15 Common Retirement Regrets -- and How to Avoid Them

When you work hard all your life, you deserve to enjoy the fruits of your labor. Unfortunately, far too many retirees spend their later years coping with lots of financial struggles.

You don't want to worry about money for years after leaving the working world, so be aware of these 15 common retirement regrets and learn how to avoid them.

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Amassing a large retirement nest egg can take a lot of time and effort. Getting started early makes it much easier to ensure you've saved enough.

If you invest when you're young, you'll have more years for compounding to work for you. Your invested funds will earn returns that can be reinvested so your money grows effortlessly.

You'll be able to invest much less each month if you start early and still hit your retirement goals, compared with starting late in life.

Many employers match 401(k) contributions. But, if you don't invest enough to earn the full match, you'll miss out on some of this money.

Passing up free help saving for retirement could leave you with lots of regrets because it will mean a smaller nest egg than you could have had.

ALSO READ: How Much Is Your 401(k) Match Really Worth?

Most investors must pay at least some fees. But, if your account comes with hefty management fees and you choose expensive investments, you could end up eating into your returns.

Pay attention to what your 401(k) administrator or brokerage firm is charging you. And if you're investing in exchange-traded funds or mutual funds, focus on the expense ratios.

Often, you'll end up with a lot more money invested if you opt for inexpensive passively managed funds -- both because you'll save on fees and because passively managed funds tend to perform better over time.

It's important to diversify your portfolio and have a mix of different assets -- including some riskier ones with the potential to produce better returns, as well as some safer ones.

If you invest too conservatively or too aggressively or if you end up putting all of your eggs into one basket, you could end up with a lot of retirement regrets because your investment account balance could be much lower than it would've been had you had a better asset allocation.

Risk tolerance changes as you age and get closer to relying on your retirement nest egg. When you're young, you can afford to take more risks because you have more time to recover from losses. But you may not be able to wait out downturns as you get older.

If you don't shift your asset allocation as you near retirement, this could end up being a major source of regret if you're forced to reduce your account balance to a dangerous level by selling assets at a bad time and locking in losses.

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When you're working on saving for retirement, you need to have an idea of what your end goal is.

By establishing a specific retirement savings target, you can both determine how much to invest each month and make sure you're on track.

Without a clearly defined goal, you're much less likely to end up without the money you need when you're ready to leave the workforce.

There are multiple types of tax-advantaged retirement accounts including traditional and Roth 401(k)s, as well as traditional and Roth IRAs.

IRAs give you more flexibility in what to invest in, but don't offer the employer match that many 401(k)s do. And Roths provide a tax break late in life, as you can make tax-free withdrawals while traditional accounts offer you tax savings up front.

Choosing the wrong account could mean potentially limiting your investment gains, missing out on matching funds, or paying higher taxes -- so be sure to research all your options carefully.

ALSO READ: 3 Drawbacks of Using Only a 401(k) for Retirement

When you get ready to retire, you need to determine how much you can safely withdraw from your retirement accounts -- and you need to stick with that limit you set for yourself.

If you don't decide on a safe withdrawal rate, you could end up taking out too much and going broke. Or you could take out too little and struggle needlessly.

The 4% rule is a common approach, but you should carefully consider what withdrawal strategy is right for you if you don't want to end up with regrets.

Deciding to claim Social Security will profoundly impact the income you receive for the rest of your retirement.

Claiming benefits early means accepting a reduced check, while delaying your benefits enables you to raise your monthly income but comes at the cost of forgoing months or years of payments.

You need to consider your health status, your spouse's claiming choice, and your goals for retirement and make a fully informed choice about when to start getting your benefits.

ALSO READ: Should You Claim Social Security at Your Full Retirement Age?

Health issues are more likely to develop as you age, and you need to make sure you have the right insurance coverage to get the care you need without going broke.

Simply signing up for Medicare isn't enough to ensure you're covered. Don't end up regretting that you didn't research all your options, including Medigap and Medicare Advantage plans, which could help you keep costs down in some cases.

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Even when you have good insurance, there's a chance you'll have to pay thousands of dollars a year in premiums, coinsurance costs, and deductibles for medical care during retirement.

It's important to consider future healthcare costs and take them into account when planning how much money you'll need for your later years.

With experts estimating a senior couple could need around $300,000 for care during their retirement, failing to plan for this could end up being a major source of regret.

Since most seniors are on a fixed income, it's important to spend money wisely. That means living on a budget.

If you don't plan where your dollars will go, you could end up constantly falling short. By prioritizing what spending matters the most and making a detailed budget, you'll avoid this fate and make sure you're using your retirement funds as wisely as possible.

If you're anticipating that you'll be able to dramatically cut spending as a senior, you may be disappointed -- especially as certain expenses such as healthcare tend to go up.

Most experts recommend planning to replace at least 80% to 90% of pre-retirement income.

You can go with those numbers or make a personalized plan for how much you'll need so you can ensure you're really prepared to retire before quitting your job.

If you're married, the decisions you make will affect your partner's retirement -- and vice versa. Make sure you're on the same page about retirement savings, claiming Social Security, and how you plan to spend your later years.

Otherwise, you could face both financial and relationship troubles during a time of your life that you should both enjoy.

Finally, don't base your retirement plans around an assumption you'll be able to work late into your 60s or even into your 70s.

Many people anticipate working for a long time but find they can't do so because of family issues, health issues, or a lack of jobs. It's better to plan for an earlier retirement so you don't fall short if that happens to you.

If you end up being able to work later, you won't be sorry that you have extra cash and more options.

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By avoiding these 15 regrets, you can get to retirement with the confidence of knowing you'll have plenty of money to enjoy your later years.

You'll be glad you made the effort throughout your life and early in retirement to take control of your finances so you can be free from financial worries.

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