Blindly paying for life insurance
The minute we start our careers, there’s something that’s drilled deep into our brains: getting life insurance is a great financial move. But the more you age, it’s even more essential to remember the whole purpose of having life insurance: making sure that those who depend on your income will be able to maintain their lifestyle in case you pass away.
However, if your children are adults now and you’ve gotten rid of all the major debts, then you should reevaluate whether or not a new policy even makes sense.
Keeping your large home
There’s a good reason why downsizing is now such a popular financial move for seniors. Getting a smaller residence might come with enormous savings on insurance, taxes, utilities, and even mortgage payments.
Even if staying put might make a ton of sense in the long run, you should think about whether your home is more of a burden than a blessing. And make sure you factor in everything: the exhausting upkeep, the cluttered rooms, and that slippery staircase. All of these might prove to be clear signs that it’s time for a change. But don’t worry, changes are good!
