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Take the time to check your estimated Social Security benefits through the Social Security Administration website. This will give you a clearer picture of how much you can expect, so you can plan accordingly.
7. Delaying Retirement Planning
It’s easy to push retirement planning to the back burner when you’re busy with work, family, and everything else life throws your way. But the sooner you start, the better off you’ll be. Even if you haven’t saved as much as you’d like, it’s never too late to start catching up.
If you’re in your 50s and haven’t created a detailed retirement plan, now’s the time. Take stock of your savings, figure out how much you’ll need, and start making adjustments to your spending and saving habits while you still have time.
8. Neglecting to Pay Off Debt
Entering retirement with a significant amount of debt can severely limit your financial freedom. Be it a credit card balance, a mortgage, or other loans, carrying debt into retirement means you’ll need to allocate a portion of your fixed income to pay it off.
Make it a priority to pay down high-interest debt before you retire. Not only will this reduce your financial stress, but it will also free up more money for things like travel, hobbies, and healthcare during your golden years.
9. Assuming You’ll Work in Retirement
Many people plan to continue working in some capacity during retirement, whether to stay busy or to supplement their income. But relying too heavily on this idea can backfire if health issues or other circumstances prevent you from working as much as you’d like.
