Retirement is a time for new beginnings and a clean slate. Baby Boomers have the choice between traveling the world, spending their time volunteering, among countless other retirement ideas.
But some retirement ideas which sound great may cause more difficulty and frustration than they’re worth, and USNews.com recently compiled a list of retirement plans which recent retirees (or soon-to-be retirees) should think twice about before jumping in:
1/ Retiring in an exotic location- While sandy beaches and waterfront villas sound attractive, the biggest problem Boomers might face is a lack of familiarity with the area, and a lack of people they know. In the event there are challenges or problems, friends and family can be helpful, but it’s harder when they are hundreds or even thousands of miles away.
2/ Overestimating travel expenses- As the news source noted, some expenses tend to fall in retirement, such as those related to work and careers, but it’s easy for travel and vacation budgets to balloon out of control, putting a strain on the recently-retired Boomer.
3/ Taking social security early- As noted elsewhere, the earlier you take social security payments, the less money you will receive, so think about whether you really need the money now. If not, it may be a better idea to wait longer and take more money when you might need it more.