We all make money mistakes from time to time, but when you are retired it can be disastrous. Retirees are dependent on their nest egg, and often it can’t be replenished with new sources of income. Learn from these 10 common mistakes made by others, and make the most of your pension funds.
1. Not Changing Lifestyle After Retirement
One of the biggest mistakes retirees will make is continuing to live on the same budget that their salaries allowed for. Many won’t want to sacrifice dinners out and movie nights, but you may have to if you don’t have enough in your pension.
Another thing that retirees may not plan for is the cost of health care as they age. If you’re yet to consider this, it’s best to talk to a financial planner to help with your pension plan. You’ll need to create a budget that allows you to live within your means and still pay unplanned expenses.