Common Ways Senior Citizens Can Damage Their Retirement

This article discusses the four common ways that senior citizens can wreck their retirement:

1. Living longer than the nest egg.  As the average lifespan continues to increase it is becoming more common for senior citizens to outlive their retirement savings.  It is important for people to create a budget and live within their means and to start planning ahead early.
2. Not being prepared for tax implications.  There are certain tax implications for different decisions that seniors make.  It is important to get a good understanding of state and federal tax regulations.
3. Too much reliance on Social Security.  There are too many senior citizens who lean too heavily on Social Security benefits and have not done enough to plan for other sources of income like saving money in a retirement account.
4. Not being prepared for health care costs.  Health care costs are continuing to rise and it is important for people to be prepared to deal with these rising costs when they go into retirement.

See Sean Williams, 4 Common Ways Seniors Can Wreck Their Retirement, My San Antonio, April 4, 2016.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.