Wisdom is often built on the foundation of regret. People learn from their mistakes. Just as important, though, you can learn from other people's mistakes.

Abigail Hurwitz with the Hebrew University of Jerusalem and Olivia S. Mitchell with the University of Pennsylvania's Wharton School sought to learn the financial regrets of older Americans. They interviewed 1,612 people, with the average age of the respondents being 71.4.

Here are the five biggest regrets of retirees based on Hurwitz's and Mitchell's research.

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Source Fool.com