5 Mistakes to Avoid for Retirees

Avoiding Common Retirement Mistakes

You’ve been saving for your retirement for decades. Don’t undermine your own plans by making these five common mistakes when you retire.

Mistake #1: Retiring Too Soon

Don’t retire too soon. Lifespans are increasing, and many retirees underestimate their life expectancy when calculating the money needed to live on.

Mistake #2: Overspending Early in Retirement

The second mistake to avoid is spending too much in the first years. It’s easy to overspend while playing with your newfound freedom, but it can cause shortfalls later in life. Budget accordingly and stick to your plan.

Mistake #3: Underestimating Medical Expenses

The third mistake is underestimating medical expenses and overestimating Medicare benefits. Avoid surprises by factoring in enough money to supplement Medicare and consider buying added health insurance to fill in any gaps.

Mistake #4: Claiming Social Security Too Early

Another mistake is taking Social Security benefits too early. You can claim benefits at age 62, but the longer you wait, the higher your monthly benefit will be.

Mistake #5: Neglecting Estate Planning

Lastly, don’t fail to do estate planning. An estate plan and a will maximize the chances that your wishes will be followed and your assets will go where you dictate.

Plan Carefully for a Secure Retirement

It’s easy to make mistakes in the beginning stages of retirement. For more information, please contact us today.