Both insufficient saving and early withdrawal of retirement funds jeopardize financial well-being in old age, but the latter is rarely studied. We studied whether and which individual differences relate to both regular saving and early withdrawal decisions. These decisions are economically similar (accumulating retirement assets) but psychologically different (regular small losses vs one-off large gain). We analyzed a unique dataset from three representative surveys (n-s ranging from 921 to 1,278) conducted in Estonia in 2020, 2021, and 2022, surrounding a policy reform that introduced an early withdrawal option to a previously mandatory pension saving scheme. Limited trust in financial institutions and ethnic minority status emerged as statistically and economically significant factors explaining variance in decisions not to save and withdraw early. Fostering institutional trust represents a key strategic goal for pension systems. Our findings also call for caution with pension freedom reforms, as they might put those who already save too little in double jeopardy.