Avoid Retirement Traps

Avoid Retirement Traps

You’ve worked and saved all of your life so that you could enjoy your retirement years to their fullest. But, your plan and budget may not last as long as you need it to if you get caught in one of the many retirement traps.

Florida

Ready to pack up and move to Florida so you can enjoy the beautiful weather there year round? Many retirees head to Florida for just that reason — and the fact that Florida doesn’t have an income tax. However, what Florida does have is tax rates that are increasing all the time to make up for what they don’t get in income tax. So, you may get to keep more of your money, but instead of spending it once a year, you’ll spend more of it every time you head out the door.

Investments for Inheritance

For some salespeople, you are a prime target for investments that you can pass down to loved ones. Sure, you want to take care of your family, but if it’s something that you need a lifetime to enjoy, take time to really consider the purchase. It’s great to leave something behind for those that you love, but they also want you to enjoy your retirement.
From sales schemes targeting the retired population to investments that are going to take more than they give, keep you and your retirement in the forefront. Stick with your plan unless you find a golden opportunity to enjoy your retirement as much as possible. Even then, do your research before your spend.