Five Financial Mistakes Retirees Often Make
Managing money is not easy, especially for retirees living on a fixed income. The financial choices some seniors make only make matters worse. GO Banking Rates talked to a seasoned bank teller who shared her thoughts on the money mistakes she often sees people make that could be sabotaging their retirement savings.
- Misjudging how much money they will need for retirement.
- Having too much debt.
- Withdrawing from retirement accounts too soon.
- Forgetting to update their beneficiaries.
- Falling for financial scams.
The bottom line is savvy seniors can protect themselves and their nest eggs from costly mistakes.
The Seniors Trust is diligently working to improve the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, establish a fair annual cost-of-living adjustment (COLA), increase minimum benefits, and ensure the long-term solvency of the Social Security program.
