Almost everyone looks forward to retirement. We’ve sort of turned it into a legend of living a life of leisure and enjoying our golden years, and in truth, it can be that way. However, there’s a lot of planning and choices to make when you get there, and you’ll want to make sure everything is set in motion.
You need to avoid serious pitfalls to enjoy your later years. Read about the most common major retirement mistakes to avoid, how you can correct course, and enjoy your golden years largely free from concern.
Not Having a Financial Plan
You may have spent your entire adult life carefully contributing to a retirement plan. You might have a generous pension, and your savings account is solid. Still, you can’t afford to just spend like there’s no tomorrow. A number of things can happen that can hurt your income, and you’re now going to be on a fixed income.
Understand where your finances lie, and live within your means. Understand that however much you have in your savings, it’s likely not going to be as much in the long run as you had while working.
Living Too Frugally
Enjoying your retirement means striking a balance. While you don’t want to squander your money, you also don’t want to live like a pauper. You’ve spent your whole life dreaming about these days. Explore the world. Learn new things. Get out of your comfort zone and see and try things you never did before. It’s time to live your life — you deserve it!
Not Accepting Changes in Relationships
Nothing is going to be the same when you retire. For one thing, you’re going to see a lot more of your spouse, and a lot less of your work friends (if at all) than you did before. Relationships change, and you need to be willing to take that into account. When you’re getting ready to get out and see the world, make sure you take your spouse’s thoughts into account as well. They also have needs and they’re also adjusting to the new paradigm.
Waiting Too Long
Many people think that they can’t afford to retire, or that their work can’t get along without them. The truth is, almost nobody at your job is irreplaceable. It’s a hard truth, but it’s true. When it’s time to retire, accept it and move on. Don’t stay at work beyond the point where you’re no longer useful, or that the job is just no longer fulfilling to you. Be honest about when it’s time to retire.
Failing to Have an Estate Plan
Not having an estate plan is one of the biggest retirement mistakes to avoid. Estate planning is far more than having a will for when you die. It means protecting your assets well into your golden years. It’s planning for healthcare and for your finances and assets — and it protects you. Everyone needs help as they get older, and an estate plan lets you decide how that help will happen. Talk to your kids and loved ones, and then contact the estate planning attorneys at Stano Law Group today!