When going into retirement, some are financially irresponsible. There are a few ways to avoid going broke after stopping work. The first piece of advice is not to retire too early because you’ll want a high pension. Second, starting social security too early is another mistake. Third, never make the assumption that you can work indefinitely. Fourth, there are plenty of other options besides Medicare, so take advantage of them! It’s also wise to plan for any possibility, such as the possibility that you may move after you retire. Finally, you should recognize that retirement is more than a vacation. Take advantage of every moment possible!
Key Takeaways:
- Retiring too soon and drawing social security benefits too early are two major mistakes that will lessen your retirement income.
- On the other hand, it’s incorrect to think you can continue to work indefinitely.
- Too many people plan only for the vacation portion of retirement, and neglect to consider the expenses of daily life.
“The largest living expense for most retirees is housing, so a smart way to close your spending gap is to downsize.”
