7. Folks might have to retire sooner than they hoped
You might want to work into your late 60s or early 70s. You might even think that nothing short of medical issues would stop you from this goal. But the truth is that many things can stop you in your tracks, such as having to stop working in order to help loved ones, especially adult children.
You cannot sacrifice your retirement for anyone. You only have one chance at getting it right and though it might be heartbreaking to refuse to help someone, you have to worry about yourself first and foremost.
If anything, if your family insists that you help them, especially with money such as for a downpayment on a house or higher education, then you shouldn’t retire sooner than you hope- that is, of course, if you want to help.
Other friends or family members might ask for your time instead, especially if they need someone to help look after their kids. Sure, looking after your grandkids might be a blessing but if you have to put yourself in harm’s way to do it, it might not be worth it.
8. More seniors are single
According to a 2016 study from the Pew Research Center, as many as 12 million adults aged 65 or older live alone! That’s a staggering amount and there may be many different causes- divorce, the untimely death of a spouse or simply going into retirement without a life partner.
No matter the cause, it’s difficult for one person to support a household, especially if they’d been doing it together with a partner for the majority of their lives. You might be more tempted to make financial mistakes, such as using your home equity for nonessentials such as remodeling.
Bounce ideas off others! Talk to family members, friends, or even financial advisers. If you’re heading towards a pitfall they might be able to catch a mistake before it happens!
