But as you take the final turn before retirement, there can be challenges to having enough money to live on when you stop working. Younger people have time on their side to catch up or recover from poor choices or unfortunate circumstances. In later years, time may not be the only thing you're running out of. You may not have the same opportunities to restart at this age.
I've watched many people succeed and fail at retirement over the years. Here are six things I recommend you avoid when you're in your final preretirement years, because the outcome is all too often financial disaster.
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1. Spending too much. Many people in their 50s and early 60s enjoy earning more money than ever before in their careers. With the kids in or finishing college and equity sitting in their homes, there is more disposable income and more time to spend it.
A lot of families end up going one of two routes: either spending freely on many things they perhaps denied themselves before—such as expensive trips, dining out frequently and shopping trips—or remaining focused on building up their nest eggs to make sure they'll have enough when they retire.
It's not hard to guess which ones end up in trouble. People who increase their spending along with their income instead of saving those extra dollars for a retirement that may last 30 years can end up running out of money down the road.