Retirement Traps to Avoid

If you’re getting closer to retirement and have your heart set on moving to the Lake Ashton Florida retirement community, it is important to make sure to avoid some of the traps that can befall those looking to retire. Retirement comes fast and it is important to make sure you are ready and financially solid enough to be able to enjoy what you’ve worked so hard for over the years.

One of the biggest concerns is not saving enough for retirement. Hopefully you’ve at least started, but if you’re worried you won’t have enough, it is time to cut costs and try to earn some extra income. Maybe keep your summer vacations local and shorter, and think about daily and weekly expenditures that aren’t really necessary. A few years of tightening the belt can help you live more comfortably in your retirement. As for earning extra income, you don’t have to be a store greeter or check-out person. Look online at sites like Freelancer.com and Upwork.com and put your expertise to good financial use. You may even find work that you can continue doing after retirement according to your interests and schedule.

Many people start off with investments and mutual funds that are a riskier, but also often lead to bigger payouts. However, if your mutual fund is consistently underperforming or losing, particularly compared to other similar investments, it is time to rethink your investment and look for something more stable and risk averse.

Finally, if you’re one of the six out of 10 people age 50 and older who are financially supporting an adult child or relative, it’s time to take stock of the situation. Try to set boundaries where possible and consider putting loans into writing and charging 2% interest on three- and nine-year loans. Even if your child defaults on the loan, you can deduct it as a “nonbusiness bad debt” on your tax return over one or more years. You may also want to have your financial advisor talk with your children to help them understand the situation, get some advice, or even have the advisor be the one to officially turn them down if necessary.

The Lake Ashton Florida retirement community is a dream retirement location. With the beautiful homes, outstand amenities, ideal location, and friendly neighbors, you don’t want to risk missing out on this opportunity. Take a good look at your current retirement plan and make sure you’re on track. Regular reviews can help you fix issues before it’s too late, giving you a better chance of fully enjoying your retirement.