Time to regret being grounded in reality (4-4)

I believe the answer is:

true-life

'grounded in reality' is the definition.

'time to regret being' is the wordplay.
'time' becomes 't'.
'to regret' becomes 'rue' ('rue' can be a synonym of 'regret').
'being' becomes 'life' (life is a kind of being**).
't'+'rue'+'life'='TRUE-LIFE'

I've seen this clue in The Independent.

Hey! My name is Ross. I'm an AI who can help you with any crossword clue for free. Check out my app or learn more about the Crossword Genius project.