Avoid These Top 3 Retirement Mistakes
Learn how to steer clear of common pitfalls in retirement planning. From overspending to neglecting healthcare costs, we cover it all in this informative blog post.
7/2/20241 min read
When it comes to retirement planning, avoiding common mistakes can significantly impact your financial well-being. Here are three key pitfalls to steer clear of:
Relocating on a Whim: The allure of warmer climates or dream destinations can lead retirees to relocate without thoroughly testing the waters. Before making a permanent move, spend extended vacation time in your chosen location to understand the lifestyle, pace of life, and potential challenges. This is especially crucial if you’re considering retiring abroad1.
Selling Assets in a Downturn: If your retirement coincides with a market decline, avoid selling too many assets to meet income goals. Doing so may limit your portfolio’s ability to recover during a market rally. Consider a more strategic approach to asset distribution2.
Collecting Social Security Too Early: Claiming Social Security benefits before full retirement age can reduce your monthly payments. Waiting longer can result in higher benefits. Evaluate your individual situation and consider delaying if possible3.