If you’re hoping to retire in the coming year, you may be very excited to kick off that new stage of life. But the wrong moves on your part could turn an otherwise happy period into a miserable one. With that in mind, here are a few big retirement mistakes to avoid in 2021.
Once you retire, you may start living on a combination of income sources — retirement plan withdrawals, Social Security, and maybe, if you’re lucky, a pension. At the same time, your options for getting your hands on additional income streams may be limited, especially if you have health issues that prevent you from being able to hold down a part-time job. That’s why it’s important to kick off retirement with a well-thought-out budget — one that accounts for your recurring expenses as well as sporadic ones, like annual insurance premiums, if you’re still paying them, or quarterly property taxes on your home.