Remodeling their home
Making unnecessary and constant upgrades to your home is a big waste of money, and this applies even more when you decide on withdrawing ahead of time from your retirement savings to fund these projects.
As Jon Bradshaw, president of Appointment, confirmed, the worst possible thing a retiree can do is to take their hard-earned money from their retirement accounts just to remodel projects and make a large purchase.
“It is very important to make sure that your retirement money would last because there aren’t new income sources that could replace those funds. So it’s better to forego those kinds of projects or purchases.”