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Avoid Retirement Mistakes That Cause Debt

Retirement is something that all of us, even with the latest advances in modern medicine, will have to deal with. Some of us will welcome it, whereas some of us will see it with a sense of dread. No matter which way, we all have to plan for it. And this plan often means working and saving for decades to ensure that all is financially OK when the inevitable golden watch comes round. This requires discipline, planning and a whole lot more discipline to achieve, but pays unbelievable rewards.

So I'm Retired - Now What

Some people do a lot of work and planning and set themselves up for what looks to be an excellent retirement. Certainly, this is a superb achievement, and should be lauded. But, it is important that this discipline remain, because although you may have made it to retirement, the real planning has just begin. Now, more than ever, you must be shrewd with your money and avoid the mistakes that can turn your golden years grey.

Behaviors To Avoid

There are a few important behaviors that hit retired people that can be financial killers in the long term. A good pair to start with would be either being too aggressive, or too conservative with your investment decisions. Changing your risk profile is a must once you retire, as you will no longer be working. Still, consult with a professional, as being over-aggressive can mean you lose the lot, and being over-conservative can mean you run out of money sooner that you would have hoped.

Social Security - Can You Get Along Without It For A While?

It's a fact of life - the sooner you begin to receive Social Security payments before the designated age, the less you are going to receive. This means that often, especially in these times where "early retirement" is shown to be so attractive, you may want to wait a few years before receiving your checks. It could save you a bundle, and also create a nice cushion in the years to come.

The Spender Syndrome And Inflation

Retiring is good. The time resources it provides will ensure you can take up new hobbies, travel, and all in all do the things that work maybe didn't allow you to enjoy as much as you'd like. But, with that freedom comes the potential to overspend. As the famous saying goes, idle hands are the devil's workshop. So the ability to maintain your pre-retirement spending habits is particularly important, as well as keeping your overall discipline. This is also critical because of the fact that things never get less expensive. It's elementary economic theory - inflation always occurs. So that coffee you bought today for $1.50 could be $2.50 in two years, or $10 in 15 years. Remember this point always, and you will be assured your retirement savings.

Diversification - Always A Good Thing

When you are retired, your risk profile instantly must become a whole lot more diversified than it was before. While certainly diversifying one's investments is important whether you are 16 or 96, certainly it is of critical importance to retired people. By holding all of your eggs in one basket, you can lose it all in an instance. So consult a financial planner, and make sure you are properly diversified. The piece of mind alone is priceless.

Like anything, retiring well requires a good plan and solid discipline. With those two characteristics, you have it made in the shade, and will be assured your retirement years are the best of your life.

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