Avoid These Mistakes Early on in Retirement

When you are working, and have been for years, even decades, nothing sounds better than retirement.  Having the ability to do what you want, when you want, being able to sleep in, not worrying about being at the office for meetings and bosses, it is something we all want. There are some things though that you need to avoid in the early stages of your retirement or you will end up regretting it.

One of the most common mistakes that people make early on in their retirement is spending too much money.  They have all this time and they want to catch up with people they did not have the time to catch up with before so they go out to eat, they go shopping, and so on.  If you spend too much of your money in the beginning part of your retirement then you will run the risk of not having enough money to last you through your retirement.

Another thing that many people do not think about is future medical costs.  This is important.  The older you get the more medical problems you may have.  You need to keep this in consideration and make sure you will be able to pay for these medical costs if they occur.  You do not know what the medical issue could be thus you do not know what the expense will be so you need to do what you can to be prepared as best you can for anything that can come.

You may not have a need to get a part time job when you retire but it is something you need to consider.  Many people who retire do get part time jobs, but not all of them do it for the same reason.  Some do it so they have extra income, to make sure they have money to make it through retirement, others so they have some extra spending money, and yet others for the social aspect of it.  Even if you never get a part time job you need to consider where you would and would not be willing to work and what you would and would not be willing to do. It will always be an option so you need to consider it.

Do not just sit around doing nothing when you retire.  If you have a hobby that is great, if you do not you should look for one that you would enjoy.  Studies have been done in the past that show when people retire and they do nothing with themselves and their time they tend to become depressed.  They are used to going to work, being needed, having things to do; now they have all this time, and not enough things to do to fill the time.  Do not let depression get ahold of you; find a way to make sure you are spending your time in a positive way, doing something you love.

These are all mistakes that tend to be made when people first retire.  They should all be avoided if at all possible.  If you notice yourself doing one of these things but do not know how to stop, ask a friend who has already retired if they have any suggestions on what to do. Make sure to spend your time wisely, as depression can set in and that is no good for anyone.   Retirement is meant to be enjoyed, not to bring on boredom or depression.