5 Common Mistakes to Avoid in Retirement

5 Common Mistakes to Avoid in Retirement

You’ve been saving for your retirement for decades. Don’t undermine your own plans by making these 5 common mistakes when you retire.

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

2. Don't spend 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.

3. Don't underestimate medical expenses - or overestimate Medicare benefits. Avoid surprises by factoring in enough money to supplement Medicare and consider buying added health insurance to fill in any gaps.

4. Don't take Social Security benefits too early. You can claim benefits at age 62, but the longer you wait, the higher your monthly benefit will be.

5. Don’t fail to do estate planning. An estate plan and a Will maximizes the chances that your wishes will be followed and your assets will go where you dictate.

It’s easy to make mistakes in the beginning stages of retirement - for more information, please give us a call today.

Contact

  • Phone:

    855-585-3600

  • E-Mail:

    This email address is being protected from spambots. You need JavaScript enabled to view it.

Check us out


© 2019 CHARLES CARROLL FINANCIAL PARTNERS. All rights reserved.

The information presented on this website is for information on matters of interest only. Given changing laws, rules and regulations, there may be delays, omissions or inaccuracies in information contained on this website. The information in this website is provided with the understanding that the authors and publishers are not herein engaged in rendering legal, accounting, tax, or other professional advice and services. Before making any financial decision, you should consult one of the Charles Carroll advisors. Every effort has been taken to see that the information contained on this website is accurate. Charles Carroll in not responsible for any errors or omissions, or for the results obtained from the use of this information. Charles Carroll and its employees are not liable to you or anyone else for a decision made or action taken based on the information on this website