Money MSN recently provided an article listing common mistakes people make in their retirement plans. Below is a summary of what you should avoid when planning your future.
- First – don’t mishandle Social Security. Some folks don’t do some simple calculations in deciding whether to claim SS as early as possible. Waiting can increase the monthly amount, but it will be for a shorter period of time. Do the math and see if it’s worthwhile waiting until you retire.
- Don’t splurge on big ticket items upon retirement unless you know you can really afford it.
- Not making a realistic budget for retirement, including living beyond average life expectancy.
- Not have an idea of what you want to do after you retire and have more time on your hands.
- Moving somewhere without adequate forethought, such as finding a doctor you like, or how often you can visit family.
Read the full article.
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