Spending a lot on travel
If you’re thinking that now you have all the time in the world to go on vacations (yes, multiple ones!), then I totally understand why you feel that way. However, now is the time to make a change in your way of living, and if by change you mean all the things that rich people would do, then this lifestyle won’t last for long.
If you’re pursuing this old dream of yours, at least make sure you travel “on a discount”, so to speak. By that, I mean avoiding peak tourist season, looking out for hotel discounts, and setting a budget. This way, you will get to travel more.
Tapping Social Security way too soon
We all know that you can get your hands on those benefits before you reach 62. But is that really what you want? Unless you really need that money, consider waiting until you are 66 or even 67 years old.
The thing is, if you collect your benefits too soon, you will definitely get up to 25% less than your full retirement benefits. On the other hand, if you’re willing to wait until you reach 70, your benefits will increase even more.
