5 Big Retirement Mistakes to Avoid in 2023

Forgetting about the impact of inflation on retirement spending
Not having an emergency fund to cover surprise expenses in retirement
Over relying on Social Security to provide financial security
Not planning for potential changes or cuts to Social Security benefits
Withdrawing too much too fast from retirement investment accounts

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Relevant topic timeline:

8/21/2023

Americans Are More Afraid Of Going Broke Than Dying — Reports Indicate Financial Insecurity Is Becoming A Harsh Reality

A recent survey conducted by Allianz reveals that 61% of Americans are more afraid of depleting their savings during retirement than dying, highlighting the concern over outliving one's financial means in old age.

9/6/2023

Advice

Summary: It is important for young adults to start saving for retirement in their 20s due to factors such as the potential impact on their take-home pay, the power of compounding, the need to develop the habit of saving, the risk of inflation, and potential changes to Social Security.

9/29/2023

5 Ways to Save More for Retirement By Cutting Expenses, Maximizing Deductions, and Using Available Funds

Almost half of U.S. households headed by someone 55 or older have no retirement savings, but there are three key steps individuals can take to catch up, including cutting expenses, maximizing contributions to retirement accounts, and considering alternative sources of retirement income such as home equity or insurance policies.

10/6/2023

Working Longer Has Biggest Impact on Retirement Income, Not Market Returns: Study

Delaying retirement until age 70 has the biggest impact on the ability to sustain a preretirement standard of living, according to new research from Vanguard.

10/8/2023

Retirement Reality Check: 5 Common Myths About Retirement Finances Debunked

Retirement myths that you should stop believing include living off Social Security alone, relying solely on your 401(k) match for retirement savings, expecting to work through retirement, assuming Medicare covers all medical expenses, thinking it's too late to save for retirement, and trying to financially guess your way to retirement without seeking professional guidance.

10/16/2023

4.6 Million Australians Lack Retirement Savings, With Women More At Risk

A survey found that 23% of Australians do not have enough saved for retirement, potentially leaving them financially unsupported in their senior years.

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Posted 10/3/2023, 11:30:00 AM