Your retirement years can be everything you’d hoped they’d be if you make right choices and plan well in advance. However, if you make even a few crucial mistakes, retirement can be devastating.
Overspending
Failing to budget for health and dental needs has contributed to many a retiree’s anxiety. If you can’t budget enough money for expected medical emergencies, then maybe you’ll have to wait to retire. You never know when a surprise root canal or other dental procedure for which you have no insurance coverage will crop up.
Failing to Diversify Your Investments
Don’t put all your eggs in one investment basket. Instead, have an investment mix. Place some investments in blue-chip stocks, some in money market funds, etc. In other words, spread out your money.
Not Having a Schedule
Just because you’re retired doesn’t mean you don’t need a schedule. Have a set time when you do certain tasks, rather than just taking each day as it comes.
Don’t make the habit of staying up late and sleeping in. If you were part of an early morning social group or prayer breakfast that meets at 7:30 AM, continue to take part. Not only will your day begin early so you can get other jobs done before lunch, but you will also stay connected with working people.
Impulsive Moving
If you decide to move to a new area, be sure you’ve done your homework. Take several trips, spending at least a week to determine if you really want to live in a new community. Many retirees jumped into adult communities, only to discover they miss the presence of young people. On the other hand, others mistakenly make a move to a beautiful, yet secluded country home, later regretting there weren’t closer to friends and loved ones as they aged.
Choosing the Wrong House
You may love that tri-level house now, but if you plan not to move, make sure you can still tackle three sets of steps when you’re in your seventies and eighties. Tragically, some retirees have had to move downstairs because they couldn’t get up the stairs due to arthritis or mobility problems. And, if you do choose a beautiful home in the country, surrounded with trees and a landscape that needs upkeep, just realize you’ll probably need to hire a good yardman when you get older.
Retirement Financial Planning
If you’re 50 or older, chances are you’ve received an invitation to a free lunch or dinner where you sit for a financial planning spiel. Before handing over your hard-earned money, meet several times with a financial planner, making sure it’s a good decision.
Continuing to Bail Out Grown Kids
Too often people who retire make the mistake of bailing out (or even supporting) grown children who refuse to stand on their own. When you continue to dole out money to “kids” who remain on your “payroll”, you’re actually handicapping them, rather than helping them. You can still make the decision to close “the bank of Mom and Dad” with love. The next time they ask for “help”, say firmly (yet lovingly), “We’ll support you emotionally, spiritually, and morally, but not financially.” Then, don’t later relinquish, nullifying your words.
Lack of Hobbies
Find or rekindle an old hobby. Don’t be afraid to study a new skill that you’ve always wanted to learn.
Living Just for Yourself
Finally, don’t just live for yourself. Instead, find some area where you can give your time. Check out volunteer opportunities in your community where your gifts and talents are needed. You’ll have a more rewarding retirement if you do so.
