7) Not Being Effective Tax-Wise During Retirement
Having multiple retirement accounts may sound ideal but you have to remember that each retirement account is being taxed differently. If you do not find a way to take out your money from your assets and your accounts, you could end up paying more taxes that you actually have to.
Finding the most cost-efficient way of being taxed during retirement is a complicated manner so you might want to make sure that you have a trusted financial planner to help you along the way.
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8) Supporting Adult Working Children
Family is often hard to refuse, but you have to remember that your savings are fixed for the most part and your ability to earn back money taken from savings is greatly diminished in retirement. Your children are going to be much better equipped to recover from financial difficulties. Unless you are really sure you have the money to spare, avoid giving large monetary gifts or loans, especially if you are already out of the work force.
Remember that you will no longer be earning the same as you did when you still had a job. It is expected that your expenses will have already gone down by this time. This means that whatever money you get should be enough to cover only your personal expenses.