One of the big mistakes in retirement is leaving the workforce too soon. It may sound great but you won’t be eligible for Medicare until 65, and insurance costs to get to that age are surprisingly high.
The Dept. of Labor Statistics reports that the average income per year for people 75 years and older is $37,000 and that half of that is taken for housing and health care. So saving enough for retirement is also crucial for success. When it comes to your home have it paid off before you retire, consider future upkeep and repair costs, and consider downsizing? Downsizing can deliver you a newer, easier to maintain (cost-effective) and contribute extra cash to your retirement fund.
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