- Rushing Into Risky Investments – High-risk investments may seem tempting but could lead to significant losses. Stick to a balanced, diversified portfolio that focuses on income-generating assets
- Neglecting to Review Your Plan – Failing to update your investment strategy as you age can leave you exposed. Regularly review and adjust your portfolio to align with your financial goals
- Underestimating Longevity – Running out of money is a real risk Plan for a long life and explore lifetime income options like annuities
- Ignoring Healthcare Costs – Medical expenses can deplete savings Prepare by setting aside funds for healthcare or investing in long-term care insurance
- Claiming Social Security Too Early – Early claims reduce your benefits. If possible, delay claiming Social Security to maximize your payout
- Not Having a Withdrawal Strategy – Without a clear plan, you may run out of money. Develop a sustainable withdrawal strategy that minimizes taxes and extends your savings
- Over-Reliance on Bonds – Bonds offer security, but over-reliance limits growth. Keep a mix of assets, including stocks, to hedge against inflation
- Neglecting Inflation Protection – Inflation can erode your purchasing power. Invest in inflation-hedged assets like TIPS or real estate
- Withdrawing Too Much Early – Overspending can deplete savings. Stick to a disciplined withdrawal rate like 4% per year
- Falling for Scams – 60+ are prime targets for fraud. Be cautious with unsolicited offers and consult a certified advisor
Avoiding these mistakes ensures a more secure and stress-free life. Review your strategy, protect against inflation, and avoid high-risk moves to preserve your wealth.
Article by Bibi Apampa The Retirement Queen Access a free webinar on Rich Retirement Planning at https://BibiApampa.info
