Living Beyond Their Means: Some retirees spend like pre-retirees, depleting their funds faster.
Budgeting Ignorance: Not budgeting can lead to overspending and financial instability.
Underestimating Healthcare Costs: As healthcare costs rise with age, not budgeting for them can drain retirement resources.
Neglecting Inflation: Ignoring the impact of inflation on their purchasing power can erode the value of their savings over time.
High-Interest Debt: Credit card and loan debt can erode savings in retirement.
Early Social Security Claims: Early claims can lower monthly payouts over time.
Lack of Long-Term Care Planning: Unpreparedness can quickly deplete retirement resources.
Neglecting Financial guidance: Not seeking competent financial guidance can lead to poor decisions and financial consequences.