In the Wall Street Journal article “Five Ways You Can Really Mess Up Your Retirement” Brett Arends discusses some of the biggest mistakes that recent retirees make.
I shared my experience of working with recent retirees who have not ever felt the need to track expenses in the past because their income surpassed their expenses. However when they retired, they were stunned by how fast they saw their checking account balance go down once they stopped receiving income from their employer which in the past had replenished their accounts on a regular basis. They then call me for help with retirement cash flow planning.
To read what other advisors and I had to say about errors new retirees make, you can read the article on the Wall Street Journal website. If you do not have a subscription to the Wall Street Journal website, let me know that you would like to read it, and I would be happy to send you a reprint. Send me an email at: michele@clarkhourlyfinancialplanning.com