Retirement is supposed to be the part of life when you finally get to slow down, enjoy your time, and do more of what you want. But more freedom doesn’t necessarily mean fewer decisions to make.
Some retirement mistakes are obvious, while others can sneak up on you. Spending a little too freely, helping family more than you can afford, or simply not having enough to fill your days can gradually make retirement more stressful than expected.
Here are 11 mistakes worth avoiding if you want your retirement years to be as comfortable and enjoyable as possible.
Forgetting to Get a Hobby
Going from working most of the week to suddenly having wide-open days can feel wonderful at first. But eventually, you need something to look forward to besides watching television or scrolling on your phone.
Gardening, woodworking, crafting, reading, golfing, volunteering, cooking or joining a local club can give your days some structure. A good hobby can also keep you learning and, depending on what you choose, give you more opportunities to socialize.
You don’t need to fill every minute of retirement. The goal is simply to have a few things that make you excited to get up and start your day.
Related: 14 Crafty Hobbies That Might Become Your New Obsession
Become Too Sedentary
Slowing down doesn’t have to mean sitting down all day.
Once commuting, walking around an office and other everyday work activities disappear, you may be moving much less without realizing it. Staying physically active can help with strength, balance, mobility and maintaining independence as you age.
Walking, swimming, gardening, exercise classes and simply getting outside regularly can all help keep movement part of your normal routine.
Stop Paying Attention to Your Budget
Retirement may eliminate expenses like commuting and maintaining a work wardrobe, but your expenses don’t disappear.
Healthcare, home maintenance, insurance, property taxes, groceries and household help can all take a bigger bite out of your budget as you get older. Even small recurring expenses can become noticeable when you’re living primarily on retirement savings, Social Security or a pension.
Keep tracking where your money goes, even if you’ve spent decades being good with money. Retirement is probably not the time to stop paying attention.
Let Debt Creep Back Into Your Life
Paying off debt before retirement is a great goal, but staying debt-free can be just as important.
Unexpected car repairs, home expenses, trips and family emergencies can make pulling out a credit card tempting. A few purchases here and there can eventually turn into another monthly payment you hadn’t planned on.
Build room in your retirement budget for irregular expenses so every surprise doesn’t have to become new debt.
Keep Financially Supporting Your Adult Children
Wanting to help your children doesn’t disappear when they turn 18, 25 or even 40. But retirement changes how much financial help you can realistically afford to provide.
Covering an adult child’s phone bill, groceries, rent or emergencies may not seem like much individually. Over several years, however, that money can add up.
Before offering financial help, make sure your own retirement is secure. Your children have many working years ahead of them to earn and recover financially. You may not.
Let Your Social Circle Disappear
Work provides more social interaction than we sometimes realize. You talk with coworkers, see familiar faces and have people expecting you to show up somewhere.
Retirement can remove much of that overnight. Make an effort to maintain friendships while also creating new opportunities to be around people. Volunteer, join a club, take a class, visit your local library or recreation center or schedule regular outings with friends.
You don’t need a packed social calendar. You just don’t want isolation to quietly become your new routine.
Forget to Ask About Senior Discounts
One advantage of getting older is that plenty of businesses are willing to charge you less.
Restaurants, grocery stores, movie theaters, museums, transportation services and other businesses may offer senior pricing. Some discounts aren’t heavily advertised, so you may have to ask.
Saving a few dollars might not seem significant, but there’s little reason to pay more when a discount is available.
Lend Money You Can’t Afford to Lose
Loaning money to someone you love can get complicated quickly.
Even when a friend or family member fully intends to repay you, circumstances change. If that money is coming from retirement savings, you may not have an easy way to replace it.
Before lending anyone money, ask yourself what would happen if you never saw that money again. If losing it would hurt your retirement, you probably shouldn’t lend it.
Trust Unexpected Phone Calls
Scammers know how to create urgency. A caller might claim there’s a problem with your bank account, that you owe money or that a family member is in trouble.
You don’t have to answer every phone call. Let unfamiliar numbers go to voicemail. If someone claims to represent your bank, insurance company or another organization, contact the organization yourself using a phone number you know is legitimate rather than relying on information provided by the caller.
Give Away More Than You Can Afford
Retirement can be a time when people want to give back. You may want to donate to charities, help grandchildren, contribute to church or support every fundraiser that comes your way.
Generosity still needs a budget. Decide how much you can comfortably give each month or year and work within that amount. Protecting your own financial security doesn’t make you less generous; it makes your giving sustainable.
Keep Paying for Things You No Longer Need
Retirement is a great time to reconsider expenses that made sense while you were working.
Maybe your household once needed two cars because two people commuted in different directions. If neither of you is commuting anymore, paying for two registrations, insurance policies, maintenance schedules and everything else that comes with car ownership may no longer make sense.
The same thinking can apply to subscriptions, memberships, services, and other recurring expenses. Don’t keep paying for something simply because you’ve always had it.
