Pitfall #1: Not Downsizing or Paying Off Your Mortgage

Series: 9 Mistakes to Avoid in Retirement Planning

It’s crucial to minimize your expenses for retirement. This is particularly important when you aren’t earning any income. If you don’t keep your overhead down, you will have to cut back on your spending and draw on your resources more quickly than you would like.

One way to do that is with your mortgage or rent. Budget, plan and work to pay that off so you don’t have ongoing cost for living expenses to deal with.

Leave a Reply

Your email address will not be published. Required fields are marked *