Life in your 50s can feel like a financial wake-up call. As retirement gets closer, many people look back and wish they had made better money decisions. The good news? If you’re younger, you can learn from their regrets and avoid the same mistakes. And if you’re already in your 50s, it’s never too late to make smarter financial choices.

Here are the five biggest money regrets people in their 50s wish they could change:

1. Not Saving for Retirement Early Enough

One of the biggest regrets is not starting retirement savings sooner. Many people in their 20s and 30s think they have plenty of time to save. But by the time they reach their 50s, they realize they haven’t saved enough.

The truth is, the earlier you start, the more time your money has to grow. Even small contributions in your 20s, 30s and 40s can make a huge difference later.

2. Spending Too Much Instead of Investing

In our younger years, it’s easy to focus on buying things—fancy cars, big houses or expensive vacations. But as people enter their 50s, they often wish they had invested more instead of spending on things that lost value.

Investing in stocks, real estate properties or retirement accounts helps your money grow. If you have overspent in the past, start changing your financial habits now. Check for ways to reduce unnecessary spending and put that money into investments.

3. Ignoring Health Insurance and Medical Costs

Medical expenses are a major concern for people in their 50s. Many regret not planning for healthcare costs earlier. Some didn’t get the right health insurance, while others skipped coverage altogether when they were younger, thinking they were healthy.

Now, they’re dealing with expensive medical bills and higher insurance premiums. The lesson? Always have a solid health insurance plan.

4. Relying Too Much on Credit Cards

Credit cards can be useful, but relying on them too much can lead to a mountain of debt. Many people in their 50s regret carrying high interest balances for years. The interest adds up, making saving for important things like retirement harder.

If you’re struggling with credit card debt, focus on paying it down as soon as possible. Consider a balance transfer or debt consolidation plan to reduce interest costs.

5. Not Having a Financial Plan

A lot of people go through life without a solid financial plan. They earn money, spend it, and hope everything will work out. But by the time they reach their 50s, they wish they had been more strategic.

A good financial plan includes saving, investing, budgeting, and preparing for unexpected expenses. If you don’t have one, start now! Contact a financial advisor to create a plan that helps you reach your goals.

While money regrets are common, the good news is that it’s never too late to make better financial choices. Start where you are, make small changes, and focus on building a more secure future. And if there’s one thing you shouldn’t ignore, it’s health insurance. Medical costs can be unpredictable, and having the right coverage can protect you from financial stress.

So, whether you’re in your 30s, 40s or already in your 50s, take action today—your future self will thank you!