8 Common and Costly Retirement Planning Mistakes

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Retirement planning may not seem like rocket science at first – save as much as you can, figure out when to take Social Security, and draw as little as possible.

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But of course any financial plan designed to support you for decades has a lot of moving parts, and you must carefully consider all of those moving parts, how they interact with each other at first and over time, and how external factors could throw monkey wrenches into your whole model.

There are numerous retirement planning pitfalls that you can proactively avoid. Below is a brief guide to avoiding costly mistakes in retirement planning. A secure, happy retirement requires savvy planning, saving, and investing.

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8 Common and Costly Retirement Planning Mistakes

The majority of retirees choose to begin receiving Social Security payouts within a few months after turning age 62 or immediately after they stop working, even though it is almost always beneficial to delay the benefits.

A National Bureau of Economic Research working paper, written by Stanford economist John B. Shoven, concludes that most retirees are leaving money on the table. There are “spikes” in the retirement age data at ages 62 and 65.

Health care costs pose one of the most serious risks to retirement security, so it’s important to understand how to plan for this major expense and navigate the system.

A study from the Employee Benefit Research Institute estimates that a couple with drug costs at the 90th percentile throughout retirement would need savings of about $325,000 by age 65 to have a chance of covering their health care expenses during retirement.

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8 Common and Costly Retirement Planning Mistakes

Retirement planning may not seem like rocket science at first – save as much as you can, figure out when to take Social Security, and draw as little as possible.

But of course any financial plan designed to support you for decades has a lot of moving parts, and you must carefully consider all of those moving parts, how they interact with each other at first and over time, and how external factors could throw monkey wrenches into your whole model.

There are numerous retirement planning pitfalls that you can proactively avoid. Below is a brief guide to avoiding costly mistakes in retirement planning. A secure, happy retirement requires savvy planning, saving, and investing.

8 Common and Costly Retirement Planning Mistakes

The majority of retirees choose to begin receiving Social Security payouts within a few months after turning age 62 or immediately after they stop working, even though it is almost always beneficial to delay the benefits.

Taking Social Security Too Early

A National Bureau of Economic Research working paper, written by Stanford economist John B. Shoven, concludes that most retirees are leaving money on the table. There are “spikes” in the retirement age data at ages 62 and 65.

Health care costs pose one of the most serious risks to retirement security, so it’s important to understand how to plan for this major expense and navigate the system.

Underestimating Health Care Costs

A study from the Employee Benefit Research Institute estimates that a couple with drug costs at the 90th percentile throughout retirement would need savings of about $325,000 by age 65 to have a chance of covering their health care expenses during retirement.

SWIPE UP NOW TO READ MORE

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