It is more critical during retirement than ever to ensure that you have a healthy amount of savings. After all, the definition of retirement is that you are no longer working, and you need to live on your investments and social security benefits.
According to The Motley Fool, studies have shown that one out of three Americans only has $5,000 in retirement savings, and 21% have absolutely nothing. That is a significant portion of the US population that is hoping to only live on their benefits. If you want to prevent yourself from becoming part of that statistic, read on to see the 46 biggest financial mistakes most retirees make.
46. Not Planning For Your Free Time
Many people look forward to retiring, as it gives them the chance to take on so many things they never got to do. However, with a sudden increase in free time, many people go stir crazy. Most seniors end up going back to work, albeit part-time, because they don’t know what else to do with their time. Your free time should be as budgeted as well as your finances to prevent this from happening.
Consider taking up a few community college courses at a discounted price to learn a new skillset. That keeps your interests versatile, your mind sharp, and you’ll have unique skills even to start a new retirement job to keep income flowing into your household. Look around in your local area to see what options are available to you and which ones are the most affordable. There’s no reason you have to become one with your couch just because you’re not working anymore.