The idea of retirement is great. No longer beholden to the corporate machine, you are free to travel, get things done around the house, play golf or spend time with your children and grandchildren.

While everyone has that same idyllic view of retirement, the truth is that it can be just as much work as your working life. There are many pitfalls that you should avoid in order ensure that your retirement is successful. Here are some of the more common mistakes you can make in retirement and how to avoid them.

 


Being Unrealistic About Your Finances

Retirement means shifting your perspective. A good pension and sizable savings account are a great start for retirement, but that is not to say you can just coast on auto pilot. These things provide a solid foundation for your retirement spending, but things can happen that affect your income.

You also need to remember to spend within your means. The amount of income that you are going to have available to you is less than it was when you were working. So, while that trip to Europe every summer might seem like a fun idea, make sure that you are not selling out future needs for present desires.

 

Not Doing What You Really Want to Do

You worked hard for your entire life to get to this point. Why deny yourself things that you really want to do? While you should be conservative about how you spend your nest egg, there is such a thing as being too conservative.

Retirement is a great time to explore, learn new things and do what you have always wanted to do. Don’t be afraid to have new experiences and branch out of your comfort zone. You are not too old for that activity; you just have plenty of experience at your back to help you through it!

 

Forgetting Those Closest to You

You have spent your life with your spouse or partner. The trouble is that you may not have spent this much time together. Retirement means a shift in your relationships as well.

Don’t forget that there are two of you. Decisions you make about living arrangements, travel and vacations, or any other major decision should involve both of you. If you are both retired, you may need to develop new routines to adjust to your changes in schedules.

Remember to consider the needs of your spouse or partner as well as your own.

 

Don’t Over Stay Your Welcome at Work

You do not want your employer to have to nudge you out the door. While you may not be ready to retire, you should take a look around and make sure that you are still contributing to your team at work. If you find that you are feeling that the job has passed you by, then don’t hesitate.

 

Begin Retirement and Estate Planning Today

It is never too early to begin retirement or estate planning. Contact Stano Law Group today!