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seniors
menial jobs
retirement plan
big ticket items
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last ten years
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Retiring Seniors
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Retiring Seniors

Five things not to do when retiring.

Don’t assume you have enough money if your assumption is based on old data. The return on your invested money is most likely much lower than you had planned for when you started your planning. The Fed is artifically holding down any growth you might hope for and for most of us the market is just to volatile.

Don’t assume you can just go out and get another job to cover any shortfalls in your retirement plan. The competition for all jobs is fierce. Those doing the hiring have more applications than they can keep up with for even the most menial jobs. Most companies are in a hiring freeze until they see a positive turn in the economy. Most economists think not much will happen until after the 2012 presidential election.

Don’t panic if you see that your retirement isn’t going to be all you thought it might be. Tighten the belt like you did when you first started your career. Most of us have developed some really bad spending habits over the years. As one of my peers used to say . There are wants and there are needs, Concentrate on the needs and you will be well on your way to solving the financial shortfall.

Don’t incur any new debt. I have been living on a cash basis for the last ten years. By that I mean we always pay our credit cards in full every month. We also pay for any new big ticket items with a check or if they are put on a credit card we have the cash to make sure they are paid in full that month. If we can’t do that we just do without. Try it, I think you will like it. It’s a great feeling to know you aren’t going to be paying interest on credit cards or to the bank.

Most of all, don’t stress over the possible shortfall. Most of us have overcome some major setbacks in our careers and now is not the time let a moderate financial shortfall rain on our parade. In fact, if you want to worry about something worry about spending most of every day with your spouse. I know it’s supposed to be bliss but for us it was a major adjustment. When we were young we didn’t have time to get on each others nerves. After we had raised the kids we both worked and only spent a few evening hours and part of the weekends together. After retirement it was 24/7 together. The first few months took some getting used to.


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