5 lessons new retirees learn the hard way
Family plans and retirement plans can differ
Spending time with family, especially with grandkids, ranks as a top priority for many retirees. Exactly how much time or, more importantly, how much money is a very real issue that can come back to sting retirees later on.
For example, a common faux pas is holding onto more space than needed. "Some couples will refuse to downsize their home because they want to host family events," says Hebeler. "Yet, if the space is rarely used, taxes, utilities and maintenance can eat away at savings at an inflation-like rate."
Moriarty sees another family tendency that can trip up new retirees: Moving to a new location to be closer to family. "Don't move just to be around your kids and grandkids," she says. "Young professionals are very mobile and, if a job offer comes that they can't refuse, retirees can find themselves isolated in a new area without family or friends nearby."
Both Moriarty and Hebeler suggest evaluating factors besides family such as climate, the cost of living and nonfamily relationships that can be relied upon before making a major transition.