We’ll all retire someday, but this period in life will go much more smoothly for some than others. The people who have the happiest retirement are the ones who put a little time and energy into planning it out, partly because they’re the ones who have simply managed to avoid the mistakes that everyone else makes! You only get one shot at retirement, so here are 10 of the most common mistakes that you should watch out for.
1. Spending too much right away
This seems like an obvious thing to avoid, but it’s the number one mistake most people make. The technical term for it is ‘deferred spending’, but it’s really just what happens when people who have been working hard for years suddenly find themselves with enough free time to do all the stuff they’ve always wanted to do. It might seem like a great idea to rent an RV with your spouse and go on a month-long road trip across the country, but can you really afford it? If you’ve planned for it, that’s great, but you should try to minimize unplanned spending if you want to have enough money for your entire retirement. Spending too much too early is very tempting, but it will result in serious financial trouble down the road.