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Mistakes of the Newly Retired

Anyone can make a mistake, especially when trying something for the first time. This includes executing a retirement plan. So what are the big mistakes the newly retired often make? Rodney Brooks of USA Today breaks them down in his article 7 big mistakes to avoid in first year of retirement:

  1. Not having a financial or life plan

  2. Overspending

  3. Claiming Social Security too early

  4. Being too conservative with investments and not considering inflation

  5. Retiring too early

  6. Underestimating life expectancy

  7. Not having a health care strategy

If you don’t consider these ‘rookie mistakes’ to be potentially damaging, Rodney Brooks’ comparison of retirement to skydiving may have you thinking otherwise:

It’s just that in retirement, as in skydiving, when you make a mistake, it’s a lot harder to recover.

Meeting with a financial advisor  to review your retirement plan may help you avoid these and other possible detriments to your retirement lifestyle.