I’ve seen things sneak up on people in retirement, and sometimes it’s not pretty.
Boston, MA (PRWEB) June 03, 2013
GreyWingFinancial.com finance and economic magazine for seniors today issued their list of financial actions to avoid when preparing for a successful retirement. GreyWingFinancial.com is known for offering advice to seniors on ways to be proactive in bettering their financial outlook for retirement, but they believe that it is just as important for consumers to know what not to do in some scenarios as it is knowing what to do.
GreyWingFinancial.com recommended that their readers first turn to a list compiled by Julie Ewald, which was published by Yahoo Finance on Friday, May 31st 2013. Ewald described what she believes to be the top ten worst financial decisions that one can make regarding retirement, including things like collecting social security too early, assuming that there is a certain age one will retire at or by, and miscalculating the amount of money needed for healthcare during retirement—sometimes quite a bit more than expected, Ewald reported.
GreyWingFinancial.com urged its readers to heed Ewald’s advice, especially her recommendation to retire with as little debt as possible. GreyWingFinancial.com is quoted as saying, “I’ve seen things sneak up on people in retirement, and sometimes it’s not pretty. Health can slip away, becoming costly with hospital visits and medications—this is why we recommend eating organic and exercising as the best death insurance you could ever have. I’ve also seen people under-budget for their future, which can usually be avoided by getting some professional advice. But the thing that really pains me to watch is when retirees are forced to pay for debt that they incurred pre-retirement, including high interest rates. To me, it’s very important to have as much debt paid off as possible before retiring fully. A mortgage might be unavoidable, but car loans and especially consumer debt should be things you look to pay off before entering the big R.”
In the above-mentioned Yahoo Finance article that GreyWingFinancial.com recommended, Ewald also points out that refusing to downsize lifestyle can be a problem. She reports that retirees should expect to reduce their livable income by 25% or more depending on how much they have in savings. She states that houses and cars are two big areas which retirees can save money by downsizing or reducing.
GreyWingFinancial.com notes that soon-to-be-retirees shouldn’t be scared of having to sell their home or cars as soon as they retire, but does advise that if readers have queries about how much needs to be saved to maintain their current standard of living, it’s wise to discuss with a professional financial advisor.
GreyWingFinancial.com is an online column offering advice and guidance to retirees and seniors, to assist them with their personal finances and money management. GreyWingFinancial.com features articles on topics such as how to plan ahead for retirement, make proper investment decisions, and above all live out one’s golden years happily and comfortably.