March 5, 2016

By Gary A. Johnson, Founder & Publisher – Black Men In America.com

“I’ve worked years for my money…now it’s time for money to work for me.” – Gary Johnson

Thanks to our new contributor Mr. Free Spirit, all of us at Black Men In America.com have a heightened sense of awareness about what it takes to live a “good life” after you retire.   Money mistakes are a common learning experience from which we can all grow, but when you are already in your retirement phase, the results can be a little more catastrophic. It’s much easier to recover from mistakes when you are younger but retirees are depending on that nest egg and their ability to replenish savings is greatly diminished.

I listed the 10 Worst Mistakes People Make After Retirement.  If you want more detail pertaining to a particular “mistake” simply click on the link to read more information:

1. Not Changing Lifestyle After Retirement
2. Failing to Move to More Conservative Investments
3. Applying for Social Security Too Early
4. Spending Too Much Money Too Soon
5. Failure To Be Aware Of Frauds and Scams
6. Cashing Out Pension Too Soon
7. Not Being Effective Tax-Wise During Retirement
8. Supporting Adult Working Children
9. Being House-Rich but Cash-Poor
10. Not Staying Active Socially and Physically

I also discovered a Senior Living Archives that you might find helpful.  Between this archives section and our archives of Mr. Free Spirit you have a pool of relevant articles and tips on how to prepare for your retirement, maximize the quality of your life and how to get the most out of your money.

Here are a few articles worth reading.

1. 10 Reasons Many People Never Retire

2. 8 Ways to Make Your Retirement Savings Last

3. Why African Americans Should Care About Social Security

4. How Home Ownership Keeps Blacks Poorer Than Whites

Do you have any retirement related comments, advice or stories?  If so, scroll down to the bottom of the page and share them in our “Comments” section.

Source:  The Financial World.com

Couple counting money — Image by © Jose Luis Pelaez Inc/Blend Image/Blend Images/Corbis