Money mistakes are a common learning experience from which we can grow. However, when you’re in retirement, bad decisions can be catastrophic. A retiree’s ability to replenish savings is usually greatly diminished, since they are no longer generating income from a job. Luckily, you can learn from the experiences of others and avoid some of the more common mistakes.
1. Not Changing Lifestyle After Retirement
Among the biggest mistakes retirees make is not adjusting their ex
Your expenses will likely decrease when you retire, so you may be able to live on less money than you currently do. Of course, your expenses will depend on life style choices that you make, including where you live and what types of leisure activities you participate in, but here are some expenses that can go down when you retire:
Paying off your mortgage before retirement eliminates one of your biggest monthly bills. You will still have to pay for insurance,
If you are over 50 and have delayed saving for retirement, you may still have time to fund your retirement by taking these actions now:
Start saving. Max out your retirement contributions to IRAs and 401(k) accounts. If you are age 50 or older, you can contribute $6,500 per year to IRAs, and $60,000 per year to 401(k)s.
Increase your income. Work more hours, negotiate a raise, or take a part-time job on the side. You could turn a hobby such as woodworking or quiltin