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Retirement mistakes are common these days. Early in life we take young age for granted. But as we age, we slowly realize that there are two guarantees in life. Death and taxes. While this is cliche, nothing can be further from the truth. Retirement slowly creeps up on us while we are working, and soon we are faced with a whole different set of circumstances and direction in life. After the crash of 2008, retirement mistakes are now more common. Anyone who thought being in retirement is a breeze, needs to think again. Even if you are in good health and have money to pay the bills each week, this does not guarantee you will breeze through life easily. Here are the top five retirement mistakes that retirees common make as they transition into their final years :- 1) Milking Your Account Dry. As many people get older the way they manage money get worse. In a recent study conducted it was found that the elderly are now spending more than they get on the pension or social security. For those that worked hard and saved more. These people were more prone to going out and spending money on things they just didn't need. This is a quick way to go broke fast. 2) Not Getting off Your Butt. As we age, we exercise less. This is the quickest way to the grave. Less exercise has been proven to reduce your life expectancy by several years and decrease the functioning of bodily organs. But as we leave work and age more, our physical activities decrease as we retire from the working environment. Did you know that over 50% of people over 50 do not exercise at all. 3) No Communication. It is a sad fact that today many people die, unhappy and alone. This is due to the years lingering on and neglecting friends and family. Without friends and a network of close contacts how can you
survive in this world. In a recent study of the aging journal it showed that over 15% of people over 60 did not have a close network of friends or relatives and were found to be alone and isolated. 4) Guaranteed Job Security. Job security is a myth. No matter what you boss is telling you, or how nice he is to you. Being happy in your job and smiling as you work away in today's world is the recipe for disaster. We
found this out with the financial crisis back in 2008. Even the biggest, strongest and most stable companies in the banking world went belly up. This left many employees bitter, and angry to the fact they were not told this first hand. They never even got a hint. But this is a regular occurrence even in today's world. Do not think everyone out there has your back. This is not true. 5) You will not get dementia or a disability. Too many elderly people these days make the retirement mistakes of thinking they are invincible. What we have to realize is that about 12% of people over the age of 60% will contract some sort of disability or will get some level of dementia. Did you know that by 2050 and the aging get older, that over 70% of people over the age of 60 will need some sort of long term support or caring. Even if you do not think any of these things will happen to you. You must realize that putting your head in the sand is not the right approach to solving these problems before they arise. If or when they happen can leave you financially and emotionally devastated.
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