New retirees: Avoid these mistakes

From jumping the gun to moving too far, these are the blunders not to make when transitioning into retirement.

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Jan 10, 2013 7:35AM

If you have saved and can afford to retire take it because any day being retired is better than any day at work.

You get to play with the grandchildren which makes up or the time you couldn't spend with your own children because of work.

There are no guarantees that you will stay healthy or live long.

If you are 85 and broke who cares, you probably won't know it.

In twenty years ask the retires who went at 62 how they enjoyed retirement and compare it to the guys that waited until they were 70.

Think of early retirement as helping the younger generation to find a job. (patriotic)

You get to laugh at those still stuck in the rat race.

Money isn't everything and it really doesn't buy happiness.

Enjoy every day it could be your last.





Jan 10, 2013 11:26AM

I was going to wait until 70 but I didn't and have had fun, why wait until your to old to enjoy the fruits of your labor. If you don't have enough money to travel so what, we enjoy just going for a few days somewhere. I really don't care about other countries, I just want to see the USA.

Hey get your SS and enjoy what life you have left, we did and its great.

Jan 10, 2013 10:54AM
Good general advice.  I would point out that if you're combined Soc.Sec. at 62 plus pension or other income is more than sufficient for your needs and allows you to travel, etc. more - it's worth it because you'll be doing more of that in your 60's than your 80's.
Jan 10, 2013 11:21AM

I'm an advocate of taking Social Security at the minimum age.      You can get less money for a longer time, as opposed to more money for less time.  In many cases, it works out to about the same total, because we die!  Don't forget that  death wipes out or vastly reduces  SS for the other spouse.   It vanishes, in effect.   If you're alive now, collect now. 

Jan 11, 2013 9:34PM
Good advice, but really all are common sense.  Be thorough in the decision process but by all means retire as soon as you are able.  I have known far too many people who never had a chance to enjoy all their hard work (and savings) by untimely death or health issues.  I retired at 56 and enjoy life more than ever!  I now have time to read articles and even make a comment or two! 
Jan 10, 2013 11:41AM

Moving somewhere you don't know anyone

     I don't know anyone here!

Quitting before you are vested in your retirement plan

     I'm 100% vested.

 Retiring before you set up health insurance

     I'm already over medicare age and STILL working.

Thinking your health will hold out forever

     Hospitals couldn't be much further away thean they are now.

Taking Social Security too soon

      Don't plan to start collecting until 70.

Spending too much on travel and new hobbies

      It's in the budget

Forgetting to take required minimum distributions

      It's in the budget


I guess there’s nothing to keep me from leaving this rotten state!

Jan 11, 2013 11:08PM
Knowing when to retire is easy - It's when your company tells you not to let the door hit you in the *ss on the way out, or you show up to work one day and the doors are locked, or when you show up to work one day and there's someone from a country you can't spell sitting in your chair.
Jan 10, 2013 1:08AM
Forced retirement savings?  it's called social security!
Jan 10, 2013 3:09PM

Don't let the politicians cut the Social Security cost-of-living adjustment.  President Obama has even supported this.  A proposed cut of .3% will reduce the average monthly benefit by $40-$65 in 10 years.  Don't let this happen to the future 70 and 80 year old retirees.  It'll be too late to correct the problem in 10 years.  Sign a Whitehouse petition at "http(colon)//wh(dot)gov/PX3a"      

Social Security is self-funded.  It should not be part of budget reductions.  State and local public employee retirement systems are not raided by the government to balance the budget. 

Jan 10, 2013 4:40PM
I agree wholeheartedly with Marge!
The truly entitled are the 535 shill-masters
calling the shots in DC, with much self-
affection lavished through public funds.

Let those who are targeting the rest
of us as the cause of economic
downturns,  take a good, strong look
at their own "entitlements" first and

May 3, 2013 1:00PM

The plan is simple.  Safe as much money as I can and retire as soon as I can.  Those who choose to hold on to their jobs will regret the time lost when their health begins to fail. 

May 17, 2013 3:33PM
and don't buy a lot of crap on the home shopping network.
Feb 18, 2013 12:55PM
I am signing up for SS tomorrow at age 65. I am better off then some for I have only three bills Truck payment, insurance payment, property taxes, cell phone. I owe nothing on my property and have one credit card 0 balance. So I am taking it early for the men in my family only live to about 75 to 78 then they just shutdown and that is it. the women live to around 88-93 average then they just stop. I am not on any medication but over weight. The difference in income from 65 to 66 with my SS is about $100. So I'm taking it for the money difference is not worth it for I will never recover any loss I will have. I will be getting more money monthly by retiring than I will have by working. I will save one-half of an SS payment each year and I have to much to do for the rest of my life to wait. So plan and figure out when you will most likely die and go from there.
May 17, 2013 4:31PM
OMG if we were forced to follow this advice we'd have slashed our wrists at 60! We retired and took SS at the earliest date, moved to Panama where we knew no one, are learning a new language, travel the world and have fun every day. The challenge of getting the best out of new experiences I am sure will help us live better/longer than all this cookie cutter planning.
May 17, 2013 5:25PM
God please don't listen to the social security guidelines.  Take the money as soon as you can.  yes you get a lower monthly payment than if you wait, but you get the money NOW!  Ten years later you will have received more money in total than if you had waited.  The break even point is at about 85 years old!  And this is not even accounting for the fact that that the money you get could be invested and grow some.
May 17, 2013 4:58PM
Do some math and retire when you can. To make it simple...say $1400 Mo. at 67 yrs of age or $16,800 for the year.  70% of $1400 at 62 = $980 per mo or $11,600 for the year if you start early at age 62. There are 5 years between 62 and 5 times the $11, 600 = $58,000 total for those 5 years if you retire early at 62. If you wait until 67 you would get the $14,000 per month a difference of $420 more per month or 420 x 12 mo = $5040 more for the year. So if we divide the additional yearly money of $5040 gained by waiting until 67 into the total we would have made for the the 5 years had we started at age 62 of $58,000 we get 11.5 years. So we would need 11.5 years added to age 67 or age 78.5 just to break even with the total money we receive from social security. 
For a healthy retiring male today the current optimum life age is 82 - 83 years of age. So an additional 3.5 to 4.5 years to live or $17,640 to $22,680 more in Soc Sec. Add 2 yrs for female. 
May 17, 2013 3:46PM

put your money into index funds.


dump your mutual funds and cash out of your 401k. the management fees are outragous.


it's a 'best kept' secret that has to end...


help stop wall street's skimming off 1/3 of the american retiree's money. they are robbing us blind.

May 17, 2013 5:57PM
When people work they pay into Social Security.  They could be paying into it for 30, 40 or 50 years.  What happens to all the money that was paid in but the person died before they ever collected a dime.   The politicians get to take out student loans for their children that they DON'T HAVE TO PAY BACK.

If you have Facebook feel free to add me.  I have been helping people with investments for many years and I will NEVER charge you a dime.  All I ask is you go out of your way to do something nice for someone.  No act of kindness, no matter how small is ever wasted.

Brian Keller
Jun 19, 2013 2:42PM
All the advice is very good if it's your choice to retire, but when your company "retires" you, this advice is not realistic.   We need advice for when a spouse dies and leaves you with less income, but the same (or more) bills and then your company decides to move 2000 miles away and going with them is not an option and the housing market makes it impossible to sell your house to downsize.  This advice is only for those who have had substantial incomes for the past 30-40 years and have not had any hard times to get through.  I wish facing retirement was that easy.
Jun 10, 2013 1:25PM
Yes, I retired early because:  I have a pension to supplement my almost $200 Social Security income,  my mortgage and all debts were paid off, work was not challenging, and I received a substantial bonus from my company so some younger person could have a job.  Now every morning I have to decide where to have my morning coffee and paper.  Oh, I've cut back on my spending and try to take advantage of senior discounts.  I've lost too much money in the stock market, so I've reduced my food budget and become healthier.  When I reach 77 though, I may regret taking my Social Security at 62 instead of at 66 (your total benefits from collecting SS from 62 will equate the total benefits collected from 66 at 77 years of age).  
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