The most common retirement mistakes

(Ivanhoe Newswire) – On average, about 10,000 baby boomers turn 65 every day. People born in this generation are now either retired or close to retirement. But if you’re nearing retirement age, some common mistakes can ruin your entire plan. When do you want to stop sitting in rush hour traffic, work and do more of what you love?

But one in 12 say they don’t think they’ll ever be able to retire.

The number one common mistake people make is not paying off their debts. A survey found that 40% of baby boomers struggle to pay off their credit card debt. And too much debt can make saving difficult. Retirement statistics show that about 38% of Americans aren’t saving because they have too many other expenses.

And 45% of baby boomers have no retirement savings! Failing to plan for health care costs is also a common misstep.

The average retiree spends four thousand three hundred dollars out of pocket for health care expenses each year. And someone who turns 65 today has about a 70% chance of needing some type of long-term care service in the future.

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Mistake number three, taking care of adult children financially. This costs many people their retirement savings. A better idea is to encourage your children’s financial independence and find ways to provide non-monetary support.

According to the Social Security Administration, among elderly beneficiaries, about 50 percent of married couples and 70 percent of unmarried people receive half or more of their income from Social Security.

Source: https://legaljobs.io/blog/retirement-statistics/ https://www.usatoday.com/story/money/personalfinance/retirement/2021/12/30/3-things-that-could-prevent- you-from-retiring-early/49572205/ https://www.kiplinger.com/retirement/603563/4-big-retirement-blunders-and-how-to-avoid-them

Contributors to this report include: Julie Marks, Producer; Roque Correa, videographer and editor. To receive a free weekly email about Smart Living from Ivanhoe, sign up at: http://www.ivanhoe.com/ftk

Copyright 2022 by KSAT – All rights reserved.

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