People entering retirement may have a budget in mind, but they should take a long-term view of how long their money will last. Yahoo Finance cautions there are eight expenses that can quickly derail retirement from being what you want. Financial experts warn to stay mindful of these areas that can quickly put a damper on retirement dreams:
- Streaming services
- Life insurance policies
- Overpriced luxury items
- Risky investments
- Debt
- Vacations
- Fraud
- Medical expenses
No one wants to spend retirement as a penny pincher. But using common sense regarding these possible pitfalls can save you some grief. Establishing a sound budget and recognizing your priorities can keep retirement on track. Consider what expenses you can ditch without encroaching on your overall well-being.
When it comes to investments and being victimized by scams, always remember if “it sounds too good to be true” it probably isn’t worth pursuing. Also, keep an eye on debt to avoid having the monthly debt payment become too much a part of your budget.
Council of Seniors Wants Senior Life to Be Fulfilling
Additional retirement income will help seniors avoid retirement pitfalls. Here at Council of Seniors, we’re determined to get Congress to pass The SAVE Benefits Act. Because the annual Social Security cost-of-living adjustment (COLA) has short-changed seniors in recent years, this bill is a must. Once passed, seniors will be reimbursed the $581 missing from their benefits.
Please sign our petition right away to get started helping. Your support can make a big difference in returning this money to seniors.
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