LAS VEGAS (KTNV) — Retirement is supposed to feel like a finish line, a time to relax and enjoy the years ahead.
But for many Americans, it’s bringing unexpected stress instead.
WATCH | Locals discuss worries ahead of retirement, experts share tips
A new nationwide survey shows many people who retired within the last five years have financial regrets. In fact, 55% say they regret how they saved for retirement, and 28% wish they had started earlier. Only 40% say they’re still on track with their original retirement budget. One in five retirees say they’re spending less than expected just to make ends meet.
For 30-year-old kindergarten teacher Mildred Dafinofne, retirement feels far away, and a little intimidating.
“I would like to retire as soon as possible,” she said.
But when it comes to actually saving for retirement, she admits it’s difficult.
“It’s a little hard these days,” Dafinofne said.
Even though retirement may be decades away, she says she doesn’t like to think about it.
“Thinking about retirement and getting older is scary,” she said.
Experts say that hesitation is common, but delaying can be costly.
“The best retirement advice is always start early, save as much as you can, and invest it wisely,” said Kevin Jestice, President of Nationwide Retire Solutions.
Jestice says Dafinofne's situation reflects what many Americans are experiencing. Rising costs and competing financial priorities make saving difficult, but planning remains essential.
So what can you do now?
Jestice says the first step is making sure your essential expenses are covered.
“Try to make sure you can cover fixed expenses with guaranteed income,” he said. “That’s Social Security, a pension, or an annuity-like product.”
Beyond covering the basics, experts recommend several simple steps retirees, or future retirees, can take right now to feel more in control:
- Review monthly subscriptions and cancel what you don’t use
- Shop around for better insurance rates
- Separate needs from wants
- Keep an emergency cash buffer
- Check your budget regularly
Advisors also say it’s never too late to invest or fine-tune your portfolio.
“You can’t defer bills like insurance, taxes, or medications,” Jestice said. “But building a portfolio that provides steady income from Social Security, pensions, retirement accounts, and even annuities, can give you financial peace of mind.”
For workers like Dafinofne, the message is clear: even if retirement feels far away, it’s worth thinking about now.
“I don’t see myself working until 65,” she said.
Financial advisors say even small savings and smart planning today can make a big difference in the years ahead.
