Carmen Reinicke -
CNBC + Acorns
The main advice retirees would give their youngsters is simple: Start saving early for the end of your career.
About 70% of retirees said changing their habits to save or invest more and sooner is the top piece of advice they would give their youth, according to the Employee Benefit Research Institute's Retirement Readiness Survey.
The report surveyed more than 1,100 Americans age 55 and older with at least $50,000 in financial assets in April and May of this year.
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"This is something we hear all the time," said Shweta Lawande, a certified financial planner and senior adviser at Francis Financial, a New York-based firm.
In addition, nearly half of those surveyed said they wish they had made certain changes sooner to improve their current financial situation.
This includes being more aggressive with your investments, spending less, saving more, and working with a financial advisor to have a solid plan for retirement.
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Retirees did not expect "the seriousness of inflation"
One of the reasons many retirees now feel stressed is high inflation.
The United States is experiencing the highest inflation in 40 years, which is driving up the prices of almost all essential products, from housing, food in restaurants and grocery stores, gasoline, cars and the trips.
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More than half of those surveyed cited inflation as the top financial concern keeping them awake in retirement, according to the survey.
This outweighed other key issues such as health and medical expenses and concerns about running out of money.
“A lot of retirees we talked to weren't expecting the severity of inflation,” said Bridget Bearden, research and development strategist at the Employee Benefit Research Institute.
"And it's only gotten worse since then," she added.
What younger investors can learn from retirees
Taking note of the regrets of current retirees, as well as what they think they did right financially, is important for younger investors.
Starting to save and invest for retirement as early as possible can mean you'll be ready to leave work sooner.
Having more time for the money in the stock market to appreciate in value, and reaping the benefits of compound growth, can go a long way toward achieving one's financial goals.
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"We cannot underestimate the power of time," says Lawande.
It's also helpful to look at older investors, who have been through many market cycles, for discipline.
“Being able to apply context to investments is very powerful,” Lawande said, adding that younger clients are actually more likely to turn up during crises worried about the money they have in the stock market.
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"Don't react to what you see in the market, don't react out of fear, trust the ship you have built," he said.
While the most common advice was to start earlier, there were also things retirees felt they did well in preparing for retirement, with about 40% saying they would ultimately not make any changes to the way they prepare.
About 14% said they were glad they saved, and 10% specifically noted saving in an employer-sponsored 401(k) or 403(b) retirement plan.
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In addition, retirees said that using an individual retirement plan, paying down debt, and buying, paying off, or selling a home were sound financial measures.
People who worked with financial advisers also generally felt more prepared to retire and less stressed about finances: 90% said the value of professional advice outweighed any cost.
You can also help younger clients tap into generational wealth.
"The benefit of perspective is not lost on advisers," Lawande said.
This article is part of the
Invest in You: Ready series.
Set.
Grow
(Invest in you: Ready. Ready. Grow), an initiative of CNBC and Acorns, the micro-investing app.
NBC Universal and Comcast Ventures are investors in
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.