Watch Out for These Money Wasters in Retirement

Retirement Income

Watch Out for These Money Wasters in Retirement

Posted by Asset Protection Group
2 months ago | August 8, 2022

For many of us, retirement will mean living on a lower monthly income than we’ve earned throughout our careers. That’s why budgeting becomes more important than ever when you retire. As you transition into this new stage of your life, watch out for these ten common money wasters.

Buying the wrong insurance. Insurance is only helpful if you’ve chosen the right types of policies. Let’s review your actual needs and compare rates to make sure you’ve chosen the right products for your situation.

Owning several cars. Now that you’re both retired, you and your spouse can probably get by on one vehicle. That means only one payment, one car to insure, and lower maintenance costs.

Staying in your old home. We can be sentimental about our houses, but do you really need a large, older home to maintain? Downsizing can save you money on the payment and taxes, plus you can choose something newer and easier to maintain.

Forgetting your discounts. Remember to ask about senior discounts everywhere you spend money. You’ll be surprised at what’s available to you!

Supporting adult children. Offer loans with clear terms, rather than gifts, in an emergency. And if they need to move in with you, make it a rental arrangement with a clear end point.

Too much credit card debt. We all know that credit card debt is an unreasonable burden at any age. But in retirement, there’s no point stressing yourself so much. If you can work a bit longer and pay down debts before retirement, it might be wise to wait.

Neglecting your health. Take care of your health with a good diet, exercise, and avoidance of alcohol and cigarettes, and you can not only enjoy better health but potentially lower your healthcare bills!

Too much shopping. Retirees sometimes become bored, and shop as a pastime. Instead, invest in another hobby that you enjoy.

Investment fees. Some investment fees are to be expected, considering the potential value of the service. But make sure that what you’re paying matches up with your expectations.

Financial scams. So many con artists focus exclusively on retirees, who are hoping for a quick and dramatic return on their money. Unfortunately, anyone who calls or emails you with a proposal could be an unscrupulous person who leaves you broke. Before investing in any type of scheme, let’s schedule an appointment to review the details and help you determine if it’s legitimate.

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