Three Sure Fire Ways to Ruin Your Retirement

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Three Sure Fire Ways to Ruin Your Retirement

I've talked about ways to supplement your retirement before because, the fact of the matter is, Americans don't seem to care enough about planning or saving for retirement. I don't want to sound like a broken record but it's true. As much as we hear about it, there still seems to be a disconnect between the style of living retirees want to maintain and the amount they are saving to ensure they maintain that style of living. 

Having said that, there are sure fire ways to ruin your retirement. It seems impossible but it happens, and continues to, because retirees are unaware of what retirement can cost, whether you live at home or in a retirement community. 

An article in Daily Finance, "How to Ruin Your Retirement in 3 Steps," outlines the three ways future retirees fail to strategize when it comes to their retirement.

Forgo a Plan

Some people don't like to plan, they like to wing it, while others plan every aspect of their day. It's just a matter of personality. However, one without the other can be detrimental for retirement. Why? Because they are things you can plan and then there are others you have no control over so planning is irrelevant. 

Retirees need to have a plan in place in order to look ahead, from what they have now, to what they want to have during retirement. It's important to determine what you want out of your retirement and how you want to achieve it before you retire. At the same time, you should have more than one plan to allow for flexibility in case something does happen. The 2007-2009 recession hit hard, and a lot of people weren't prepared for it. If you planned your retirement around real estate, you were in for a rude awakening. Never bet on just one house and make sure that horse is reliable in the first place.

Rack up Debt

Debt is essential to building credit, when you're younger. However, when you're ready to retire, debt can be the biggest retirement killer. You are on a fixed income, ensuring that you spend what you make. If you are riddled with debt, then the money you make, or receive, during retire is no longer yours to do with as you please. In addition, the interest you pay on debt during retirement can end up leaving a hole in your pocket if you aren't careful.

Don't make unnecessary investments or spend without measuring the consequences. The time to save is now, not when you are retired, and so full of debt, that there is no money left to enjoy what you have worked toward all your life. Retirement is a time to relax and live carefree, not worrying about where your money will come from or how much you'll have left after paying your bills. 

Neglect Your Health

It might not seem important now, that you're as "healthy as a horse" but health problems in the future can make your retirement less than suitable. Health care expenses, like debt, can ensure that you've burnt through your money faster than your life expectancy. 

Staying active, eating healthier and getting enough sleep now can pay off in the future when retirement comes along. This doesn't guarantee complete health in your later years but it can significantly reduce chronic illness or other health problems. Building a healthy lifestyle also opens up a vary of ways you can enjoy retirement instead of just sitting at home doing nothing.

Interested in a reverse mortgage program or want more information? Give PS Financial Services a call at (888) 845-6630 or email us at

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Information and content in this blog is original to Phil Stevenson

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Phil Stevenson

PS Financial Services

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