Today is Groundhog Day, and 19 years ago, the 1993 Hollywood film Groundhog Day featured a man played by Bill Murray who repeated the same day repeatedly. Today, the Boston Globe newspaper featured seven mistakes which retirees make repeatedly.
According to the news article, the first mistake many seniors make is being too financially conservative. One expert told the media outlet that many retirees place their money in guaranteed investment vehicles like bonds, but they are giving up a lot of potential growth in the process.
A second mistake made by seniors is delaying retirement planning. This can be dangerous, especially when costs of assisted living and Alzheimer’s care are factored in.
Some of the other mistakes commonly made by seniors, according to the Boston Globe, are: putting their own financial situation into jeopardy by helping out children and grandchildren, even if they cannot afford it, as well as not taking advantage of tax benefits they can use legally to help put money in their pockets, as well as not looking to experts for financial advice, and finally underestimating the costs of healthcare, and underestimating how long they will live.
“It happens all the time that a 65-year-old couple come in and think they only need a nest egg for 10 years,” one financial advisor told the newspaper, but many seniors will live past 90 years old, and they need to be prepared for that possibility.