- Failing to plan for long-term care costs can be a costly retirement mistake, as 7 in 10 people over 65 will need long-term care at some point, with costs exceeding $100,000 per year. Different planning options exist, from estate planning to long-term care insurance.
- Missing required minimum distributions (RMDs) from retirement accounts like IRAs and 401(k)s can lead to IRS penalties, with RMD age increasing to 75 in 2033. Ensure timely distributions to avoid penalties.
- Selecting the wrong Medicare coverage can drain retirement funds quickly. Research options like traditional Medicare with Medigap or Medicare Advantage Plans to find the best fit for your medical needs and avoid financial strain.
Make sure to avoid these retirement planning errors to secure a financially stable retirement.
Read more at Nasdaq: 3 Retirement Mistakes You Can’t Afford to Make