You’ve been saving for your retirement for decades. Don’t undermine your own plans by making these 5 common mistakes when you retire.
First, don’t retire too soon. Life spans are increasing and many retirees underestimate their life expectancy when calculating the money needed to live on.
The second mistake to avoid? 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.
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.
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.
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.
It’s easy to make mistakes in the beginning stages of retirement - for more information, please give us a call or stop by our website today.
For more on this topic and other resources, please check out https://carsonallaria.com/
Disclaimer: All material discussed on this video is for educational purposes only and should not be construed as individual tax, legal, or investment advice. Investing involves risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results. Joe Allaria is an Investment Adviser Representative of CarsonAllaria Wealth Management, a Registered Investment Advisory firm. Information discussed on this video may be derived from third parties that are believed to be reliable, but CarsonAllaria Wealth Management does not control or guarantee the accuracy or timeliness of such information and disclaims all liability for damages resulting from such sources. Any references to third parties are provided as a convenience and do not constitute an endorsement.
