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Selling When the Stock Market is Down
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Selling when the stock market is never desirable. It’s worse when you’re approaching, or in retirement. You’re typically no longer able to earn an income in your 60s.
This locks in your losses with no means to replace it. Having access to different pots of cash may be a better solution if you need quick money.
Withdrawing Social Security Too Early
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You want your Social Security income as soon as possible, which is currently at 62. However, the earlier you take it you permanently reduce your benefit.
If possible, look to delay it as much as possible. Reports show you can increase your benefit by eight percent for every year you delay. Putting it off even a couple of years directly gives you a raise.
Not Signing Up for Medicare on Time
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Delaying Social Security can be smart, not Medicare. You have a seven-month window that starts three months before you turn 65.
If you miss enrolling, you can pay at least a ten percent penalty on your monthly premium – for the rest of your life. Don’t make that mistake.
Being Too Aggressive or Conservative With Your Investments
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If you’ve not met with a financial advisor, now is the time. You want to be careful with risk, but not too careful that you don’t outpace inflation.
Think of your 60s as the red zone in football. It’s wise to be smart, and you don’t want a turnover.
Not Having a Long-Term Care Plan
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You may not realize this, but Medicare doesn’t cover long-term care. This includes nursing homes and assisted living facilities. Furthermore, many health insurance companies don’t cover it either.
Now is the time to start planning for your long-term care needs, if you haven’t done so already. Healthcare costs tend to spike during retirement years. Saving and planning now can help ease the burden later in life.
Taking on Consumer Debt
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High-interest consumer debt is never good. It’s worse during your 60s as you may not be able to earn additional income.
Live within a budget and avoid overspending. If you do have credit card debt, consider a balance transfer card that allows you to lower the interest rate temporarily to zero percent to knock it down quicker.
Overspending on Your Children or Grandchildren
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There are no loans for retirement. Spending on your loved ones brings joy, but it must be done wisely.
The last thing you want is to be burdensome to your children or grandchildren as you age. You can still buy them gifts, but do it within a budget.
Not Managing Finances With Your Spouse
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If you have a partner, it’s more vital than ever to be on the same page financially. One of you will pass before the other and the last thing you want is to leave them holding the bag or not know how to manage the finances on their own.
Speak often, and work together to ensure both parties know how to manage your finances.
Retiring Too Soon
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Early retirement is a dream for many. It takes lots of planning and an ample amount of cash.
You can’t withdraw money from your 401(k) or IRA before 59.5 years of age without facing a penalty of at least ten percent. That’s not to mention taxes. The last thing you want is to outlive your assets.
Not Maxing Out Your Retirement Accounts
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If possible, you want to max out all of your available retirement accounts. This builds up your assets and gives them more time to grow.
People over 50 have the ability to make catch-up contributions to both your 401(k) plan, IRAs, and more. If you can, take full advantage of this.
Being Cash Poor
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Having a lot of assets is vital in retirement. However, you don’t want to have them at the expense of not having enough liquidity.
Emergencies can happen at any time, and you often need cash to manage them. One way to free up more cash is to downsize your home.
You want to have 12 months of living expenses, at a minimum. This will help you weather potential storms. A high yield savings account, like CIT Bank that pays a super competitive rate and is FDIC-insured is best to ensure you’re earning as much as you can on your cash.
Ignoring Inflation
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While it may seem difficult to imagine doing right now, since inflation is high and prices on everything are seemingly up, ignoring inflation can be detrimental in your 60s.
Keep in mind that inflation tends to happen at a rate of two or three percent each year. That means you’ll need to consider investments to help your money continue growing so it can keep up with the cost of inflation and help make sure you have enough to buy the things you need.
10 Unpleasant Things No One Tells You About Retirement
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Your golden years are meant to be fun, but it’s not always that way. Here are ten things many people don’t know about retirement and how it might harm you.
10 Unpleasant Things No One Tells You About Retirement
10 Signs it’s Time to Cut Adult Children Loose
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Parents feel the pull to support their kids, but it can go too far. Here are ten concerning signs that it’s time to cut off your adult children for their own good.
10 Signs it’s Time to Cut Adult Children Loose
Purchases Boomers Must Avoid in Retirement
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Large purchases in retirement can be hazardous to your retirement plans. Here are 12 purchases Boomers must avoid in retirement to ensure they have enough resources.
12 Purchases Boomers Must Avoid in Retirement
11 Best Cities to Retire To
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Are you looking for an affordable retirement destination that doesn’t limit fun? Here are 11 economical places to retire in to stretch your budget and maximize enjoyment.
11 Best Places to Retire
35 Proven Ways to Save Money Every Month
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Many people believe it’s impossible to save money. Or, they think saving $20 or $50 a month won’t amount to much. Both are incorrect. There are many simple money-saving tips that can add up to big savings. You just have to start one, then another, to increase your savings.
Ways to Save Money Every Month
Frugal Rules. (2023-12-17 09:00:42). www.frugalrules.com