Retirement is a completely different phase of life. If we play our cards right, it can be a very happy time, but if we don’t, we won’t enjoy it. You’ll find 19 of the biggest mistakes people make during retirement in this article.
Paying for Travel Insurance
Most travel insurance companies push expensive travel insurance deals on retired vacationers, trying to get more money from them. What a lot of retired people don’t realize is that their travel is actually covered by their life insurance and there’s no need for further coverage.
Divorcing
“More couples are divorcing after age 50 than ever before,” says the American Psychological Association. “Divorce also can be financially depleting. Women 50 and older experience a 45% decline in their standard of living; for men it’s 21%.” Getting a divorce during your retirement could be a massive mistake.
Buying Expensive Groceries
When you’re working, you save for retirement so that you can maintain the same standard of living that you enjoyed throughout your life. If you begin to shop at expensive grocery stores when you retire, you might not have enough money for pastimes that make retirement enjoyable.
Not Traveling
Retirement is an ideal time for you to travel, as you finally have the money and the time to do so. If you don’t take advantage of opportunities to go out and see the world during the early years of your retirement, you might regret that later on.
Not Keeping Busy
Retirement can be very boring if you don’t stay busy. The key to enjoying your retirement is making sure you get up and out of the house each day as you would back when you were working. Maintaining a busy schedule will help keep you active.
Fighting With Their Partners
When you begin retirement, it can be tricky to get along with your partner. You used to be worlds apart but now, all of a sudden, you’re spending every waking moment together. Many couples struggle to get used to this change and end up fighting a lot.
Trying to Keep Up
Figures from Forbes show that “the average American has $65,000 in retirement savings.” This is a good amount of money if you use it well. But many people find themselves out of pocket during retirement because they’re trying to keep up with the latest trends.
Overcommitting
Most people look forward to retirement because they want to have extra time to spend with friends and family. But making too many commitments at this time will wear you out. Make sure you have a good balance between rest and spending time with others when you start retirement.
Not Saving for Pastimes
Some people forget just how much free time they will have when they retire. As a result, they don’t budget for the expensive pastimes they want to do, such as playing golf, taking art classes, or going on vacation. They end up feeling bored during retirement.
Moving to the City
Many people enjoy living in the city while they are young and have a growing family. But city life tends to appeal less to older people than it does to younger people. Moving into a larger city when you retire could be a big mistake.
Isolating Themselves
According to WebMD, “Loneliness is a serious problem among older adults. One report found that more than 30% of adults over 45 experience loneliness.” Many people make the mistake of isolating themselves when they retire. They don’t make enough plans to do things, so they end up alone.
Not Making New Friends
When you retire, you have to make new friends of a similar age to you. This is important, as most people younger than you will still be working and have lots of commitments. Making friends with those your age will ensure you have people to spend time with.
Not Planning for the Future
Out of fear of the unknown, many people of retirement age put off making plans for the future. As a result, they end up making rash decisions when tragedy strikes, or family members end up making decisions for them that they’re not entirely happy with.
Skipping Financial Advice
Getting financial advice when you retire is a really good idea. Financial advice will help you know how much you can spend and will keep you in line with your budget. Without proper financial advice, you could burn through your retirement budget in just a few years.
Relying on Their Partners
Many people make the mistake of relying on their partners for financial support through retirement. But the truth is that you might not always be able to rely on your partner. Census.gov says “High rates of divorce persist for those 65 to 74 years at 39%.”
Relying on Their Children
Some people decide to rely on their children for financial support when they retire. But this is often a big mistake. Life is getting more and more expensive for everyone, and your children may not be able to support you financially throughout your entire retirement.
Expecting Too Much
Some older people feel disappointed during their retirement because of unrealistic expectations of how much they would be able to do with their families. What they often forget is that their children still have very busy lives to lead and can’t spend that much time with them.
Forgetting Tax Payments
A lot of people assumed when entering retirement that they wouldn’t have to concern themselves with expensive taxes. But the truth is that if you’re getting a lot of income from pensions or other assets, you might be heavily taxed when you retire. Budget with taxes in mind.
Moving Too Fast
Some people of retirement age want to be able to move at the same pace they used to when they were working. But they have to accept that retirement is a slower pace of life. Slowing down during retirement will stop us from becoming exhausted.
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