This Is the No. 1 Money Mistake You're Making After 50, Survey Shows

Paul Thompson
·3 min read

One could argue that a major benefit of getting older is that you are likely to have more control over, or at least a better sense of, what your future will look like than you may have had in your younger years. You've had time to figure out your professional, personal, and financial lives and make the necessary adjustments in order to build the kind of life you'd like to have. And, in a perfect world, that's how it happens. But, as we all know, there's no such thing as a perfect world, and things don't automatically get easier with age. That is especially true when it comes to the matter of money. In fact, after asking more than a 1,000 U.S. adults over the age of 50, a new survey conducted by Caring Advisor, a site for senior living communities, found that there are plenty of money mistakes people don't start making until they're in their 50s.

If you want to avoid these common financial pitfalls, read on to discover the top money mistakes people make after 50. And for missteps to avoid in your earlier years, The No. 1 Financial Mistake People Make When They're Young, Survey Says.

Read the original article on Best Life.

18

Overspending in early retirement

People who made this mistake after age 50: 7.8 percent

And for another financial regret people often have, This Is the Biggest Debt People Your Age Have, Survey Shows.

17

Not recognizing how expenses change ing retirement

People who made this mistake after age 50: 8.0 percent

16

Taking Social Security benefits too early

People who made this mistake after age 50: 8.0 percent

15

Trusting employer fully for retirement planning

People who made this mistake after age 50: 9.3 percent

14

Taking on debt that I can't repay

People who made this mistake after age 50: 10.2 percent

13

Not creating an estate plan

People who made this mistake after age 50: 10.4 percent

12

Taking additional debt without understanding how it would affect cash flow

People who made this mistake after age 50: 10.9 percent

11

Not understanding available resources

People who made this mistake after age 50: 11.5 percent

10

Endangering retirement by helping others financially

People who made this mistake after age 50: 11.7 percent

9

Not taking advantage of retirement plan provisions

People who made this mistake after age 50: 12.1 percent

8

Spending too much to support children/grandchildren

People who made this mistake after age 50: 14.5 percent

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7

Withdrawing money from retirement accounts too early

People who made this mistake after age 50: 16.8 percent

6

Being too conservative with investments

People who made this mistake after age 50: 17.4 percent

5

Not planning for long-term care costs

People who made this mistake after age 50: 19.8 percent

4

Not having an investment plan

People who made this mistake after age 50: 20.8 percent

3

Not having emergency savings

People who made this mistake after age 50: 30.3 percent

2

Planning for retirement too late

People who made this mistake after age 50: 32.1 percent

1

Not saving enough to retire

People who made this mistake after age 50: 35.9 percent

And if you're curious as to how much cash you should have stashed away, This Is How Much Money People Your Age Have on Average, Data Shows.