• More than 3,300 older Americans have shared their financial and other regrets with Business Insider.
• Some older adults said tight budgets and a lack of savings were contributing to loneliness.
• This is part of an ongoing series about older Americans' regrets.

Taffi Ozenne has a few simple and inexpensive joys in her life.

When she feels lonely, she counts them: a hot-fudge sundae at McDonald's ($3.79), a walk with her dogs (free), and the first puff of her cigarette ($9.63 for a pack) on a sunny afternoon in northern California. The 68-year-old repeats the list over and over.

"In those moments where I'm wishing I had a friend that I could do something with, I just gravitate toward my dogs and say, oh, I got two friends right here — let's go for a walk," she said.

Since mid-September, more than 3,300 older Americans like Ozenne have shared their retirement regrets with Business Insider through a reader survey or direct emails to reporters. Loneliness is a common theme.

Some said they regretted not saving more, as a lack of money makes it difficult to maintain a social life. Many said they struggled to ask friends and family for help, further isolating them from loved ones. For an older generation already facing a loneliness crisis, money woes are making it worse. This story is part of an ongoing series.

With no retirement savings, Ozenne is trying to get by on her $1,739 monthly Social Security payments and the money she cobbles together through part-time jobs at a law firm and a bowling alley. She said her schedule feels nonstop but she needs the work so that her total monthly income is slightly above $3,000, enough to cover her bills.

Ozenne said that her budget didn't allow her to travel or go out with friends and that she felt increasingly isolated. She said she regretted not saving enough to support herself in her 60s or 70s and worries she'll have no one to care for her as she ages.

"It's mentally exhausting," she said, adding, "I don't want to be a burden to anyone."

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Limited retirement savings take a social toll

In a survey of US adults commissioned by Cigna and conducted by Morning Consult in late 2021, 63% of respondents who earned less than $50,000 a year and 41% of respondents over 66 said they felt consistently lonely.

Having limited income can erode social connections for older adults. Social Security checks aren't enough to cover many retirees' bills, and some don't have enough of a nest egg to afford a night out, holiday gifts, or gas to visit family members. Meanwhile, the costs of meals, flights, and concert tickets have crept up.

"My 'golden years' are not golden at all: I live alone and have no friends," one respondent in BI's survey wrote. Another wrote, "I feel hopeless, I'm lonely, and my health is rapidly getting worse."

Joseph Coughlin, the founder and director of the AgeLab at the Massachusetts Institute of Technology, said that high costs of social activities, housing, and transportation could lead to social challenges for retirees.

"If you do not have the financial resources, you're pretty much constrained where you live," he said. "You may not be able to afford a place that gives you the opportunity for those chance collisions with friends and, frankly, new people."

Susan Harper lives on less than $1,000 in monthly Social Security, plus SNAP benefits, but she has no nest egg or investments. The 66-year-old recently moved from Oregon to Washington, DC, to live with her sister. They're sharing household bills until Harper can secure low-income housing in the area. (Harper is on a waitlist.) Harper said that while she appreciated her sister, she missed her community. She said she often declined invitations from new friends to go to bars or restaurants because of the cost.

Harper said that while she needed to move to receive financial support from her sister, living in a new city had made her lonely.

"It's just a very difficult time, and it's very isolating," she said. "Especially as I get older."

Older adults regret not having a support system as they age

In the University of Michigan's National Poll on Healthy Aging conducted in March, older adults who weren't working, who lived alone, or who had lower household incomes were more likely to report feeling lonely. About 29% of adults 50 to 80 reported feeling isolated from others some of the time or often within the past year.

Coughlin said social isolation could exacerbate the risk of cognitive and physical decline for older adults, which may increase the likelihood that they need assisted care later in life. Genworth Financial, an insurance company, found that the median monthly cost of an assisted living facility in the US was $5,350 in 2023 — a price many older Americans told BI they couldn't afford.

John Keefe, 84, lives alone in Arkansas on his $2,700 monthly Social Security check and limited retirement savings. Keefe lost his son in 2011 and his wife in 2023. He said they were his main support system.

Keefe said he didn't travel much outside his hometown, and he worries about how he'll take care of himself when he can no longer drive to appointments or the grocery store. He said he wished that he and his wife had built a stronger financial cushion.

"I've outlived everybody," he said, adding that it was especially challenging to make connections as a widowed retiree.

Though there's no one-size-fits-all fix for loneliness, Coughlin offered a few suggestions. He said prospective retirees should think about "longevity planning." In addition to building a nest egg, he said, arranging the social aspects of retirement earlier in life — such as living near friends and family and developing hobbies — could reduce the risk of loneliness later and help people budget.

"Yes, it's about how much money you've saved — but it's also about all those other little things that make you smile and contribute to quality of life," he said. "That has to be planned as much as your 401(k) or whether you had your annual checkup."

Government and local assistance can also be a source of relief for older Americans struggling with finances and loneliness. The National Council on Aging estimates that 9 million older adults who are eligible for SNAP benefits don't receive them, and many forgo aid like Medicare Savings Programs designed to help pay for healthcare and other expenses. Many local senior centers offer free or low-cost social activities, transportation, and benefits counseling.

Ozenne is taking her life day by day. Because she works several jobs, her income is likely too high to qualify her for many forms of government assistance. So she sits at her kitchen table working on her monthly budget, and she stops by McDonald's for a hot-fudge sundae if she needs a pick-me-up. Her days still feel lonely, but she tries to "put on a brave face," she said. It helps to know she isn't the only one in this position.

"There are a lot of people — we're laying in bed awake at night wondering if we're going to make it through this month and if we're going to have enough money to pay bills," she said. "And if not, we wonder: What can give? What can I do without?"

Noah Sheidlower contributed reporting.

Are you experiencing loneliness because of your finances? Are you open to sharing your story with a reporter? If so, reach out to [email protected].

• Many older Americans regret some career choices that affected retirement plans and job prospects.
• Regrets include not prioritizing education, frequent job changes, and involvement in office drama.
• This is part of an ongoing series about older Americans' regrets.

For millions of Americans, retiring at 65 is just a dream.

Since September, BI has heard from older Americans about their career regrets in two surveys it conducted.

Over 3,000 people between the ages of 48 and 96 completed a voluntary BI survey or emailed reporters about their life regrets. In a separate survey, over 300 recently laid-off Americans over 50 shared their career regrets. We followed up with 13 interviews to learn more. This is part of an ongoing series.

Some common themes people discussed included not prioritizing education, switching jobs too frequently, and struggling to navigate office politics. Many also cited age discrimination — data from AARP found that 64% of those over 50 have either seen or experienced age discrimination in the workplace. Nearly all said they were passed over for some roles in favor of younger applicants with lower pay expectations, particularly in white-collar roles where hiring has slowed.

We want to hear from you. Are you an older American with any life regrets that you would be comfortable sharing with a reporter? Please fill out this quick form.

Bureau of Labor Statistics data found that 18.9% of Americans 65 and older — about 11.4 million people — still work, many for financial or social reasons. Some returned to work after retiring, citing financial concerns.

Not prioritizing or getting the wrong kind of education

Lou Nelson, 63, was an executive assistant in the medical devices industry for 25 years but faced two layoffs since 2021. She hasn't had luck securing work since January.

For most of her career, she had few regrets about not having a bachelor's degree because she worked for top healthtech companies and said she was well respected. However, after sending out over 50 applications, she suspects not having a degree has impeded her search.

"Nobody wants to hire someone that's 63 years old, and I don't know if it's because of pay or experience," said Nelson, who lives in Texas.

A college degree is still a big boon to finding and holding a job. The Bureau of Labor Statistics' latest jobs report showed that Americans with a bachelor's degree or higher had an unemployment rate of 2.4% in November 2024, while those with only a high-school diploma had an unemployment rate nearly twice as high, at 4.6%.

Grover McBeath, 79, said not having either limited his career options. He struggled through school and dropped out in eighth grade.

He joined the Air Force and worked in electronics for most of his career, but he lacked job satisfaction. Though he traveled the world for work and his salary peaked at $38,000 a year, he said he had an "unstable, nomadic lifestyle." McBeath took Social Security at 62 and relies on the $1,108 a month he receives. He lives in affordable housing in Nevada and receives SNAP benefits to help pay for food.

"I was in a career field that I didn't have an aptitude for, and many times, I just felt so lost in what I was doing, which is why I bounced around a lot," McBeath said, adding he wished he prioritized education.

Still, many believe a college degree isn't worth the financial burden. A Pew Research Center survey of US adults conducted at the end of 2023 found that just 22% of respondents believed a four-year college degree would be worth it if they had to take out loans.

Some older Americans BI spoke with agreed that their degrees haven't helped further their careers. Lynda Namey, 54, was a healthcare business manager for two decades, making $62,000 a year at her peak. However, after a divorce that put her in debt, she said she panicked and returned to school for her master's and doctorate degrees in counseling from Liberty University. She had no strong desire to pursue the degrees but did it because she expected them to help her land higher-paying roles.

That hasn't panned out. The Alabama resident removed her doctorate from her résumé to not appear overqualified. While searching for a full-time job, she's held part-time consulting, life coaching, and independent contractor roles. She also teaches meditation.

"I'm a middle-aged woman who has to completely support myself. I pay for my own insurance, and I've got to think about my future," Namey said. "I can't afford to take a job that pays $17 or $18 an hour. But those are the only jobs I get interviewed for."

Switching jobs frequently instead of building a cohesive career

Though a few job seekers regretted not looking enough for new roles, dozens said they regretted bouncing between jobs and career paths and not being more intentional about growing their networks.

After working in various industries, Dawn Habbena, 63, fell in love with human resources. But after her company was sold, she took a job in compliance for a wealth management company, which wasn't as satisfying as HR.

When Habbena faced a layoff during the pandemic, she struggled to get back into HR. Six months later, she got an HR job for a manufacturing plant, but she took another HR role after moving to help her aging mother. She described that role as "absolutely horrible," and she's since struggled to find another position — even as a grocery checker — after sending out over 1,000 applications.

Habbena wished she'd stayed focused on HR to accrue more experience and kept building her computer skills. She lives in a one-bedroom apartment with her 86-year-old mother and drives for DoorDash to stay afloat.

"I wish I had more confidence in what I did because I was easily knocked off," said Habbena, who lives in Texas.

Many older Americans, like Chuck Smith, 60, couldn't control how long they stayed in roles because of layoffs but wished they had settled somewhere more stable. Smith, from Massachusetts, worked in tech marketing for most of his career, making as much as six figures.

Smith was laid off in June 2023 and said he's since applied to over 2,700 roles and landed about 100 interviews. Though he and his wife are financially comfortable, Smith said he's worried about how quickly he's spending down his savings without a stable income.

Though hiring has remained steady for lower-income workers, the job market for six-figure earners has slumped. New LinkedIn data found hiring has fallen 27% in IT and 23% in product management and marketing since 2018. Middle managers have also faced hiring challenges — hiring levels fell 42% between April 2022 and October 2024, data from Revelio Labs found.

To be sure, recent data reveals that switching jobs often yields financial gains. A September Vanguard report found that the median job switcher received a 10% increase in pay. Still, it also showed a 0.7 percentage-point decline in people's retirement savings rate when switching jobs because 401(k) plan benefits can vary and people often make mistakes when rolling over retirement accounts.

AARP found that older workers who voluntarily change roles or industries in their 40s and 50s tend to retire later and have better work outcomes than their peers who stay in one role.

"They have better wage growth. They've experienced a higher success rate of staying in the workplace over those who might have been forced to change jobs later in their career," said Carly Roszkowski, the vice president of financial resilience programming at AARP.

Taking a risk on a business, contract roles, or an 'office bully'

Some respondents took risks that hurt them financially.

Michael R., 70, opened toy stores in New York throughout the 2000s, thinking they would grow enough that he could retire comfortably. However, when his businesses crashed amid the 2008 recession, he lost over $650,000 and declared bankruptcy.

"If I didn't do the business, I would have bought a house," Michael said, adding that in that scenario, he could've helped his whole family by selling his mom's house and gifting his siblings the money.

However, he had to move in with his mother, and after she died, he rented a studio apartment. He said he works nearly every day of the week at his friend's toy store and earns about $8,000 a month between his paycheck and his Social Security benefits.

"I'm still struggling just to pay my rent, my groceries, and my car. We don't get a raise. We don't get a bonus," Michael said. "I'm grateful I'm employed, but I can't go out looking for another job. Nobody's going to hire somebody who's 70 years old."

Some regretted taking risks working in contract roles instead of prioritizing full-time work. Mauricia Day, 74, never finished her degree and said she's held over 40 jobs — many contracted — in radio, tailoring, and office administration, making $30,000 a year at most. After a layoff in 2020, she hasn't found secure work. She works at a nonprofit in a part-time contract role that ends in December.

Day said because she knew little about saving and investing, she lived paycheck to paycheck. She wished she'd focused on securing full-time employment in one field instead of relying on unstable income. She receives $1,136 in Social Security and $317 from her pension each month, which is slightly more than her house payment.

"I wish I had focused more on a career; it would have probably helped better with retirement and investing," Day said, adding she stayed home for nearly 18 years raising her children. "I have a lot of friends who have been retired for 10 years, 15 years. I'm unsure why I'm still looking, but I know I'm still looking."

A few wished they took fewer risks navigating workplace dynamics. Robbi Sera, 59, said she had a stable career as a biotech project manager and made good financial decisions, such as maxing out her 401(k). However, she said she took a few risks at work that backfired.

Sera said she gave constructive feedback to a "company bully," which she said contributed to her layoff in February. She wished she'd stayed quiet until she locked down a different job, as she said the hiring landscape is "dismal."

Sera, who splits her time between California and Hawaii, said even though she's financially stable, she and her husband have cut back on spending significantly, rarely eating out or traveling. She earns $20 an hour as a contracted customer service agent for the aviation industry while searching for higher-paying roles.

"You just keep swimming and hope that something gets better," Sera said.

Are you an older American with any life regrets that you would be comfortable sharing with a reporter? Please fill out this quick form or email [email protected].

• Many of the 3,300 older Americans BI heard from recently regret not preparing enough for retirement.
• Financial planners described how younger people could set themselves up now to retire comfortably.
• This is part of an ongoing series about older Americans' retirement regrets.

For many Americans, their golden years can be a time of reflection — and regret.

Since mid-September, more than 3,300 older Americans have shared their retirement regrets with Business Insider through a reader survey or direct emails to reporters. Many said they wished they'd saved more, waited longer to retire, relied less on Social Security, or been more prepared for unexpected financial setbacks, such as a layoff, a medical diagnosis, or a divorce.

"I didn't really think about retirement in concrete terms," one 65-year-old wrote in response to a survey question about how people wished they planned for retirement differently. "I always felt I had time. Now I'm older, wholly unprepared, and without savings or a 401(k)."

We want to hear from you. Are you an older American with any life regrets that you would be comfortable sharing with a reporter? Please fill out this quick form.

BI talked to financial planners, wealth managers, and a personal-finance writer about what younger generations could do to avoid similar financial mistakes. This story is part of an ongoing series.

Start saving and investing as early as possible, even with a small amount of money

The amount of money Americans need to save for retirement can vary based on lifestyle and the local cost of living. In a survey conducted by Northwestern Mutual in January, the average respondent said they thought they'd need about $1.5 million to retire comfortably. Wealth managers and financial planners encourage young people with this goal — or any others — to understand their options, start early, and take advantage of employer-match programs.

Brad Bartick, a wealth planner at Baird, said Americans should begin saving for retirement while they're in college or in their early 20s. "Sobering though it may be," Bartick said, "success may require you to work a second job" or "earn a higher level of training or education."

He suggests people create a "ruthlessly honest budget" so they can identify places to cut spending and ways to pay down high-interest debt or build up an emergency fund. If money is tight, start by putting $25 to $50 per paycheck aside for retirement.

"That may not seem like much, but it is the behavior of saving — the habit, if you will — that is most important later in life," Bartick said. "Additionally, time will reward your having started early."

Bartick suggested that people whose workplaces offer retirement plans contribute at least the maximum dollar amount their employer will match and raise their savings rate as their salary increases.

A fact sheet published by AARP in December cited an estimate based on Census, IRS, and Federal Reserve data that about 56 million Americans in 2022 lacked access to retirement-savings plans at work. The vast majority of those people earned less than $50,000, meaning they may not have much surplus cash to save for retirement.

Judith Ward, thought leadership director and a certified financial planner at T. Rowe Price, said that not every employer clearly communicates which resources it offers, so workers may have to research what's available. She suggests people aim to save 15% of their salary annually.

A 72-year-old who responded to the survey implored people to "always, always, always take advantage of a 401(k) program with your employer and max it out," adding: "My mortgage was too big initially, so I didn't participate in the program for a few years. Big mistake."

Those lacking a retirement-savings plan at work can use individual retirement accounts, which most banks offer. Traditional IRAs offer tax breaks up front. Roth IRAs offer tax-free qualified withdrawals later in life. Bartick said higher earners should consider a Roth 401(k), as they're likely to be in a higher tax bracket later in life and can therefore save more money.

Bartick described investing as "the great equalizer" for young people looking to build a retirement portfolio, adding that most people can open a brokerage account and invest with few barriers. While investing can be lucrative, it involves risk and isn't a surefire way to build wealth.

Rob Williams, a managing director of financial planning at Charles Schwab, said the biggest regret he hears is that people waited too long to invest, missing out on years of compounding interest.

Retirees who didn't save or invest enough often rely on Social Security in their later years. Several older adults told BI they regretted collecting Social Security at 62 instead of 67, when their full retirement benefits would have kicked in.

A 77-year-old survey respondent who wrote that they "took Social Security too early" said they regretted cashing in on their benefit before reaching full retirement age. They added that working a lower-paying teaching job hurt their Social Security income and retirement savings later in life.

Prepare in case of a divorce or a spouse's death

Dozens of survey respondents said they regretted how they handled finances with their spouse. Some said they weren't on the same page about retirement goals, while others said the death of a partner disrupted their carefully laid plans.

Ward suggested married couples consider retirement as a household and analyze finances together, even if spouses keep their accounts separate.

"One of the biggest retirement mistakes I see is when a spouse assumes they share the same retirement vision," Ward said.

Many older adults told BI that a divorce hurt their finances. One 67-year-old survey respondent who got a divorce said they regretted "not having a 401(k) and thinking I would be OK because my husband worked hard all his life."

A study published in the Journal of Gerontology in 2022 found that from 1990 to 2010, the divorce rate for adults 65 and older nearly tripled. A BI analysis of 2023 individual-level Census Bureau data found that divorced retirees had lower average 401(k) balances, less savings, and a lower monthly retirement income than married people.

Elizabeth Ayoola, a personal-finance writer at NerdWallet, said people could protect some of their money and retirement savings with prenuptial agreements. However, prenups typically apply only to money and assets acquired before a couple ties the knot, so they provide less protection if the couple divorces later in life. She said that including major assets or money in a trust could be an effective way to secure wealth in a divorce, and she advised couples to have transparent conversations about finances at all stages of their relationship.

A spouse's death can also have detrimental financial ramifications. Older Americans told BI they struggled to get by without their spouses' paychecks or Social Security income. Others said a lack of a will threw them into a complex legal battle and probate process for their spouses' assets.

Ayoola advised couples to write a will and consider a life-insurance policy.

Build a nest egg to lessen the sting of sudden bills or loss of income

Some older Americans told BI that unexpected expenses or events, like medical diagnoses or layoffs, depleted their retirement savings.

One 78-year-old survey respondent wrote that her husband had heart problems and was recently laid off. She described wanting to reduce their housing costs but being unable to. "We are trapped in a large home living on Social Security and draining savings until it's gone," she wrote.

Dozens of older Americans said a layoff affected their retirement planning. Carly Roszkowski, a vice president of financial-resilience programming at AARP, advised older workers to continue updating their résumés and keep their skills sharp in case they're laid off.

Younger people may want to diversify their skills and prepare to pivot careers. They may also want to build an emergency fund to support themselves or loved ones if they lose their jobs.

"Build relationships with colleagues, mentors, and industry professionals. Networking can open doors to new opportunities and provide valuable support and guidance," Roszkowski said. "Reverse mentorship programs can be effective in organizations to help bridge generational gaps and build understanding and collaboration between different age groups."

Several older Americans said they stopped working or used up much of their savings because of a medical diagnosis. Healthcare researchers advise investing in routine checkups, factoring medical emergencies into nest eggs, and researching government-assistance options.

When a 69-year-old survey respondent and her husband began to struggle with health issues in their 50s and 60s, she said it took a toll on their savings: "Because of our health, I had to cash in my 401(k) for medical expenses at a very early age."

Financial planners told BI that people should analyze the value of their last-resort funding sources, like homes or life-insurance policies, so they know the total of their assets in a costly emergency. Ward said a healthy emergency fund for young people should include enough to cover three to six months' worth of expenses. As people age, they should allocate more: Retirees should have one to two years' worth of income, Ward said.

Sudden healthcare costs can drain emergency funds. Williams advised that people — whether they're young or heading into retirement — research their insurance options so they can reduce out-of-pocket costs.

Doug Ornstein, a director of wealth management at TIAA, argued that people paying high out-of-pocket healthcare costs in retirement "probably would have to live really bare-bones instead of being able to leave their kids some money or be able to do some trips and travel."

Benefits counselors can also help people determine the government aid they qualify for — the money may help them conserve savings and cover bills. The National Council on Aging estimates that up to 9 million older Americans are eligible for government assistance but not enrolled.

Ayoola said that benefits like SNAP or Medicaid could help lower-income people save money over time. "I would tell them to look around for as many government resources as possible to supplement their income," Ayoola said.

Are you an older American with any life regrets that you would be comfortable sharing with a reporter? Please fill out this quick form.

• Over 1,600 older Americans and counting shared their financial and other regrets with BI.
• Many had regrets about retiring too early, taking Social Security prematurely, and draining savings.
• This is part of an ongoing series about boomer regrets.

At what age should you retire? When should you start collecting Social Security? Will you need to work part time in retirement?

Millions of Americans are asking these questions, and some told Business Insider what they've learned in a voluntary reader survey. Over the past two months, over 1,600 Americans and counting between the ages of 48 and 90 shared their biggest regrets with BI. (This is part three of an ongoing series.)

A few dozen of those survey respondents talked about mistakes made while navigating their retirement years.

Regrets included retiring too early, taking Social Security benefits prematurely, and draining retirement savings too quickly. Others said unpreventable life events like a spouse's death or medical emergency set them back. Many wished they held onto jobs longer or better understood how sudden costs could hurt their wallets. And a few talked about finding community — and themselves — in retirement.

Here are a few of their stories.

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Unexpected financial and medical setbacks

Kathleen Rudd, 74, regrets retiring when she did and not having a cushion when her health declined.

Rudd spent her career running a catering business and later working as an executive chef. By 2008, she had about $60,000 saved in a 401(k). That account lost 40% of its value in the Great Recession, and she said it never recovered.

Though she had retirement accounts, she said more nuanced retirement planning wasn't really on her radar.

"I don't think I thought about retirement until probably the last 10 years, and it's because I don't have kids or anybody that I was concerned about leaving a legacy for," Rudd told BI.

At 62, she retired from a job paying almost $60,000 a year and opted to take Social Security early. She received $1,290 a month, about $400 a month less than if she had waited until 67. Because of Social Security earnings restrictions, she opted for private chef positions paying about half as much as her previous job and part-time gigs as a sales clerk until she was 70.

Now, she has just $40,000 in savings and is banking on eventually selling a house she bought with her sister in Colorado when she originally retired. Hospitalizations for a collapsed lung, a brain bleed, and gut trouble have made money particularly tight.

"I never should have left that job, and I should have stayed working," Rudd said, referring to her executive chef role.

David John, a senior strategic policy advisor at AARP, told BI that older Americans' retirement expectations don't often match reality. Even those who prepare for retirement often don't know when to do so or how to navigate it financially.

"There's the old saying, 'Act in haste, repent at leisure,' and that definitely seems to apply to many of these situations," John said. "In practice, essentially retirement is a foreign country. We can read about it. We can talk about it. But until you actually reach it, until you actually do retire, you aren't fully aware of the reality."

Retiring too fast and spending too much

Misty Miller, 65, said she retired too early. One week in, she regretted it.

Miller worked as a paralegal and legal analyst before retiring at 58 with $700,000 in her retirement accounts. She lived frugally while working, driving the same car for 26 years, and rarely spending on luxuries like going to a salon. She calculated her expenses for the next few decades, and she retired with a monthly pension check of about $4,000. However, after retiring, she said her frugal habits disappeared.

The Sacramento resident withdrew money from her 401(k) for a down payment on a $515,000 beach house. She and her husband then sold the house in 2020 and moved to a $488,000 home in a Sacramento suburb, paying five times as much in property taxes as the first Sacramento property.

"I'm house-rich and cash-poor, so I had to go back to work," Miller said. "I lived frugally up to this point, and then I just lost my mind."

With those house purchases and other expenses cutting her retirement savings by about a third, to $450,000, Miller returned to the job she held before retiring. She said she was worried her pension couldn't cover all her expenses.

"I plan to stay working until they carry me out in a casket," Miller said, adding she wishes she never retired.

John, at AARP, said retirees make three common mistakes during the process. The first is taking out more than they should from their retirement investments, leaving them with not enough money to meet their daily needs down the line. The second is the opposite: working longer and saving more than necessary, depriving themselves in fear of not having enough. The third was common among respondents to BI's survey: assuming they can put off financial decisions until it's too late, doing things like stalling on putting aside an emergency fund or relying too heavily on Social Security.

"They need to make certain decisions at an advanced age, and they find that they no longer have the flexibility, meaning the financial assets, necessary to make that kind of decision," John said.

Cashing out Social Security too fast

Sharon, 77, took Social Security too early, prompting her to unretire to cover expenses.

The Atlanta resident, who asked to use her middle name for privacy reasons, worked as a teacher but retired in 2001 after a divorce and her parents' deaths. She worked a few temporary jobs in the 2000s, and she invested much of her inheritance in the market. When the market crashed in 2008, she lost nearly half of her $725,000 assets.

"I became very afraid of the stock market, afraid of what to do, not trusting the advice I was getting from people, and making a lot of bad financial decisions," Sharon said.

To dig herself out, she took Social Security at 62 instead of waiting until 67. She said her financial situation deteriorated when she hit her mid-60s, so she returned to work as a teacher, earning "very little pay." A series of health issues and home damage meant her $936 in Social Security each month hasn't gone far, and she has under $100,000 in liquid assets.

"If only someone had just said, do not take Social Security early, do not invest your money this way," Sharon said. "If I had somebody who would have just really directed me, maybe I wouldn't be in this horrible situation because, by 2030, I easily will run out of money."

John said that about 22% of people had a financial plan before retirement, while just 33% had one after retirement. "People regularly don't do this in part because they are a little more comfortable with a vague worry than with hard facts that they need to deal with," John said.

Returning to work and staying busy

For many older Americans, retirement mistakes aren't about finances. Dozens told BI they returned to work after discovering retirement was lonely or monotonous. While some may envision retirement as sitting on a beach or playing golf, John said many still have an itch to get back to the office.

"So many people have a social network intimately tied with their work life, and once they're outside that, many people just plain old get lonely, and they aren't part of the discussions anymore," John said.

Some respondents, however, had a more positive outlook on how retirement upended their social lives. Many said they took on passion projects and used their retirement to focus on themselves and rediscover their passions.

Cindy Kohli, 64, has been on Social Security Disability Insurance since 1990 and receives Veterans Affairs Disability Compensation. For years, the Arizona resident scraped by as a single mother of three children. She made financial mistakes such as spending too much of her income, though she gradually developed cost-saving strategies.

One of her biggest regrets, though, was not putting herself first.

"I'm the type of person who has always put other people first, never thinking about myself," Kohli said. "There are periods of my life where I never bought myself clothes, didn't take care of myself."

In her retirement years, she has learned to reprioritize herself. She spends hours each week reading financial books, doing pro bono paralegal work, and being active in her community.

"Oddly enough, my greatest challenge now is rediscovering my purpose because, in the past, it's been helping people in any way I can," Kohli said. "A lot of people complain that their limited income keeps them from going places like they used to. In reality, they just have to adapt and find new things to do."

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