Financial planners are emphasizing the need for immediate retirement planning decisions to avoid future regrets. Melissa Murphy Pavone, a certified financial planner and founder of Mindful Financial Partners, stated that failing to maximize contributions to tax-advantaged accounts like 401(k)s, IRAs, and HSAs is a common regret. "Ten years from now, people often wish they had taken fuller advantage of 401(k) [plans], IRAs, HSAs and catch-up contributions," she told GOBankingRates. "Time, not timing, is the most powerful asset."
The IRS has announced increases in contribution limits for 2026. The maximum annual 401(k) contribution will rise to $24,500 from $23,500 in 2025. IRA contributions will increase to $7,500 from $7,000, with catch-up contributions for individuals 50 and over rising to $1,100 from $1,000.
Dr. Robert Johnson, a chartered financial analyst and professor at Creighton University, highlighted the importance of securing employer matches on 401(k) contributions. "People should do whatever it takes to participate in their company’s 401K plan to the level to get the full employer match," he said. Johnson described the opportunity loss from not participating in matching programs as "substantial," noting that with a 100% match, individuals effectively turn down equivalent growth on their own contributions.
Pavone also recommended automating retirement savings contributions and gradually increasing them. "Small, steady increases compound significantly over a decade," she said. "Many people regret not being more consistent early on."
Kevin Quinn, founder of Legacy Counsellors, P.C., stressed the importance of creating and maintaining an estate plan. He advised individuals to be diligent in planning and not abandon their trust, adding, "Now is the time to preserve and protect your wealth." Quinn recommended keeping estate plans updated to align with changing tax and regulatory requirements.