• 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 2,000 older Americans and counting have shared their financial and other regrets with BI.
• Some experienced financial distress after losing their spouses to illness or accidents.
• This is part of an ongoing series about older Americans' regrets.

Karen Lauer's husband died without a will. On top of the grief of losing the person she loved, Lauer's finances were thrown into chaos.

She's one of many older widows and widowers who have shared their stories with Business Insider in recent months. They're among the more than 2,000 Americans who've responded to a reader survey about their life regrets. This story is part of an ongoing series.

Some widows told BI they lost substantial amounts of their household income or were thrust into complex legal battles for their spouse's assets.

Others regret not outlining a will, skipping a life-insurance policy, or not building savings before their spouse's death: "Having been widowed twice and left with three girls to raise alone, I wish I would've saved money for my retirement years," one survey respondent wrote.

"I hate living without my husband — I needed to prepare for widowhood while making the most of our last years together," another said.

For Lauer, sorting through the pieces of her husband's estate has been painful.

"Because we didn't have a will, I feel like I'm going through a divorce between my dead husband and myself," Lauer said.

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.

How losing a partner can take a painful financial toll

Lauer, 64, smiles thinking about the man nicknamed "Cowboy Steve." She pictures him cantering on his horse at their ranch in western Nebraska, gathering a thin layer of dust on his leather boots.

Her husband died following an accident last year. Without a will, she said the local court told her that all of her husband's money and assets would go into probate, a legal process used to divide a deceased person's estate, typically among their blood relatives. Lauer said because the ranch was in Steve's name, not hers, she was required to move off the ranch during the process so the house could be sold. She said she's now experiencing homelessness.

She's house-sitting for a friend in Lincoln, Nebraska, but doesn't know where she'll live next. With limited savings of her own, Lauer said she's surviving on less than $2,000 in monthly Social Security payments. She said it's not enough to cover essentials or rent her own apartment.

Lauer's financial experience mirrors that of others. In fact, on average, widows have lower 401(k) balances, less savings, and a more limited monthly retirement income than married retirees, BI found in an analysis of individual-level data from the Census Bureau's 2023 Survey of Income and Program Participation.

The average monthly income of widowed retirees is higher than that of divorced retirees and retirees who never married. But at an average of $2,381 monthly, their income is still several hundred dollars lower than that of married retirees with a surviving spouse. The analysis looked at retirees' income from pensions, Social Security, retirement accounts, or insurance benefits.

Doug Ornstein, the director of wealth management at TIAA, told BI that losing a spouse could have "devastating" financial impacts.

"If the person who handled most of the money passes away unexpectedly or early, the surviving spouse might not have financial literacy," he said. "Or maybe the couple undersaved for retirement — that person has to figure it out themselves."

A report published in June by the financial firm Thrivent found that less than half of widowed women feel prepared to manage their finances after a spouse's death. Twenty-nine percent of women surveyed said they created a will with their spouse, while 41% said they had no financial plan before their spouse's death. The firm surveyed a national sample of 422 female widows in May 2024.

Lauer wishes her "marriage license came with instructions," she said. Steve died unexpectedly, and Lauer said she didn't have enough knowledge about the probate and asset-division process, or how it would affect her livelihood as the surviving spouse. She advises other married people to write a will and make a financial plan as soon as possible.

How to protect your finances if your spouse dies

Ornstein said there are a few key ways that Americans can financially protect themselves if their spouse dies.

The first step is creating a will and having regular conversations about finances as a couple. A life-insurance policy — which people can buy or opt in to through their employer — can provide further financial security to a deceased person's family after their death. Typically, people pay a regular premium for the insurance throughout their career and can name a spouse or children as their beneficiaries.

Ornstein told BI that widows and widowers should work with an estate-planning attorney, financial advisor, and tax professional directly after their spouse dies. He added that, when preparing for those meetings, it's best to collect as many legal and financial documents as possible: a death certificate, a marriage license, bank statements, tax returns, benefits paperwork, insurance policies, and a will.

With an attorney and financial advisor, widows and widowers should apply — or reapply — for benefits such as Social Security and pensions, Ornstein said. They may be entitled to spousal benefits or higher monthly government aid. He added that a surviving spouse would likely have to transfer ownership of assets like a house, credit card, retirement account, or loan to themself or another family member.

"Take things one step at a time," he said in a follow-up email. "It's normal to feel stressed, overwhelmed, and anxious in this situation."

Still, not all widows or widowers have regrets about their money habits, even if they're in a precarious financial position.

Looking back on his 48 years of marriage, Robert Berkeley feels good about how he spent his money. He and his wife, Lourdes, spent decades traveling, dining at their favorite restaurants, and hosting big family holiday gatherings in their eastern North Carolina home. After their respective careers as an intelligence analyst and a dental hygienist, the couple decided to retire in their 60s — living largely on their monthly Social Security checks and the few thousand dollars they had saved.

Twelve years later, in 2022, Lourdes was diagnosed with cancer. The disease was aggressive, and she died within a couple of months.

Now 78, Berkeley is struggling to make ends meet. He and his wife didn't have a life-insurance policy or robust savings. He said it's been difficult to afford housing, utilities, groceries, and transportation without two Social Security incomes. Berkeley receives a $1,650 monthly payment, but he's in debt and behind on bills. He's hoping the part-time security guard job he landed recently will help fill the gaps.

Despite his limited budget, Berkeley feels at peace with past spending habits: "We decided to live our life in our 30s, 40s, 50s, 60s, right up to hitting our early 70s," he said. "We weren't the kind to squirrel money away for something that might happen in the future."

The couple lived — and spent — in the moment, he said. He may not have much wealth left as he ages, but Berkeley said it's worth it for the years he had and the memories he made with his "darling wife."

Are you struggling with finances after losing a spouse? Are you open to sharing your experience with a reporter? If so, reach out to [email protected].

• More than 2,000 older Americans and counting shared their financial regrets with BI.
• Many said they had made mistakes that led them to return to work after retirement.
• This is part of an ongoing series about older Americans' regrets.

After retiring less than a year ago, Sylvia, 64, is back at work.

The under $2,000 a month she receives in Social Security isn't enough to pay her bills, and she has little retirement savings, so she recently started a job as a cashier.

Sylvia is one of many older adults who have shared their retirement stories with Business Insider in recent months. Some said they returned to work out of financial necessity; others unretired to stay active and combat loneliness. They're among more than 2,000 Americans who have responded to a reader survey about their life regrets. This story is part of an ongoing series.

Sylvia, who requested to use only her first name for privacy, was hoping to land a part-time role in education or local government near Albany, New York. Though she has decades of experience and has submitted hundreds of applications, she's had no luck getting hired in her field and opted to pick up shifts at the grocery store.

Now, Sylvia isn't sure whether she will ever be able to stop working. She said she's "mad" at herself for not building a strong financial foundation for retirement — she thought Social Security would be enough to get by. The manual labor of a grocery job is taking a toll on her mind and body, but she said she needs the money.

"I'm scanning groceries and I'm thinking: 'I hold a master's degree, I recently received an award from one of our state senators, and I can't obtain professional work,'" Sylvia told BI. "Can you believe that?"

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.

Some older adults can't retire because of their finances

Sylvia's experience isn't uncommon. The Federal Reserve Bank of St. Louis found that 2.4 million excess retirements occurred in the US as the pandemic began in 2020, meaning the number of retirees far surpassed the Fed's prediction. However, an Indeed Hiring Lab analysis of individual-level Census data found that 1.5 million retirees had returned to the workforce by March 2022.

In a study published in May, the wealth management firm T. Rowe Price estimated that 48% of those working in retirement needed their paycheck, while 45% chose to work for social and emotional benefits. The study was based on survey responses of 2,895 401(k) plan participants and 1,136 retirees in 2022.

What's more, one in five adults ages 50 and over surveyed by AARP and the University of Chicago's NORC research firm in January said they didn't have retirement savings.

But going back to work as an older American isn't so simple. These job seekers may struggle to land a job because of ageism in the hiring process, said Jessica Johnston, the senior director for the National Council on Aging's Center for Economic Well-Being. They could also face difficulty finding a job because their skills don't meet changing technology requirements.

"For people who are trying to reenter, a lot of them need job training," she said. "And the amount of digital literacy required to do a lot of even part-time work is not inconsequential."

Some retirees who return to the workforce for financial reasons are also conscious that earning too much can cost them more in lost benefits than they make in take-home pay. Government assistance programs that some older Americans rely on, like Medicaid or SNAP, have income ceilings. For example, a single person in Utah, like Claudia Rufino, must keep her gross monthly income below $1,670 to qualify for Medicaid.

Rufino feels trapped in that catch-22. As a single mom, she worked multiple jobs in retail and design to support her family, but a tight budget meant she couldn't build savings. After retiring and taking Social Security a decade ago — which currently amounts to $1,103 a month — the 72-year-old said she had been struggling to afford essentials.

To help cover her bills, Rufino took a part-time role working with foster children near her home in Salt Lake City. She said that she earns a stipend of a few hundred dollars a month.

Rufino wishes she had extra money to travel in her golden years: "I want to go see the world, but I don't have the money to do it," she said.

She would pursue a higher-paying job, but she said that would risk her Medicaid benefits, meaning she would have to pay more of her healthcare costs out-of-pocket. She also lives in a subsidized housing unit, and she said a higher income would mean an untenable rent increase. Those are trade-offs she can't afford to make.

"Going back to work is not worth it for me in my situation," she said. "I don't make enough money to make it worthwhile."

Resources for older adults in the job market

Retirement and economy experts told BI that there are resources for older adults who are back on a job hunt.

Johnston said that, for those who can't find work, government assistance programs can help some Americans afford essentials like groceries, housing, healthcare, and transportation.

In August, the National Council on Aging estimated that 9 million adults ages 65 and older would qualify for SNAP benefits but weren't enrolled, with many of those people eligible for other programs as well, like Social Security and Medicare Savings. The group hypothesized that some lower-income older adults don't know they are eligible.

Johnston said lower-income older Americans should take the food, healthcare, transportation, and housing benefits they are entitled to — local senior centers and benefits counselors can help them get started, she said.

"I'm a big believer that you can't budget your way out of poverty," Johnston said.

Allison Shrivastava, an economist for the job-search platform Indeed, added that older adults looking to return to work should lean on their professional networks to get a leg up on open positions and interviews. She also advised that job seekers spend time obtaining updated certifications and technology skills in their field: "It shows that you are willing to learn and you're willing to adapt," Shrivastava said.

To be sure, financial need isn't the only reason that retirees return to work.

Bonnie Cote, 75, returned to the workforce part time as a substitute teacher shortly after retiring about 10 years ago. She spent decades working for the Department of Education near Washington, DC, along with a stint teaching art at a nearby school.

Cote's income supplements her savings and $2,300 monthly Social Security checks, but she says her job keeps her active. She loves teaching, being social, and working with students on assignments and art projects.

Cote said she felt pressured by friends and financial advisors to leave her career in education in her mid-60s and came to regret it. She said she retired too soon, and she's happiest in a classroom.

"It doesn't matter what age you are," Cote said. "You should be able to get a job."

Have you unretired? Are you struggling with finances in retirement? If you're open to sharing your story with a reporter, reach out to [email protected].

• Andrea, 64, faces a tough choice after a layoff: find a job or start collecting Social Security.
• Many older Americans rely on Social Security in retirement and struggle to pay their bills.
• About 13% of baby boomers on LinkedIn "unretired" in 2023, a five-year high.

When Andrea, 64, was laid off in February, she joined the ranks of many older Americans who unexpectedly find themselves looking to rejoin the job market.

She spent decades climbing the corporate ladder at various staffing and recruitment firms in Minnesota's Twin Cities, taking on leadership roles and earning a six-figure salary. She had planned to keep working until she reached retirement age at 67.

Now, Andrea — whose identity is known to Business Insider but requested to use her first name for privacy — is weighing her options. She thinks about taking Social Security benefits earlier than she initially thought, but she's worried about long-term savings and would prefer to land another role.

"I would have to really make some big paradigm shifts in my life in order to not dig into my retirement," she said. "I would have to become super frugal, and I would rather work."

Decisions about when to stop working and take Social Security have become a cornerstone of the retirement experience. Older Americans are eligible to take Social Security at age 62, or they can wait until their full benefit amount kicks in at age 67. Monthly Social Security checks, which averaged $1,924.35 in October, are many baby boomers' main source of retirement income. But that's often not enough unless it's supplemented with other savings, like a 401(k) or investments.

Business Insider has heard from over 1,000 baby boomers about their retirement regrets. Many wished they had waited to receive their maximum Social Security benefit, while others retired early for reasons outside their control. For people like Andrea, a late-career layoff can derail their best-laid financial plans.

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.

Social Security may not cover all of Andrea's expenses

With her looming retirement decision, Andrea feels like she's "walking a tightrope" between starting her retirement and potentially outliving her savings. She said her husband, who is a retired attorney, receives several thousand dollars a month between his Social Security checks and pension. Andrea estimates her benefit check would be a little over $2,000 a month if she retired now — and she doesn't think it's enough to live on.

She said that paying for her family's mortgage, insurance, car payments, healthcare, and 24-year-old son's college tuition adds up quickly. She and her husband don't want to dip into their 401(k), Roth IRA, or investment accounts until absolutely necessary.

Doug Ornstein, director of wealth management at TIAA, told BI that unexpected costs or layoffs are a common source of financial anxiety for hopeful retirees.

"Most folks' biggest fear is running out of money and not having the dignity of being able to support themselves in their old age," Ornstein said.

About 13% of baby boomers on LinkedIn returned to the workforce, or "unretired," in 2023, a five-year high, per LinkedIn's Economic Graph. A Federal Reserve analysis of its 2020 US household economics and decision-making survey reported that 14% of non-retired adults who experience a layoff borrow or cash out funds from their retirement savings.

Andrea wishes she knew that her choice to be a stay-at-home parent while her son was a toddler — as well as work in the United Kingdom for 10 years earlier in her career — would negatively impact her Social Security earnings. The benefits only account for years actively spent in the US workforce.

She added that workplace ageism is making it difficult for her to be hired again, despite her years of experience. She hopes landing another role will help her round out the roughly $5 million she wants to have saved to retire comfortably.

Andrea advises others to begin saving for retirement in their 20s and 30s.

"Even when I do land a new job, I will save as much of that income as I possibly can," she said. "Because I don't feel that my position is as strong as it should be."

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].

• Patty Blue Hayes moved to Panama from California to save money as she approached retirement.
• However, she's struggled to find remote roles after losing her main source of income last year.
• She said side hustles like Airbnb, YouTube, and self-publishing have helped her pay the bills.

Patty Blue Hayes, 60, moved to Panama from California to save money as she approached retirement age, but unemployment is thwarting her plans.

Hayes moved from San Luis Obispo, California to El Valle de Anton, Panama, a town in central Panama, in 2019. Hayes thought Spanish — the country's official language — would be fairly easy to learn and chose the country because it used the US dollar and was "much more affordable" than California. An analysis previously shared with BI by the personal finance site GOBankingRates ranked California third in a list of the most expensive states to retire.

Hayes also hoped that living in Panama would make her money go further during her retirement years.

"I was 55 and knew that my income wasn't going to be sufficient as I got older and eventually retired," Hayes told Business Insider.

Hayes is among the Americans who have moved abroad in search of lower costs of living as they approach or enter retirement. As of December 2023, about 650,000 Americans age 65 or older were receiving Social Security benefits abroad, according to the most recently available data from the Social Security Administration. In 2003, that number was roughly 352,000.

When Hayes moved to Panama, she was an independent contractor who offered communication and leadership coaching for a professional training company. But near the end of 2022, she said her client list started to dwindle as her employer scaled back her program and prioritized other forms of coaching. In 2023, after the company was acquired, she said her program was effectively discontinued. Hayes, who has a bachelor's degree in communications, said she's been applying for jobs related to writing coaching, customer or client success, school admissions, and tutoring but hasn't had much luck.

"It really gets so discouraging when I spend so much time on applications and nothing comes of it," she said, adding, "Looking for work has been demoralizing."

Age and demand for remote roles add to job-search struggles

Hayes is also among the people who've struggled to find work over the past year as some companies have scaled back hiring.

She said her only income has come from a guest house she rents in Panama through Airbnb, her YouTube channel where she shares content about her life abroad, some self-published book sales via Amazon, and referral fees tied to leads she gave a real estate broker.

While this income has been helpful, Hayes said it hasn't been sufficient. She said that she's accumulated roughly $13,000 in credit card debt since the middle of 2022.

Hayes said she plans to start taking Social Security when she turns 62, but that she doesn't think it will be enough to live on. She hopes to avoid dipping into her retirement savings until she turns 70.

This is why she's continued to search for jobs. She estimated that she's applied to at least 150 jobs over the past year through Indeed, ZipRecruiter, LinkedIn, and other platforms.

Hayes said her job search has been difficult for several reasons. First, she's only been applying for remote roles, which are in high demand. Additionally, she hasn't applied for a work permit in Panama because she doesn't speak fluent Spanish and believes that would hinder her ability to land a high-paying job.

What's more, she said she doesn't have robust networking connections and only joined LinkedIn in the past year. She also has some concerns that her age is working against her.

Going forward, Hayes said she plans to continue looking for work but is spending more time trying to grow her YouTube channel while self-publishing books, which she hopes can be a source of income if her job search doesn't pan out. She also hopes to find individual clients for her coaching work. While she's uncertain when she'll be able to retire, she said she's optimistic about her financial situation.

"Overall, I feel very fortunate and I'm confident the finances will shift," she said, adding, "I'll just be very relieved when the money flows so I can pay off this credit card."

Has the economy affected the way you view or experience work? If so, reach out to this reporter at [email protected].

• Donald Trump will decide whether to renew subsidies that make the ACA marketplaces more affordable.
• Biden's enhanced ACA subsidies, which lowered premiums for the middle class, will expire in 2025.
• Ending the subsidies would save the government money, but increase premiums for many Americans.

Federal subsidies meant to make health insurance more affordable for low- and middle-income Americans could be on the chopping block when Donald Trump returns to the White House.

President Joe Biden's enhanced version of the Affordable Care Act subsidies — which provide lower premiums and reduced out-of-pocket costs for lower-earning Americans who don't get health insurance subsidized by their employer or a government program like Medicaid — are set to expire at the end of 2025. At some point next year, Trump and a Republican-led Congress will decide whether to renew or end the subsidies.

Ending the subsidies would save the government money but restrict healthcare options for the people and families who rely on them. If the subsidies are allowed to expire, the Congressional Budget Office estimated that nearly 4 million people would drop coverage in 2026. 

The president-elect has been inconsistent with his support for the Affordable Care Act and has previously proposed cuts to healthcare programs like Medicare and Medicaid. The Trump transition team did not respond to BI's inquiry about ACA subsidies but previously shared a statement that Trump would "protect Medicare" as president.

Trump has not publicly said whether he plans to let the enhanced ACA subsidies expire, but he has made cost-cutting a cornerstone of his second-term promises.

The Affordable Care Act — also known as Obamacare — was passed in 2010. The law introduced the ACA marketplaces, which were meant to make health insurance more affordable for lower-earning people whose incomes would be too high to qualify for Medicare and Medicaid. It also requires insurance companies to cover preexisting conditions, like diabetes and heart disease.

Biden's expansion increased the financial assistance for people already on ACA plans and lifted the income eligibility cap for those benefits. Some middle-class families had previously been priced out of health insurance.

Since 2020 — the year before the subsidies went into effect — the number of people with ACA marketplace coverage has grown by 88%, to 21.4 million people from 11.4 million, per KFF.

Gary Young, the director of Northeastern University's Center for Health Policy and Healthcare Research, told Business Insider that the ACA subsidy debate underlines a growing problem: America's healthcare costs are ballooning, and it's taking a toll on people's finances and federal budgets.

"We are having this debate at the same time that we are beginning to see healthcare costs ramp up," Young said.

How ending ACA subsidies would impact Americans and government spending

Ending subsidies would be cheaper for the government and taxpayers. Some Republicans like Vice President-elect JD Vance have said they want to inject needed competition into the health insurance marketplace. Young said a more robust marketplace could lead to more diverse insurance plans being available, allowing people to choose coverage that best fits their needs without the government footing the bill.

"There's concerns about whether the subsidies maybe went too far," Young said. "They're providing people with financial resources to purchase more extensive insurance than they otherwise would purchase, and it's not necessarily an efficient way of using federal resources."

Still, Young said letting the ACA subsidies expire would probably make healthcare more expensive for millions of people. Nearly all Americans on ACA plans would pay higher premiums, he said. KFF reported that low-income people would see the steepest increase in healthcare costs relative to their income.

Any move by Trump to change ACA policies would need congressional approval. Because insurers have to submit their plan proposals next summer for the 2026 enrollment period, Trump will probably need to decide early in his term whether to extend the enhanced ACA subsidy.

Trump's 2nd term has a cost-cutting agenda

The US government spent $6.75 trillion total in fiscal year 2024, which resulted in a national deficit. At $912 billion, the Department of Treasury reported that healthcare — programs like Medicaid, the Children's Health Insurance Program, the Centers for Disease Control and Prevention, and more — is a top government expenditure behind Social Security. Medicare costs add another $874 billion. If the enhanced ACA subsidies were to become permanent, the Congressional Budget Office and Joint Committee on Taxation estimate that it would cost $335 billion over the next 10 years.

Tesla CEO Elon Musk and former GOP presidential candidate Vivek Ramaswamy were tapped by Trump to co-lead a new Department of Government Efficiency. The pair plans to propose cuts for the government's most costly programs, but it's not yet clear if that will include healthcare programs.

Trump's nominees for the top healthcare positions are Robert F. Kennedy Jr. leading the Department of Health and Human Services and Dr. Mehmet Oz leading the Centers for Medicare and Medicaid Services. Neither Kennedy nor Oz has outlined a specific plan for affordable healthcare in 2025, and neither responded to a request for comment.

In an opinion piece published in 2020 on Forbes, Oz said he supports a universal healthcare plan, but the stance is likely to be at odds with the Trump administration's cost-cutting agenda.

Are you doing anything to prepare your finances or healthcare plan for Trump's second term? If so, please reach out to this reporter at [email protected].

Correction: December 2, 2024 — An earlier version of this story misstated who is eligible for the enhanced Affordable Care Act subsidies. The subsidies apply mostly to people who purchase health insurance on the Affordable Care Act marketplaces. Some Medicare recipients are also eligible, but not Medicaid recipients.

• 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.

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.

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."

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].

• 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.

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.

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.

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.

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."

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].