How would you like to guarantee the future outcome of your retirement years? Sadly, we cannot, but we can increase our odds by addressing some common pitfalls.
1) Don't retire too soon. – Even postponing retirement one, two or three years can increase your odds of victory. By postponing, you are growing your money and not taking money out.
2) Don't spend too much in the early years of retirement. – Retirement is a change in your lifestyle. Have a plan before you enter retirement and be willing to adjust in those beginning years. Perhaps you work part-time at a job you enjoy.
3) Don't underestimate medical expenses. – You have probably heard news or experienced the high cost of healthcare with people you know. These costs will probably increase and are likely to rise at a greater rate than other costs of living.
4) Don't take Social Security benefits too early. – There are many ways to take your Social Security income and the difference can cost tens of thousands of dollars over your lifetime. Having a strategy is critical.
5) Make sure you do estate planning early. – Having an estate strategy will save your loved ones countless hours of hassle and grief before and after your death. Make your wishes known so that the state or someone else does not make these decisions for you.
“Do not let what you cannot do interfere with what you can do” -John Wooden
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