Top 10 Mistakes That Ruin Retirement!
A Monster 10 Report!
Did you know that there are 10,000 Americans retiring each day? That is a tremendous sector of the population. To live long and prosper they will have to watch their income. In this report we look at the top 10 mistakes so you don’t ruin your or a loved one’s retirement!
10- Living In A Single Family Home By Yourself!
“A house is a living breathing entity that always needs repair. One sure way to ruin retirement is to continue to stay in a home by yourself if a spouse has died and your income is fixed.” ..…………..!
9- Not Sticking To A Sustainable Budget!
“A huge issue many retirees never take into consideration is really the limitation of their income. If you had poor money habits in the past they will only exasperate when you retire. If you do not stick to a realistic sustainable budget based on your income you will ruin your retirement”..…………..!
8- Not Controlling Your Consumption Habits!
“Baby boomers are the largest consumer class currently and if you are facing retirement your consumption habits could ruin you. Typical consumer items that you have purchased for loved ones or even yourself will have to be curtailed in order to not ruin your retirement”....…………..!
7- Taking On New Debt To Aid Children!
“Taking on new debt is not a good practice at any age unless it brings you income. But in the case of your retirement aiding children with large or even small debt purchases could be disastrous. Under no circumstance should debt be incurred to aid children. The only exception possibly to this rule is if your son or daughter faces a debilitating sickness. But, even then this should be well thought out if you do not want to ruin your retirement”..…………..!
6- Aiding Grand Children With Student Loans!
“A sure way to ruin your retirement is to take out any student loans. This goes double for any of your family members especially your grandchildren. Student Loans are the worst form of debt since they cannot be forgiven in Bankruptcy. Stay away from them at all cost if you want to not ruin your retirement”..…………..!
5- You Have No Liquid Cash!
“If you have no liquid cash available and all your money is tied in 401k plans or worse yet you only relying on Social Security you are in a heap of trouble. If you are getting ready to retire stay in a year just to build up some cash reserves. The only way to not ruin your retirement is to have cash on hand or easily accessible”..…………..!
4- You Have Gambling Habits!
“Baby Boomers have had the luxury of living during the most fantastic economic times possible for many of them they have had enough discretionary income to spend on lotto, casino’s and the like. This is changing as the economic climate since the last recession has tremendously hampered everything financially. By spending any of your income on gambling you are definitely putting yourself in a position to ruin your retirement”...…………..!
3- You Don’t Save!
“Saving is a virtue that has been lost in our now forget about tomorrow society. However for the baby boomer retiring at 10,000 strong a day they will run into a huge awakening during the retirement years. You must save at all times even in retirement if you do not want to ruin it”..…………..!
2- Putting Money Towards A Business If You Have Been A Employee All Your Life!
“If you work as an employee all your life and never took on self-employment. The time to start a business is not now. There is a mindset, a financial commitment that needs to be there. You don’t need to risk your retirement and try something with a large magnitude of failure financially during retirement. Don’t do it you will ruin your retirement..…………..!
And The Number 1 Way To Ruin Your Retirement Is…………..
Monster Growl Please…………………………….
1- 1-Taking Social Security Early!
“DING DING DING!!! “If you take Social Security early you can have a huge drop in income and potentially destroy your retirement. Take a look at this example If you take Social Security at 62 years of age you will receive a 25% reduction in benefits than if you took Social Security at 66. In monetary terms at age 66 you will receive a 1,000.00 dollars at 62 you will receive less than 750.00 dollars ..…………..!