2. Don’t expect relationships to remain unchanged
Families are interdependent, and retirement can influence both your children and your grandchildren, and that may lead to some changes in your life. One of the most common mistakes is that most retirees think that after they have a lot of time on their hands, they will start visiting their kids more often, and in time, this may seem a bit overwhelming.
Try to find a hobby or maybe spend more time with yourself because that’s what you’ve always wanted, right? Maintain some boundaries and you will find yourself going through less stressful situations.
3. Neglecting estate planning
You should know by now that estate planning isn’t just for the wealthy! Doesn’t matter if your assets are modest. You will want to have a valid will to specify who gets what and who is going to be in charge of dispersing your money. This is one of the most common mistakes among the elderly because nobody is going to think about death very soon. It’s a very sensitive topic, and we don’t want to talk about it often. But having a plan is actually mandatory.
Retirement is the best time to sort things out and review the existing estate planning documents. Are you divorced? remarried richer? Maybe your wishes have changed during this time and you will reconsider some things. Talk to an attorney that can help you in this direction.
Stop worrying and pull the plug to the employer. We retired at 59 with zero plans. Got lucky sold our home and was able to purchase another cash. You have to eliminate all debt including housing.
This is just trying to promote CA. CA is not a good place to live if you work. San Francisco is passing a reparations bill. If you have income, you will be paying people of color $5 million each because “they are oppressed”. A lot of working people will be leaving CA because they do not agree that anyone in the USA deserves a free ride.
Hopefully there will be a lot more help for retirees due to the rising cost of EVERYTHING. People that have worked ALL of their life and paid taxes deserve a bit more.
This world is controlled and guided by MONEY so if you don’t have any get ready to suffer in more ways than one.
Hurrah!! for all of the past workers of this dying country. In God I trust…..
Good Basic overview of retirement issues. While everyone wants to retire early, money and healthcare are the two biggest items that everyone should spend time analyzing before pulling the work plug. After 5 years of retirement, I still maintain a budget that is reviewed periodically to see how well we are doing. As for healthcare the biggest challenge is finding a supplemental plan that will meet your needs and is affordable.
Most of your info was helpful, but believing you should retire in California is definitely a Big NO! Everything in California cost triple the amount you pay in most all of the other states. They have ran out of water, traffic is atrocious in most areas, now they are having Blackouts! Please do not encourage anyone to move to California!