New retirees: Avoid these mistakes
From jumping the gun to moving too far, these are the blunders not to make when transitioning into retirement.
VIDEO ON MSN MONEY
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.
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.
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.
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!
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.
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
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.
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.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.