When you're young, you can afford to make some financial mistakes. The closer you get to retirement, however, the more costly those missteps can be. And whereas past generations often just waited for their pension checks to come each week, nowadays retirees have to handle most of the saving themselves and figure out how to allocate that money for a longer life span.
We spoke to financial advisers about some of the most serious slip-ups and how they can be overcome. Here are five:
1. Mistiming Social Security benefits
When to begin claiming Social Security benefits is “your most important financial decision,” according to “The Social Security Claiming Guide,” published by the Center for Retirement Research at Boston College. Your monthly benefit is based on a combination of your work history, earnings and age at which you file for benefits. You can start collecting Social Security at any age between 62 and 70, but at its most basic, the later you claim Social Security, the higher yourRead More »from 5 of the Biggest Money Mistakes Retirees Make