The 10 Worst Retirement Mistakes

I think that the most fatal mistake is to retire too soon. In the world we are living today, nothing can be guaranteed and economic recessions may happen at any time. Any economic crisis may be fatal for those who didn't save too much.
Thanks for this great post!

Whether you're moving or plan to stay in your current residence when you retire, be sure your home has elements of universal design, such as higher cabinets, wider hallways, curbless showers, rocker switches, first floor master (or an elevator), "comfort height" toilets" - universl design will help you to stay there longer.

Top of the list of mistakes was to purchase and not rent first. The community we moved to is extremely closed socially, meaning it operates within clique structure. This was very foreign to me and making friends here has been impeded because we are not from here and it is readily noticed by our lack of local accent. At first the encounters we had seemed to demonstrate interest in us but it became the routine these encounters were superficial and anything further was difficult or not available.
Secondly I had the notion that I could find employment that would be somewhat commensurate with my work skills. That was also a large mistake. I am working part time for wages that I have not seen in over 30 years. Some of this was due to age (58) when the move occurred and perhaps more was not fitting in because of being self employed for 25 years prior.

I am now looking for the next place to live.

This "reverse" list is one of the best articles you've posted! I can go through it and find one or three things I have yet to consider. Thank you.

Dont put off hobbies and travel until you retire. you dont know if retirement will bring you all the things you havent been able to do.
size down on your house, travel, put work second, you are first then your husband, then the kids (given that they are grown). Plan family vacations, even if its camping. They are most important

11. Don't move to Connecticut unless you enjoy being taxed at some of the highest rates in the country! If you make over $50,000 are single or 100,000 are married, your social security is taxed. Just one example. State motto should be "tax and spend".

Sandy at this end:
After knowing we wanted and could retire in a warmer climate (retirement was fast approaching). We each made our own lists and then combined. (Once we wintered in a warmer location, we started looking for places to live year round if fits our combined lists.)

Creating a:
Yearly expense list compared to yearly revenue list. (you really will spend the same amount, because you will do 'fun' things, but living in a lower cost of living helps reduce living expenses.)
BUCKET LIST – all the things we wanted to do
Options of how we would live - 2 homes, wintering only in warm climate, RV, etc
What is important to where we live
Then we asked these questions:
Do we want to move again
De we want/can afford 2 homes
What will we need in the future – even in the worst situation

Once we realized we could retire and retire with warm winters, we started to list what our needs would be:
Live in a location that has easy access to airports – for family visits
Find an assisted living facility that was close or included in our living community
Golf cart transportation or bus service when we could no longer drive

To determine what we should look for, we each made a list of features that were important to us in a community and a second list for the house We ranked the importance of each feature. We used a 1-10 scale – 10 being the best. Then we combined our lists and put all of our 10s (can’t live without) together. We knew that we had to have these features in any community or house search we conducted.

Much of our knowledge came from talking to other snowbirds, and going to sessions where seniors talked about what they were doing or how they were doing such activities. I found that each snowbird location have some kind of sessions for the snowbirds and great information can be accessed at these expos. Lots of articles and of course, the internet is wonderful to read what other retirees are doing i.e. this great site!
Hope this helps.

To expand on Elaine DeTulio's above depiction of Connecticut state taxes: go to http://retirementliving.com/index.html for detailed information about each state's tax burden (as well as many other retirement-specific indices) Social Security taxed? Military pensions? Private pension? IRA's? Food? Real Estate?
all itemized.

My biggest mistake has been moving close to my children in an environment, weather, politically, socially, environmentally, that I do not like. I like to be outdoors (from CA) and it's impossible here when it's 100 degrees. Also thinking they would have time for me and that we would really get along better or like each other better. My daughter's house is such a mess she doesn't want me there and I don't want to be there, even though I love the house and her neighborhood. Go for what really matters to you as a person. For me, it's nature and outdoors.

Interesting comment from Sharon. My plan has been to follow my daughter and son-in-law up to Maine, but try to stay out of the way; I've been living in Connecticut for the past 36 years, and although I have many memories, no one I really care about lives here anymore. I know my "kids" expect I'll provide free grandchild (eventually) and pet sitting, and at the moment that's fine with me. I'm not going to like the cold and dark, I know this already, so I hope to winter cheaply in Florida when I retire (currently 52). I don't mind living in a low-income elderly box as long as there is someone who can get me from point A to point B. I love joining gardening and quilting clubs, and they are SUCH nice people, I know there will be things for me to do. Being single and not owning anything does have drawbacks, but the freedom is not something to be dismissed either. REALLY looking forward to retirement!!!

hall thought are admirablettp://www.topretirements.com/blog/wp-includes/imagesall/smilies/icon_biggrin.gif all thoughts are admirable and need to be considered.but the worst thing is to not retire at all. do not over think it or you become paralyzed. run with it.before they the gov. take it all away.

I agree somewhat with Ionnie, although I'm not so worried about our government as much as the tendency of food prices, rents, condo fees, etc to continually go up and out of reach. I think retirement is the time to simplify, simplify, simplify. I'd rather live in a tent than work at a job I hate, put off retirement so I could get more money, only to get sick at 70 and have no retirement at all!

Are there any people/retirees who reside in the state of FLA. year round.
Specifically during the summer months. Kindly recommend positive ways on beating the heat, without residing indoors during July & Aug. We live in
MA and spend a lot of time indoors, especially during Jan., Feb., March.
This past year, we had the house heat on til almost June. I'm dreading what
comes after September/October. In a couple of year we're hoping to relocate
to FLA. The insights the folks provide on this blog are beneficial. If anyone
would like to recommend their favorite town/community in FLA., for us to
consider, we'd greatly appreciate your suggestions. Your guidance and opinions will be scrutinized w/gratefulness. Thank you.

Hi Judy,
I live in Florida year-round. In the northeast. Yup, it's hot in the summer, but I play tennis - outdoors - three or four times a week. If you live close to the ocean, you'll see there is a breeze, and it feels ten degrees cooler than the interior of the state. I also golf, ride my bike, walk on the beach, swim, and do everything I did in the summers in the other states I lived - Maryland, Ohio, and New Jersey. You'll need lots of sunblock, water, and yes, sometimes I don't walk my dog except early morning and late evening - he is more susceptible to the heat than I am. As you know, this past year, a lot of other states had hotter days than we did in Florida.

Jan Cullinane, The New Retirement: The Ultimate Guide to the Rest of Your Life (Rodale)

I have lived in FLA Panhandle and now reside in central OK (due to job). I will say that after living in FL, CO, NJ, ASIA and 'visiting' the Middle East, you can adapt to any climate. It may take a few months to 'align' yourself with the different HOT temps; but after a little while you won't notice the difference (except maybe when the humidity is 110% ~ which can be in any state in the South or Midwest for a short timespan then it is gone). However, I would add that the mild Winters, beautiful Springs and and gorgeous Falls will get you through the few hot weeks. I will be retiring soon and I am looking at different FL and TX communities....and as for the heat ~~ well, bring it on :lol:

For Jan & LT: Thanks for the encouraging, delightful, uplifting remarks. I just read your comments to my husband, and we're grinning from ear-to-ear. It's funny, you should mention how adaptable one can become to weather conditions. After 5-6 weeks of summer weather, I've already begun to feel coolness in the air. This past Friday, my husband and I were on a beach in Orleans, MA (Cape Cod) and during the afternoon, I had to wear my emergency sweatshirt I keep in the car. What is your suggestion on recommending the different areas i.e. Sebring, FLA? The Ocala, FLA area sounds beautiful.

Hi! Just read some of the commets of home owners living now full time in Florida. Thanks, we are planning a trip to see your state this fall, if anyone has more to add about the weather " tropical storms" I would like to here what you may have to say. We are from Seattle and ony have the doom and gloom of damp and gray days to deal with. We are looking for a gated 55 home to enjoy,if you enjoy your area let us know the good and bad news. We would like to see a bit of what you call home. Thank You Brad

All of the comments have been very helpful to my gf and I. Now we would like to know a few other things, what city/town to call home ( thinking Venice, Punta Gordan, Coral Springs etc.), crime levels in these areas as well as cost of living. I will also like to know what the employment situation is there. My gf is 7 years my junior and will not be able to retire yet.

Brad, I would never say Fl is beautiful, unless you are right on the coasts; the interior is just typical Florida, but not subjected to the damage you get on the coasts. We don't live in FL, but have wintered in Florida for 9 years. From my point of view the northern part of FL is more like the North with lots of oak trees plus the palms and evergreens and that where we are going to retire WHEN we sell our house. I really like the Ocala area it is called the horse country. I like everything above US highway 4. Below 4 doesn't interest me. That has been our dividing line. If you can afford the coast, anywhere along the Gulf of Mexico is GREAT! I would consider the routes out of the coastal towns and how often you would have to 'jump' ship. As I'm getting older I don't want to be uprooted, so the interior of the state suits me just fine. Good luck and the hot summers are still better than those cold sunless Michigan winters.

sorry Brad, that message was for Judy!

Re hurricanes...check out www.floridahurricane.net. You'll see a great little map - the chances of a hurricane striking northeast Florida (they show the city of Jacksonville) is 1 in 100, while the chances of one hitting the Florida Keys is 1 in 8, and Fort Myers 1 in 11. They show several other locations as well.

I would like to respond to judy- I realize that these posts are from over a year ago, but maybe others will read them as I have. I have lived in Central Florida for over 24 years. The summer months are indeed hot, however we still manage to do things, like swimming and parks with springs etc.
Our summer months are like your winters, we turn on the AC and stay inside alot. We make up for it in the fall, winter and spring. I have only turned the heat on once this year. Our utilities are under a hundred dollars and it is a great savings. It all depends on what you get used to. Our weather can be severe, however you get plenty of warning to prepare.

Sonjia, I had the opposite experience although I didn't live in FL (my parents did). I liked visiting in the summer because of less traffic and congestion and the "cooler" weather. They lived near Fort Laurderdale (Margate area) and the temp and humidity was less than my weather in Birmingham AL, VA and several place in central and coastal NC. In 2011 (or was it 2010) we in Virginia had over 90 days of over 90 degrees with high humidity and dew points. It was miserable and I was glad to get away to FL for a visit. As always do not judge a whole state by one place Check APALACHICOLA, FL.

Going to Menifee, Lake Elsinore, Palm springs and Desert Springs, Calif to check it out. later in JAnuary.

Have spent time in Biloxi, Miss. I love the coastal towns of Ocean Springs and Biloxi. Has anyone lived there, rented there, or bought property there? Comments, please, on the two areas. Are they inexpensive (except for casinos!!) and low crime? Is the airport large enough to travel other U.S.A. cities?

Editor's note: We notice that for a while this thread of posts has gotten off the track of "Worst Retirement Mistakes" and onto what different places are like to live (although the Florida discussion has been interesting). If your question or (preferably) comment concerns something about where to live, please use one of our other posts that are more germane to that subject, such as http://www.topretirements.com/blog/great-towns/tell-us-where-you-are-going-to-retire-and-why.html/

That way our members can use this thread to talk about retirement mistakes or successes without having to wade through unrelated posts. Thanks!

Barbara - was in Biloxi, Miaa in the military - many hurricanes. Some years ago the whole costal town was wiped out due to hurrican. We live in Florida and ready to leave because of the same potential problem. Think seriously about the potential danger.

Nice try, John. :grin:

My BIG MISTAKE - not renting in the area I'm living in first. No, I had to go out and buy - in 2006 of course, and I dislike my area tremendously AND am, for the second time, trying to sell my home w/o any luck. So all the advice you read on rent first before you buy is right on the money!!!!

I am not yet retired, but we are looking for our "last" home. Living in GA now--dont much care for the humidity in summer. Originally from San Diego. We would love to go back there, but way too much money.

We are looking at the Tennessee mountains or the pacific NW (we lived in Whidbey Island for a few years)

We want rural--away from the city, with land and space for my rescue cats

Any advice or insight?

R

A mistake to avoid: not checking to see if your insurance will be accepted where you plan to live (some doctors won't accept Medicare from new patients; you have to have been be an existing patient under some other insurance first).
Jan Cullinane,
The Single Woman's Guide to Retirement (John Wiley & Sons)
The New Retirement: The Ultimate Guide to the Rest of Your Life (Rodale)
jancullinane.com

RUTH - Wow - you don't want close to a big city and all the hub bub. Someone after my own heart. My husband and I built a house winter of 2012 in Creston, NC. Area of Northwestern NC, close to VA and TN. I love it here. Plenty of open land and rural, BUT 1/2 an hour from Walmart other supermarkets. The summers are gorgeous and coming from SC we know what you mean about humidity. This is our first winter and though we haven't had any real snow we've had a few WINDY days since we're at 3400 feet. I've gone to Boone for one doctor (45 min) and to Abingdon, VA (55 min) for another and have been very pleased. Small hospital in Jefferson (35 min.). Good Luck!

I'm retired four years. My suggestions; 1.) Retire as soon as you can financially even if it's early 60's. I retired at 65 and there was really no need for me to hang on that long. Also, how many really good years do you think you have, be realistic. 2.) Take Social Security as soon as you are eligible or 65 at the latest. And it's definitely NOT worth waiting until 70 for the few extra dollars. Don't strain yourself financially waiting, it's foolish. 3.) You don't necessarily have to move out of your house right away or ever! Start hiring people to do the maintenance and upkeep. You can move later when you are as sure as you can be about the place you are moving to. 4.) Open up the pocket book, again, how many really good years do you have left? Live a little and what's the use of depriving yourself and then dying with a ton of money in the bank? No use! 5.) Definitely be careful where you move to, as suggested, however YOU CAN move more than once if necessary, although it's a major pain. I moved from a single family home to a condo (mistake), with a positive attitude, but turns out I hate condos for a number of reasons, and I'm moving on to another single family home but will hire people for maintenance etc. 6.) Regarding kids and grandkids, that's a really major consideration and plan to return several times a year if you move far away.
7.). Lastly, don't be a procrastinator and wait until everything is exactly in place or it's precisely the right time before doing something you want to do. Just go out and do it now. Stay in motion and don't be sedentary, unless you make a conscious decision to. Again, you are not going to live forever!

To Judy from Massachusetts - Regarding beating the heat in Florida in July and August - Florida is one of my "possibilities" for relocating in retirement and I've been there a lot. I am 100% resolved that if I move to Florida a pool is an absolute necessity. I do not like humidity at all but I have vacationed in Florida several times, renting a house for several months and I do love the outdoors. My solution was to jump into the pool several times a day during the hot months. That did the trick every time! You feel refreshed for hours afterwords. Buy a home with a pool!

To Sharon Roberts whose mistake was moving too close to her children. My situation is similar in that I choose to stay close to my kids in the cold northeast. However, I love the outdoors and would love being outside year round, but NOT in the cold weather - November thru April. I stay here because of my kids and grandkids. However, to me 6 - 9 months of the year are a total waste because of the cold weather! I have also recognized that my kids have their own lives and their own families and don't need me holding their hands. Also, while we love each other tremendously, there is no need for me to be at their houses every week or even every month. I don't like it and they don't seem to like it either. Moving away would be heart breaking at first but at the same time I like Sharon's idea of being aware of what really matters to you. Seems like the answer is move where I want to and visit several times a year while staying in close contact using technology.

#6 on this list jumps out at me, and I recommend extending it further than just buying real estate: Do your due diligence on EVERYTHING! Seek professional opinions by well-respected experts with decades of experience (not social media, random internet influencer nonsense, or know-it-all brother-in-law advice). True experts are often referenced on sites like this, AARP, and others.

I also suggest recording and noticing every dollar spent over the course of several months (some do it for a year) to be clear what retirement will cost. When it's too late, far too many retirees realize they're running out of month before running out of money.

To Steve whose advice above included taking Social Security as soon as you are eligible, I couldn't disagree more.

We retired at 62 and loved every minute of the freedom for the last 10 years. Really enjoy living close our daughter currently and being involved in our toddler grandson’s daily life, but when he enters school full time and his attention shifts, we will have to find new ventures. Kinda scared about drifting to the periphery of their lives, anyone have experience successfully dealing with this? Can’t imagine having this much fun doing anything else.