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Attention First-Year Retirees: Some Mistakes to Avoid
Many folks getting set to move into that coveted life phase called “retirement” have some important–critical, really–steps ahead, most of which could cause financial discomfort down the road. One of these, of course, is the obvious decision on when to begin drawing Social Security benefits. You can do that at age 62, or if you can, you can defer that up to age 70, and most everybody knows that will produce a larger monthly benefit payment. Other steps, though, are a bit more subtle, as in the case of assessing fees levied on your investments, managing spending habits, and becoming overly sensitive to risk in your investment strategies. And perhaps most important, heading into retirement without a plan for that total phase of your life. Yahoo Finance reporter Jennifer Taylor, in a post on their website, has penned an analysis of these pitfalls, and you can check her post here.