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If You're Retired, Avoid These Money Mistakes

If you are already retired, you know that protecting and growing your assets is still important. But did you also know how important it is to steer clear of these top five money mistakes retirees make?

1. Helping the kids too much. Especially in this economy, children and grandchildren may need some extra financial help and you probably want to give it. However, be sure your own needs are met first, and your future needs are factored in to your decision.

2. Underestimating medical costs. Unfortunately, we cannot predict when we may fall ill, or what it might cost to get back on the road to good health. One solution may be to invest in long-term health care insurance; make sure you do your homework when it comes to Medicare and choose supplemental policies that will cover you as completely as possible.

3. Getting Social Security benefits too soon. It is estimated that one-quarter of Americans aged 65 will live to be 90, and one in 10 will live past 95. Holding off on taking your benefits as long as possible can significantly increase your monthly benefits, especially if you can wait until age 70.

4. Failing to ask for advice. Trying to manage your retirement savings and investments by yourself can be a confusing task. Don't be afraid to turn to the experts for advice.

5. Being too conservative with investments. While you want to protect your nest egg, you also want to be sure your money is working for you. Having your investments only in fixed-income securities can cost you in the long term.

The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0042.

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