12 Common Budgeting Mistakes to Avoid in Early Retirement

Failing to plan

Many people sail blithely towards retirement with little concern about how they’re going to manage when it arrives. Scarily, some don’t even consult a financial expert until after they hit retirement. Financial advisor Scott Hanson CFP, CFS, ChFC, co-founder and senior partner at Hanson McClain Advisers cites this as one of the commonest budgeting mistakes people make: “People just don’t do enough planning going into it. It’s amazing that people come to us after they’ve retired, to try and get their retirement set up.” Planning ahead makes the process much smoother, but if you’re approaching retirement unprepared, don’t despair. “It’s never too late,” says Hanson. “I’ve seen people in the mid-fifties with almost nothing set aside for retirement, and they get serious about it, and by time they’re 65 they’re in good shape.” With good planning you could even retire early and live in comfort.