Understand four financial blind spots early — enjoy a worry-free retirement later

(Washington, Jan 30)
Many people assume that by the time they reach 80, retirement and comfort are guaranteed. In reality, nearly 550,000 Americans aged 80 and above are still working. Some choose to stay employed for social connection or a sense of purpose, but many continue because living expenses, healthcare costs, and limited retirement savings leave them with few alternatives. Moneywise compiled four money mistakes older workers most regret—and how to avoid repeating them.

1) Not planning for retirement early

Sharon Albrecht, 84, retired from nursing more than a decade ago, yet now drives for Uber to make ends meet. She says she never imagined she’d still need to work at this age. When she was younger, she focused on the present and assumed things would work out somehow.
As retirement responsibility has shifted more toward individuals, experts stress starting early. Even small contributions can grow significantly over decades through compound interest.

2) Selling investments during downturns

David Hugo Barrett, 82, once earned a six-figure income as a telecom vice president. After layoffs, he tapped his retirement funds early—and during a market decline in the 1990s, he panic-sold his investments. Today he relies on part-time substitute teaching, and missing even one paycheck can throw his budget into crisis.
Panic-selling during market drops is one of the most damaging financial mistakes. Younger workers should expect volatility and remember that retirement accounts are designed for long-term investing over many years.

3) Failing to build consistent savings

Some older workers didn’t avoid saving on purpose—many faced unstable income or wages too low to set money aside. Luis Bautista, 82, a former professional drummer and healer, never accumulated retirement savings. Travel-related spending and inflation have only worsened his financial situation.
Experts recommend automation—regular, scheduled transfers into savings—to make retirement preparation more reliable.

4) Income not keeping up with rising costs

Kathy Curtis, 81, began working around age 15. She raised children on her own and once held four jobs at the same time. But inflation and stagnant wages have steadily eroded her purchasing power. She says costs have become “ridiculous,” and many seniors no longer feel protected. Social Security covers only her mortgage and insurance, while the rest comes from her roughly $18-per-hour administrative assistant job.
Relying solely on wages can leave seniors exposed to inflation. Building multiple income streams—through savings, investing, part-time work, or monetizing skills—can help cushion the impact of rising costs.