying savings, as starting at age 25 versus 35 or 45 can dramatically affect retirement funds, impacting freedom and peace of mind later on. Lower-middle-class boomers often struggle with hidden expenses like medical costs not covered by Medicare, leading to financial stress, and many mistakenly claim Social Security benefits early, reducing their lifetime income. Additionally, retirees are rethinking traditional retirement strategies amid shifting economic conditions and increased longevity, which raises the risk of outliving savings by up to 20 years. Experts advise a more adaptable approach, including multiple income streams and carefully timed withdrawals, to ensure retirement savings last. Overall, the emphasis is on early planning, realistic healthcare cost preparation, and strategic financial management to avoid common pitfalls that diminish retirement quality.