"I wish I saved more for retirement." "I regret taking Social Security too early." "I should have had better health insurance." "I would tell my younger self to take that vacation."

These are among the common regrets described by the more than 3,800 older Americans who since mid-September have responded to Business Insider's informal, nonrepresentative surveys and emailed reporters. Reporters wrote 17 stories, including four in-depth profiles, and created a video detailing six Americans' regrets.

By mid-October, more than 1,000 people had completed the initial survey; that figure grew to more than 1,700 by the end of November. Now the survey has over 2,500 responses. By December, reporters had received roughly 1,000 emails in response to the coverage. We also used more than 300 responses from a survey that asked people over 50 about their regrets as they struggled to find work and interviewed more than 100 older Americans as well as financial planners and retirement researchers.

_{Article credits
Reporters: Noah Sheidlower, Allie Kelly
Editors: Bartie Scott, Emily Canal, Andy Kiersz, Jamie Heller
Copy Editors: Jonann Brady, Emma LeGault, Nick Siwek, Kevin Kaplan
Design and Art: Jenny Chang-Rodriguez, Rebecca Zisser, Isabel Fernandez-Pujol, Derek French, Natalie Ammari, Bryan Erickson
Photographers: Laura McDermott, Rita Harper, Saul Martinez
Video credits
Producers: Sarah Andersen, Barbara Corbellini Duarte
Reporters: Noah Sheidlower, Allie Kelly
Videographers: Brian Hansen, Clancy Morgan, Austin Meyer, Gregory Neiser
Video Editors: Mark Adam Miller, Karim Islam
Motion Designer: Dorian Barranco
Copy Editors: Mark Abadi, Marisa Frey
Deputy Executive Producer: Havovi Cooper
Executive Producer: Barbara Corbellini Duarte
Head of Video: Erica Berenstein}

• Business Insider heard from more than 3,800 older Americans about their life regrets.
• In a video, six people shared their stories and described what they wished they'd done differently.
• Their regrets included retiring too early, not investing aggressively, and letting go of property.

What would you say to your younger self? Six older Americans asked themselves this question and wrote letters for a Business Insider video.

They're a small sampling of the more than 3,800 older Americans who have shared their life regrets in the past three months through reader surveys and emails to reporters. See our full list of stories.

Their letters highlight what they would have done differently and what they're proud of. A former healthcare worker said she wished she had advocated more for herself at work. A truck driver said he shouldn't have sold his home. A health librarian described letting investment opportunities pass. A manager said she retired too early. And a couple said they wished they had prioritized their passions and saved more cautiously.

Scroll down to meet each person and read their full letters.

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

Hank Faber, 77

Faber, a truck driver in Indiana, said he regretted leaving his farm, which he estimates is now worth over $1 million; piling up debt; not preparing financially for health challenges; and not building a large nest egg for retirement.

He said that while he doesn't expect to retire soon, he's thankful that he kept playing music and found a career he enjoys.

Anita Clemons Swanagan, 59

Swanagan, who held various positions in prisons and hospitals, said she regretted offering too much financial assistance to friends, not prioritizing her health earlier in life, and not advocating for herself to get paid more.

Still, the Illinois resident said she was proud of herself for returning to work after the first of her two strokes, raising her three daughters, and staying positive about the future.

Nancy Seeger, 64

Seeger, a health librarian in Ohio, said she wished she had taken the time to learn investment strategies earlier in life, opened a Roth IRA earlier in her career, and shifted careers sooner.

But she also said she made many smart decisions, including securing good health insurance before her cancer diagnosis and starting a freelance writing gig after navigating a recent layoff.

Misty Miller, 65

Miller, a staff services manager in California, said she regretted retiring too early, overspending in the first year of her retirement, and cashing out her 401(k). But she said that staying connected with many people in her life and continuing to work had kept her positive.

Steve Dacus, 67, and Mary Dacus, 69

Steve Dacus, a retired salesman, and Mary Dacus, a retired secretary, both said they wished they had pursued careers they were passionate about, worked longer before retiring, and been more cautious about saving.

The couple, who live in rural Illinois, said they were proud that they took care of their parents and were looking forward to getting out of their home and moving to a different community.

Nearly half of Americans aged 60 and older can't afford their daily needs, the National Council on Aging estimates. Over 3,800 older Americans reached out to Business Insider to share their financial regrets and the lessons they wish they had learned earlier. Six shared advice on saving, investing, and preparing for retirement.

• Misty Miller, 65, regretted retiring early because she thought she was well off.
• Miller found retirement isolating and financially challenging, so she returned to work.
• This story is part of an ongoing series on older Americans' regrets.

Misty Miller submitted her retirement paperwork seven years ago with over $500,000 saved. A week later, she asked for her job back.

Miller, 65, was a legal secretary in the private sector before working her way up to become a staff services manager for the California Housing Finance Agency. She paid off her mortgage and put as much money as possible into her 401(k). When she was in her late 50s, she determined she could retire early and live off her over $3,000 monthly pension checks.

However, she said retirement was "the biggest mistake" of her life. She said she overspent, and work gave her social connections and a purpose that she missed. She returned to work shortly after.

"I'm just terrified that within two or three years into retirement, I'll be broke again, that my money won't last, and I'm going to live until 100 years old," Miller said. "I lived through spiraling inflation in the 1970s. I'm just terrified of inflation."

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

Miller is one of more than 3,800 older Americans between the ages of 48 and 96 who have shared their biggest life regrets with Business Insider since September. Common regrets include not saving enough for retirement, taking Social Security too early, not prioritizing education, or not preparing financially for an unexpected medical diagnosis.

Living frugally and working hard

Miller was born to upper-middle-class parents, and her father ran a law practice, she said. Her parents wanted her to major in business in college and become a CPA, though she wanted to become a writer. She pursued an English degree and, after college, lived paycheck to paycheck for a few years while working miscellaneous part-time jobs. She took out about $4,100 in student loans, which she paid off by the time she was 28.

She worked as a legal secretary for 11 years and was a claims-litigation paralegal for an insurance company, working as many as 60 hours a week. She wanted the more regular hours and benefits that can come with a public-sector job. She was hired by the California Housing Finance Agency, where she was promoted three times.

While working, Miller set aside much of her paycheck for retirement. After years of frugal living, she had enough money to buy a house in Sacramento for $93,500 in 1990; 28 years later, she sold it for about $350,000. She also began investing seriously in the stock market in the 1990s — something she wishes she'd started doing earlier.

By 2017, she had well over $500,000 in her retirement accounts. "This is when I thought, I am rich. I could retire," Miller said. "I also thought that I could collect a check every month from my 401(k) and be fine."

During her career, she said she was so focused on money that she missed out on family time. She said she rarely visited family or called important people in her life. She said her nieces and nephews grew up not knowing her, and she regrets not spending some of her paychecks on trips to see relatives, especially since she doesn't have children.

'House rich and cash poor'

Miller retired at 58, thinking she'd be set financially and emotionally. Before retiring, she drove a 26-year-old car, colored her own hair, and brought lunch to work every day. Miller said her finances would have been fine if she continued this frugal lifestyle into retirement. Her husband also held a high-paying job, though they kept their finances separate.

But two months after she retired in 2017, she said she started to overspend, especially on real estate. She withdrew much of her 401(k) that year to afford a $110,000 down payment on a $515,000 beach house in Sonoma County, plus $57,000 for a central heating system. She said she paid about $90,000 in taxes on that withdrawal.

She sold the Sacramento home, but Miller said she disliked the beach house because of the cold weather and wanted to move back. In 2019, she purchased a 2,000-square-foot, four-bedroom house — about twice the size of her first Sacramento home — for $488,000 in a Sacramento suburb and sold the beach house in 2020 for $720,000. However, she said the property tax on her current home is five times as high as the first one.

"I'm house rich and cash poor, and so I had to go back to work for the state," Miller said, adding she didn't speak to a financial advisor about a long-term plan. "The master plan just didn't work out for me."

Returning to the office

Miller got a job at a local newspaper by the beach house that paid $19 an hour. She looked for other employment opportunities but suspected many employers wanted to hire younger talent.

"It's challenging to get a job when you're in your 60s," Miller said. "I tried my best to look as young as possible."

In 2019, she got a job at the California Department of Consumer Affairs and then switched to the Secretary of State's office. She now works as a staff services manager at the California Department of Financial Protection and Innovation.

Miller now has about $450,000 saved. Now that she's working again, she plans to invest in her Roth 401(k) and put all her money into an S&P index fund, which she won't cash out early. She also hopes to rekindle her relationships with family and prioritize her friends.

"I'm back to saving money again, and I plan to never retire," Miller said, adding she wants to keep her private health insurance instead of going on Medicare. "It was a huge mistake to just think that I was rich and spend all that money just like that."

• Tamara Ponzo Brattoli's retirement plans changed after her son's sudden death in 2018.
• Brattoli took a job at Costco to pay her bills, but she worries about her financial future.
• Many older Americans face financial struggles after losing loved ones, which affects their retirement.

Tamara Ponzo Brattoli, 57, was set on retiring comfortably in her 60s. She raised three children with her husband and worked as a professor at a community college in a Chicago suburb.

However, when her son died suddenly, she said, in addition to the grief, she became much more worried about her retirement.

Her son Anthony was a college student who died after working abroad in the summer before his senior year. His death hit the family hard, and Brattoli struggled to return to work. After taking a leave of absence to grieve and returning for a few semesters, she retired from teaching, took her pension early, and got a job as a warehouse manager at Costco to help her make ends meet.

She's proud of herself for lessening her financial burden and for getting back to work in a role she could handle, even though it was in a completely different industry.

Though she makes enough to live comfortably, she said she's worried her pension won't keep up with inflation, which could make her finances tighter down the line. She wishes she had more resources and guidance to solidify her finances after Anthony's death and had saved more money earlier in life in case tragedy struck.

"I regret not maximizing my options during that awful time," she told Business Insider. "I needed better help to make decisions but did not know where to turn, and I do not feel like my former employer, or my union, or my therapists really knew how to help me."

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Brattoli is one of a few dozen older Americans who told BI through interviews and a voluntary survey in recent months that losing a loved one affected their finances and retirement plans. Some respondents said losing a spouse, a parent, or a child made them panic and make poor financial decisions. Others said they had to quit working or take lower-stress jobs to cope with the pain.

Read a letter Brattoli wrote to her younger self about what she would have done differently or kept the same. Her story continues below.

Raising a family as a college professor

Brattoli grew up in a middle-class family in Sacramento, California, and was the first in her family to graduate from college. She got a master's degree in English and found work teaching at a community college outside Chicago in 1993, where she also ran its study-abroad program.

She and her husband had three children and invested much of their money in them. She taught extra classes to keep their finances stable and fund vacations.

Brattoli supported her children's musical passions, including financially. Anthony played the tuba and enrolled at Brown University. He won the Brown University Orchestra Concerto Competition and had a concentration in English and Slavic studies. In 2018, he got a job in Prague translating Russian legal documents into English.

"I had this job that allowed me to be flexible during the day, but then so I would run around, take the kids to their appointments," Brattoli said. "And then at night, I was up grading papers until really late."

Grieving and working

While in Prague, Anthony suffered a brain hemorrhage and was in a vegetative state for a month. Brattoli traveled there and stayed with Anthony for three weeks, and they flew him back to the US, where he lived the last days of his life. The university's insurance paid for the flight back, though she regretted not investing in good travel insurance as a backup in case Brown didn't cover it in full.

Brattoli went on leave after Anthony's death but returned to work starting in spring 2019 — including remote teaching before and during the pandemic — to pay her bills.

"I was completely incapable of teaching, and I forced myself to get through it for a time, but I could not function," Brattoli said.

She said because of the grief, she did not prioritize long-term financial planning, adding that she didn't know where to turn for help beyond her therapists or employer. She wishes she would have spoken with a financial advisor or sought retirement resources to make her savings go further.

While winding down her teaching career at 54, she took a job at Costco, first as a seasonal clerk packing e-commerce orders, then in an administrative role handling accounts payable and scheduling truck routes. She was promoted to facilities supervisor at a distribution center, which paid about $65,000 annually. She said that she's still financially stable and that her Costco salary allowed her to somewhat comfortably pay her bills.

Her husband, who is a few years older than her, worked after Anthony's death but lost his job during the pandemic. He also pivoted to Costco, working at a warehouse.

Financial pains

Brattoli contributed to her public-school retirement plan, though she said she and her husband didn't save much. She didn't track how much she put into her retirement accounts and said it was cumbersome to increase her contributions. She wishes she had set aside much more of her earnings earlier so interest would compound on them.

In the years after Anthony's death, Brattoli said her grief and lack of direction led to some financial issues. Because she gave up teaching, she cashed out her state pension early and got paid less than if she continued teaching for more years.

Since she has a public pension, a Social Security provision cuts her benefits from her private-sector work.

"I'm now at a penalty, and that'll be for the rest of my life," Brattoli said. "Even though now I'm working for Costco and I'm putting into Social Security, my Social Security is going to be terrible."

She intends to work for Costco until she's 65, when she expects to have enough for retirement, fearing she won't be physically equipped to work there much later. Costco gives her health insurance, and with her children now financially stable adults, she said she could save more for her future, putting much of her earnings into her 401(k). She said her pension would help keep her afloat after retirement.

"I feel uncertain right now because inflation has messed up my pension already," Brattoli said. "I suffered with that because I took my pension, and then inflation jumped up, and it's not like Social Security where it automatically increases based on how much inflation goes up."

Brattoli said despite the pain of the last few years, the decision to work at Costco was the best choice. Her Costco income and pension brought her to about where she'd be if she still taught full-time, and the role helped her rebuild her confidence.

"It gave me a chance to focus on something completely different than teaching," Brattoli wrote in her letter. "Now, I wear steel-toed shoes. I learned how to drive a forklift. I climb into the backs of semi-trailers and onto the roof of the building."

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

• 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.

• Many Gen Xers are caring for both their children and parents, and it's hurting retirement savings.
• 56% of Gen X investors were financially supporting either their parents or their kids, Nationwide found.
• The financial burden of supporting two groups has some Gen Xers doubting if they'll retire at all.

Steve Mullen, 54, is being pulled three ways.

On the one hand, he and his wife are caregivers for each of their mothers, which has required them to pitch in up to 40 hours of caregiving a week and tens of thousands of dollars over the course of decades. On the other hand, they are still supporting their college-age son, who needs help with housing and $25,000 for tuition every year. All the while, he runs his own PR business, in which making more money is a "constant" concern.

At times, he said, the burden is extraordinary.

"It's incredibly stressful," he told Business Insider, adding that money was always a back-of-mind worry, despite being relatively financially stable. "I just pray we don't go into another one of these periods where my mother's in the hospital."

His situation is becoming increasingly common among Gen Xers — a generation sandwiched between their retiring parents and still-dependent children — and, more frequently, needing to support both groups at once. It is a dilemma that has put Gen X further behind in saving for retirement compared to other groups, financial planning experts told BI.

There are signs that the dual burden of needing to support kids and parents is becoming more common. A 2020 study from the AARP and the National Alliance for Caregiving found that among Gen Xers who are taking care of a parent, around 50% also have a child under the age of 18. A study conducted by Nationwide showed that 56% are financially supporting either their parents or their kids.

Gen Xers in caretaking roles are more likely to show signs of financial strain. Of those who were taking care of a child or a parent, 21% said they had taken out significant amounts of debt, and 20% said they were unable to save for retirement, per the Nationwide study.

According to a separate survey of 35- to 60-year-olds conducted by Carewell, 75% of those taking care of both a parent and a child said they struggled to save for retirement, while 63% said they lived paycheck to paycheck.

Gen Xers speaking with BI said they doubted if they would ever retire, mostly because they were set back by financial obligations related to caregiving.

40% of Gen Xers also expect to work part-time after they retire, a Prudential Financial survey found.

Julie, a woman in her fifties based in Ohio, said she had spent over $100,000 taking care of her mother over the course of 15 years. She has less than $70,000 saved for retirement, well below what's recommended by financial advisors, who say you should have around six times your annual salary saved by the time you hit 50.

"I'm exhausted financially, and, frankly, I didn't consider growing up I'd be the financial rock of my family," she said.

The sandwiched generation

By some measures, Gen Xers are even more ill-prepared for retirement than baby boomers. According to surveys conducted by Prudential Financial, the median retirement savings for 55-year-olds is just under $48,000, with 18% having saved nothing at all as of last year.

Meanwhile, two-thirds of 55-year-olds said they were afraid of outliving their savings. That's the highest level among any age group of Prudential's 2024 survey, with 59% of 65-year-olds saying they worried they would outlive their savings.

Joe Wadford, a Bank of America economist, thinks Gen Xers are uniquely burdened by taking care of their parents and children at the same time, largely because more children are living at home than in previous generations.

Around 57% of men and 55% of women between the ages of 18 and 24 lived at home with their parents in 2022, according to US Census data published this year. That compares to 52% of men and 35% of women in that age range who were living with their parents in 1960.

Satayan Mahajan, the CEO of the financial advisory firm Datalign Advisory, said that caring for parents and children simultaneously was one reason his Gen X clients commonly cited for falling behind in preparing for retirement.

Market crashes during formative times in their career, such as during the early 2000s and the Great Financial Crisis, are another reason why many have less saved up.

"This sandwiched portion of Gen Xers are really in a lot of trouble. I mean, I have to say — and I don't want to sound so negative — but I think they're in a tough spot and they have a bunch of things that hit them pretty hard," Mahajan said.

And the outlook remains uncertain for Gen X. While boomers are estimated to pass on around $80 trillion in wealth, most of that money looks primed to head to millennials, not Gen X, Mahajan said.

"They're kind of in an awkward spot," he added. "And so there's a large swath of Gen Xers who may be in a bit of a lurch."

Uncertainty is also swirling around the availability of government retirement funds. Social Security could be depleted as soon as 2033, according to estimates from the Congressional Budget Office, when most Gen Xers are already retired or in their final decade of work.

Brandon Goldstein, a financial planner at Prudential, said many Gen Xers still have time to catch up on their retirement savings, though he believes many will have to work longer than may want to.

More older Americans are already deciding to postpone their retirement. 19% of adults 65 and over were still employed in 2023, according to a Pew Research analysis.

"For someone to be completely in a spot where they don't need to work again or they feel very comfortable, they're probably going to still have to work a little bit," Goldstein said.

• Pamela Shields, 67, unretired to supplement her Social Security income with part-time jobs.
• Many older Americans say monthly Social Security checks aren't enough to pay their bills.
• An analysis found that about 13% of retired baby boomers on LinkedIn returned to work in 2023.

Pamela Shields is one of many older Americans who "unretired" because she couldn't live solely off her Social Security checks.

The 67-year-old splits her time between caring for older neighbors and working the night shift at her local grocery store. It can be exhausting, but she feels like it's her only option to pay the bills.

"I really want to be retired and not have to do all this stuff to make a living," Shields told Business Insider. "But I don't see myself doing that."

Shields lives in Fort Worth, Texas, on her $1,470 monthly Social Security payments. She supplements that income with the roughly $600 she earns each month from her grocery and caregiving jobs. Between them, she often works seven days a week.

Shields hoped she'd be done working at this point in her life. She had a long career in customer service and human resources, and she built a 401(k) account with some retirement savings. But after two divorces and unexpected medical expenses, she's doing her best to keep her family and herself financially afloat.

Shields' experience underscores a larger American retirement crisis. Business Insider talked with more than 50 baby boomers who primarily rely on their monthly Social Security checks to get by, and many said that wasn't enough to cover essentials. One in five adults 50 and over surveyed by AARP and the University of Chicago's NORC research firm in January said they didn't have retirement savings. Those who do have savings worry they'll outlive what's in the bank.

With financial woes in their golden years, some older Americans have returned to work. LinkedIn's Economic Graph said it found that about 13% of baby boomers on the platform returned to the workforce, or "unretired," in 2023, a five-year high.

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Social Security isn't enough for some to live on

Shields wanted to work until she was 67 but ended up retiring at 59 after injuries from a car accident prevented her from working.

She unretired when she realized her monthly Social Security payments wouldn't be enough to support herself or her family. Medical bills and delays in receiving her disability payments also led her to drain her 401(k).

Shields said she sometimes has to sit down during her shifts at the grocery store "because my feet hurt so bad."

Working two part-time jobs is how Shields can put food on the table. She's been a single mom for over a decade, and while her three children are adults, Shields said she still provides them with some financial support. One of her daughters lives with her because of health issues.

Shields shoulders many of her family's expenses on her own. She said that Medicare covered most of her healthcare needs but that housing costs, utility payments, and cellphone bills stretch her tight budget. She also chips in on her grandson's marching-band fees and helps with one of her children's grocery bills when she's able. "I try to help as much as I can," she said.

Shields isn't sure when she'll be able to fully retire. She said she didn't expect her retirement expenses to be so high and didn't save enough money to offset the unexpected costs of medical care, her divorces, and parenting. She advises others to learn about finances early in life and give their children a strong financial education.

"Life has dealt this hand to me," she said. "I'm not really happy about it, but I'm doing the best I can."

Have you had to return to work after retirement? Are you comfortable sharing your experience with a reporter? If so, reach out to [email protected].

• Nearly 1,200 Americans shared with BI their financial regrets.
• Many of the baby boomer respondents said they had regrets about preparing for retirement.
• This is part of an ongoing series about boomer regrets.

Millions of Americans facing retirement are worried they won't be financially prepared — or fear that they'll have to work forever.

Some are already there. Finances and retirement were major themes in the roughly 1,200 responses Business Insider received from Americans between the ages of 48 and 90 who filled out a voluntary survey about their biggest regrets. (This is part two of an ongoing series.)

Many of the respondents in the baby boomer generation said retirement — how to invest and how much one needs — is a black box. Some wish they'd hired a financial advisor, while others regretted expensive purchases. Others said they took Social Security too early or retired without a long-term financial plan.

And then there are those who suffered an unexpected setback such as a cancer diagnosis, a job loss, or a divorce and wish they'd been better prepared for an emergency.

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Gary Lee Hayes, 70, wished he'd been more regimented with his savings and investments. The California resident briefly served in the Navy, got a degree in public administration, and worked in mental health and handyman positions. He had little financial literacy growing up and said he didn't focus on building his career to be more lucrative.

Two of Hayes' main money regrets are not investing in Verizon stock early on and not saving at least 10% of his income each month. He also said he was somewhat too liberal with his spending throughout his life, though he said he didn't purchase anything too far beyond his means. He also avoided putting money into his 401(k) and said he should have chosen more stable investments instead of short-term ones.

"You can't expect that you're all of a sudden going to win the lottery," said Hayes, who receives $1,846 a month in Social Security and lives in government-subsidized housing. "You can't expect that someone's going to pass and leave you an inheritance that will make your life more comfortable."

Some older Americans wish they'd had more investing knowledge

A major theme among BI's survey respondents was that they lacked knowledge about investing. For some, this meant not saving enough; for others, it meant falling into some common investing mistakes.

New research from Vanguard suggests people changing jobs put less into their 401(k)s, often without realizing it, and can lose out on as much as $300,000 throughout their careers.

Another theme among survey respondents was they waited too long to start saving. Two separate surveys from Transamerica Institute and Charles Schwab found that, on average, boomers waited until age 35 to start saving.

Nancy Seeger, 64, who lives outside Cleveland, said she made investing mistakes that had long-term repercussions on her finances. Seeger, who has two master's degrees, worked for many years as a teacher and health librarian. She was laid off earlier this year from her $74,000-a-year job and while she's not ready to fully retire and is still looking for work, she worries she won't be able to land another decent-paying job given her age.

She told BI she wished she could have saved more when her children were young and started retirement funds earlier. While she had some savings, she began consistently putting more into her investments at age 50.

She also didn't realize that because she has a pension in addition to receiving Social Security when she retires, she would be affected by a little-known Social Security provision that would lower her monthly check. Between her pension of $713 monthly and Social Security, which she expects will be between $1,200 and $1,400 monthly, she'll have just enough to cover her rent.

"I was fortunate to get a small inheritance from my parents and an aunt, which saved me, but it's unlikely that I will be able to do the same for my children, and that bothers me a lot," Seeger said. "I had hoped to travel, and I wanted to leave money for my kids, but both of those goals are compromised now."

Seeger said she has few regrets and "let life come to me," though she's planning to take a part-time job when she retires to supplement her income. She's still digging herself out from bills from undergoing cancer treatment in 2022, and because she has a few months until turning 65, she can't get on Medicare and has to pay her health insurance out of pocket.

"I've had a lot of unexpected things happen, but I've also come to understand that the unexpected things impact everybody, and you can't really plan for them," Seeger said.

It's difficult to prepare for the unknown

While $1 million for retirement may be sufficient for some Americans, it could be too little for others.

Bank of America's Financial Wellness Tracker suggests that Americans ages 61 to 64 should have about 8.5 times their current salary in savings. Someone with $1 million in savings at 65 can safely withdraw $40,000 in their first year of retirement, Bank of America said.

For some, saving just 1% more could have significant financial rewards down the line. If someone making $50,000 annually contributes 5% of their salary to retirement, they would save nearly $60,000 less after 30 years than if they'd contributed 6%.

Nevenka Vrdoljak, the managing director in the chief investment office for Merrill and Bank of America Private Bank, told BI that calculating how much you need for retirement requires difficult estimations of life expectancy, spending in retirement, and retirement resources.

"Changes in government benefits can affect expected income," Vrdoljak said. "Fluctuations in investment returns make it difficult to estimate how much savings you will have in the future."

With cancer rates rising and diagnoses coming earlier in life, another difficult calculation is how to prepare for time off work and quickly mounting medical bills.

"The need for long-term care can cause more than financial strain in retirement. It can place a burden on loved ones," Vrdoljak said. "Investors with substantial assets may prefer to self-insure against this risk. But for many other investors nearing retirement, long-term-care insurance can help mitigate the risk and cost of care."

PJ White, 69, never had aspirations for a high-income career — but she never expected to be homeless.

Throughout her career, she worked for a lab supply company, retail companies, and as a secretary at law firms. She married at 21 and bought a house, but she divorced a year later, which set her back financially.

While she said she often lived hand to mouth, she wished she had been more cautious about spending on leisure and clothes — what she called "play money" — and set aside time to learn about investing. She said it was rare she had savings left over each month, and her peak income was about $41,000. She left work in 2008 to care for her partner's mother.

"The money would come in and out it would go," White said, adding she rarely put money into her 401(k). "I didn't think about the retirement aspect because it was so far down the road, but here I am now wishing that I had."

She recently lost her home because she and her partner couldn't afford to pay property taxes. They now live in a camping tent in San Diego. She lives on about $1,500 in Social Security each month as they fight to get their house back, but she said much of her money goes to court fees. She's received some assistance with groceries through her new health insurance company, but she hasn't secured an affordable housing unit yet.

"He doesn't make any money at all, so it's all on me, and I'm feeling it," White said of her partner. "I'm showing symptoms of stress, and I don't have anywhere to go, no one to turn to."

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