Retirement is a milestone, but it can quickly become a financial challenge without proper planning. By avoiding these seven common pitfalls, you can ensure your retirement years are secure and stress-free.
1. Underestimating Healthcare Costs
Healthcare costs tend to rise significantly as you age, making them one of the most significant expenses in retirement. Many people underestimate how much they’ll need for premiums, medications, and long-term care.
Consider supplemental insurance plans like Medicare Advantage or long-term care insurance to prepare. Create a healthcare-specific fund within your savings to cover these costs without derailing your retirement budget.
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2. Not Having a Clear Retirement Budget
