Even the most careful planning can be insufficient when it comes to retirement. Unexpected expenses, hikes in inflation, or sudden health issues can quickly sabotage your retirement plans. And while you can’t always predict the future, there are some steps you can take to help ensure that your retirement is as secure as possible.
According to AARP, financial planners see a few of the same issues over and over. If you’re getting close to retirement or are already retired, make sure you avoid these mistakes.
- Not sticking to your plan when the market changes – It can be tempting to make changes to your investment strategy when the market is doing poorly. However, this can be a mistake. Stick to your plan and don’t make any rash decisions.
- Overspending – Just because you have a fixed income doesn’t mean you can’t overspend. Make sure to track your spending and make adjustments as necessary.
- Making sudden career changes – While it’s never too late to make a change, retirement is not the time to do it. Stick with what you know and have a steady income.
- Not talking to a financial advisor – A financial advisor can help you make the best choices for your retirement. They can also help you plan for unexpected expenses.
No matter what your retirement plan, sppeaking with a financial advisor is the best way to ensure that your retirement plans are on track. Don’t sabotage your golden years—instead, make the most of retirement and spend with confidence knowing that you’re on track with where you want to be.
The Seniors Center is here to fight for seniors in Washington. We’re ready to see changes to Social Security that ensure retirees will receive all that they’ve earned. Learn more about our mission today—then follow us on Twitter and Facebook for more!