Retirement mistakes concerned couple.

Too often, people make retirement mistakes that may condemn their golden years to financial insecurity and anxiety. However, by being aware of common pitfalls, you can avoid them and set yourself up for a bright future. Here are three retirement mistakes to avoid.

1. Not Having a Plan at All

While it may be tempting just to let retirement happen, this can be a dangerous approach. Without a retirement plan, you’re just winging it and hoping for the best. This is not a sound strategy.

You need to know the adequate amount of retirement money, where that money will come from, and how you’ll make it last. Retirement planning can help you figure all of that out.

2. Relying Too Heavily on Social Security

Social security was never meant to be a retiree’s sole source of income. It was initially designed as a safety net to supplement other sources of retirement income.

However, an estimated 40 percent of Americans rely on social security as their only source of income in retirement. This can be an issue. The amount you receive from social security is relatively modest and may not be enough to cover all of your costs.

3. Life Insurance Retirement Mistakes

Many people make the mistake of cashing in their life insurance policies when they retire. However, this is usually not a good idea.

Life insurance can be an important source of retirement income, so it’s usually best to keep the policy in place and use it as needed. However, there are other ways to get money if you need it, such as taking out a loan against your policy’s cash value.

Avoid Retirement Mistakes to Enjoy Your Golden Years!

Retirement can be a wonderful time of life, but only if you’re prepared for it. If you can avoid common retirement mistakes, you’ll be on your way to a bright future.

Would you like to learn more about retirement planning? Contact us today. We offer a variety of resources to help you plan for retirement and make the most of your golden years.


Advisory services are offered through Quantum Strategies, LLC dba Quantum Strategies, a Registered Investment Advisor in the State of Pennsylvania. Insurance products and services are offered through William Rizzo, Sole Proprietor.