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:
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Not having a financial or life plan
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Overspending
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Claiming Social Security too early
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Being too conservative with investments and not considering inflation
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Retiring too early
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Underestimating life expectancy
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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.