Five Biggest Mistakes Retirees Make

[RonBoyd]

Five Biggest Mistakes Retirees Make

Anybody who thought retirement was going to be easy is wrong. Living happily in good health with enough money to pay the bills is no slam-dunk in these financially challenging times.

Here are five critical mistakes that retirees make as they prepare to shut the door on a full-time worklife.

And it's not all about the money.

 

[REWahoo]

A fully-clothed link!

 

[Texas Proud]

This is not one of the reasons.... but it was inside of one....


"..... for allowing its brokers to hold sales presentations where they told 55-year-old employees of BellSouth -- who the company wanted to take early retirement -- to expect that for 30 years they could earn approximately 12% annually on their investments, while withdrawing 9% annually. More than 1,000 employees believed them -- and lost their shirts"





How can a broker even say something like that Are there that many dishonest people...

 

[Orchidflower]

Yes.

 

[Westernskies]

A fully-clothed link!

You sure about that, ReW?

 

[ziggy29]

From the article:

2. Spending Too Much Time in the Rocking Chair. Sitting on your butt can kill you or at least reduce your life expectancy by an average of six years, Dutch researchers conclude.

Yeah, but living six less years lets you increase your withdrawal rate, or at least makes your current withdrawal rate more sustainable...

 

[W2R]

3. Neglecting Friends and Family. "Help me. I've fallen and I can't get up" is a tired commercial, but for some people, it's reality. Living without a network of friends and family is a real threat to retirement well being. A study published by the National Institutes of Health showed that 16% of people older than 65 were socially isolated. High percentages were plagued with depression, memory loss, overall poor health, a general inability to manage the basics of daily living, and a fear of falling -- and dying -- alone.

I am an introvert, but along with my "alone time" I still have regular contact with people, who would notice these things. It's important for safety reasons, as the above paragraph points out.

Also, if a retiree was depressed, with memory loss, overall poor health, a general inability to manage the basics of daily living, and a fear of falling/dying alone, why wouldn't he/she *do* something about his/her isolation? I know this is a common problem but I have a hard time understanding that mentality.

 

[W2R]

From the article:

2. Spending Too Much Time in the Rocking Chair. Sitting on your butt can kill you or at least reduce your life expectancy by an average of six years, Dutch researchers conclude.

Yeah, but living six less years lets you increase your withdrawal rate, or at least makes your current withdrawal rate more sustainable...

So true.

But also why would someone be more sedentary after retirement than they would be while chained to a cubicle where they CAN'T exercise even if they have the urge to do so? I think that for many this is more a matter of habits forced upon one over decades of office w*rk, than any change in lifestyle.

 

[ziggy29]

But also why would someone be more sedentary after retirement than they would be while chained to a cubicle where they CAN'T exercise even if they have the urge to do so?

It's that "urge to do so" thing that makes a difference. Still, if someone had a desk job and didn't exercise outside of work, it's hard to see how they can be *too* much more sedentary than before...

 

[harley]

Also, if a retiree was depressed, with memory loss, overall poor health, a general inability to manage the basics of daily living, and a fear of falling/dying alone, why wouldn't he/she *do* something about his/her isolation? I know this is a common problem but I have a hard time understanding that mentality.

Umm...because they are depressed, with memory loss, overall poor health, a general inability to manage the basics of daily living? These are not a mentality, they are physical conditions. It's like not being able to stop yourself from being male, or left handed, or whatever. It's not like stopping smoking or heroin. That's much easier in comparison. The ones who can get help all on their own are few and far between. Usually depressed people get help because someone in their lives push hard for long periods of time.

 

[Nords]

I think my daily Internet interaction with people is far more fulfilling and satisfying than interacting with parents/parents-in-law or with much of my neighborhood...

... although I look forward to lunches with friends.

 

[walkinwood]

I think my daily Internet interaction with people is far more fulfilling and satisfying than interacting with parents/parents-in-law or with much of my neighborhood...

I wonder when someone will do a serious study of the effect of internet community on people. I, too, think it is very fulfilling. And with 3G networks, bright screens etc., it doesn't have to be a sedentary pursuit.

 

[RonBoyd]

I wonder when someone will do a serious study of the effect of internet community on people. I, too, think it is very fulfilling. And with 3G networks, bright screens etc., it doesn't have to be a sedentary pursuit.

The Internet, in all ways, expands one "territory." We think of it mainly in Sales and Marketing but it holds true in this area as well. It would be very difficult to gather, into a single location, all of the people in the world who match your personal "friendship" requirements -- primarily, but certainly not limited to, intellectual compatibility. Sure, there are many attempts to accomplish this -- "retirement" communities, for instance -- but it is still pretty puny compared to the Internet.

 

[rescueme]

I guess I'm one of those rare individuals (although I expect there are more that will not admit it) that don't need others to feel socially fulfilled.

Sure, I have my best friend (DW), but in reality my background in my early years led me to really believe that I am my best friend.

Growing up without siblings or any friends at all and having to go to work since the age of 14 (thrusting me into the world of "other people") made me long for the days that I did not have to nurture friendships, nor have to be considered as part of a social group.

I'm an extreme introvert but have no problem with it. I must say that my retirement (just under four years ago) after 45 years of having to get along with people suits me just fine.

I do have minor social outlets (e.g. forums such as this, and my weekly volunteer work delivering via the local Meals on Wheels program), but that's enough to satisfy my "social needs".

If anything, to be thrust back into the work world where I must interface with folks would do more to damage my psyche rather than enjoying the peace I have today.

A problem with the loss of social interactions upon retirement? For me, not at all...

 

[RonBoyd]

I guess I'm one of those rare individuals (although I expect there are more that will not admit it) that don't need others to feel socially fulfilled.

Says the guy who averages 1.7 Posts a day.

Anyway, I forgot to mention that the Internet does accomplish this "Friend" pooling without all that "touchy feely" stuff -- and that is very appealing to some (most?) of us.

 

[Retch The Grate]

The Internet is pretty clearly going to make getting old a lot more social for the people who are aging who want that and are comfortable using it. I think the net positive for our happiness is huge. Physical isolation is still going to be an issue for many people, but at least the opportunity exists for deep intellectual/emotional connections with other people.

Obviously I'm biased, but as a game designer I think MMOs in particular are going to provide plenty of people with goals and sense of personal accomplishment in their old age. Obviously not for everybody, but at least for my cohort, I expect that even when we physically can't get around well, we'll be able to be active and socially engaged until our mind and hearing/vision give out.

 

[Bestwifeever]

...I expect that even when we physically can't get around well, we'll be able to be active and socially engaged until our mind and hearing/vision give out.

Even longer--we can make our computer fonts and images larger and brighter and the sound louder as needed, unlike in real life ("What? What? What did you say? And I can't see you anyway!" is what I'll be saying to any friends I have left.)

 

[RonBoyd]

... is what I'll be saying to any friends I have left.)

And that is another thing: The Internet makes age irrelevant so, theoretically, you would never "run out of friends." In fact, on the Internet (IMHO) everyone is the same age -- unless one points out their exact age in some forceful way.

 

[M Paquette]

I think my daily Internet interaction with people is far more fulfilling and satisfying than interacting with parents/parents-in-law or with much of my neighborhood...

Oh, sure. It's all great until one day they drive the RV through the Long Beach Tunnel and show up in your driveway asking to use the RV hookups...

 

[REWahoo]

And that is another thing: The Internet makes age irrelevant...

Yep. On the Internet, Ha doesn't know whether he's talking to a 12 year old girl from Missoula or an undercover cop.

 

[REWahoo]

Oh, sure. It's all great until one day they drive the RV through the Long Beach Tunnel and show up in your driveway asking to use the RV hookups...

And I really appreciated your hospitality.

 

[devans0]

You discovered my fall-back retirement plan!

 

[Retch The Grate]

And that is another thing: The Internet makes age irrelevant so, theoretically, you would never "run out of friends." In fact, on the Internet (IMHO) everyone is the same age -- unless one points out their exact age in some forceful way.

Yes, my guild in WoW had people from their late 50s to pre-teen that I knew of, it is certainly possible some folks were even older. Until we started using voice chat it was hard to remember that some of the kids were so young. The fact that we could easily have people 40 years apart adventuring together, and counting on each other as team mates was a big deal, in my opinion, for the long term prospects of reducing inter-generational gaps.

 

[DeborahB]

I am an introvert, but along with my "alone time" I still have regular contact with people, who would notice these things. It's important for safety reasons, as the above paragraph points out.

Also, if a retiree was depressed, with memory loss, overall poor health, a general inability to manage the basics of daily living, and a fear of falling/dying alone, why wouldn't he/she *do* something about his/her isolation? I know this is a common problem but I have a hard time understanding that mentality.

We moved my SO's mother to senior independent living last July, and she is much healthier, walking more strongly, etc. They provide 3 meals a day & housekeeping & rides & activities. She has a real apartment, 2BR with a real kitchen. It isn't assisted living. They do check on the residents daily if they haven't seen them, and there's a panic button etc.

However, now that she feels better, she completely denies that she was in overall poor health, depressed, unable to manage daily living appropriately, etc... when she was living alone in a single family house. Even at the time, she thought she was fine, just tired. So - she wouldn't ask for help or accept that she needed it. Now she says that she could have stayed in the house. She wouldn't have moved if we hadn't felt strongly that she was becoming ill. Among other things, she had 2 falls resulting in broken bones, while in her house.

She doesn't want to think that she can't do at 84 what she could do at 60. Denial is a major coping mechanism, along with re-invention of recent history...

 

[Retch The Grate]

We moved my SO's mother to senior independent living last July, and she is much healthier, walking more strongly, etc. They provide 3 meals a day & housekeeping & rides & activities. She has a real apartment, 2BR with a real kitchen. It isn't assisted living. They do check on the residents daily if they haven't seen them, and there's a panic button etc.

However, now that she feels better, she completely denies that she was in overall poor health, depressed, unable to manage daily living appropriately, etc... when she was living alone in a single family house. Even at the time, she thought she was fine, just tired. So - she wouldn't ask for help or accept that she needed it. Now she says that she could have stayed in the house. She wouldn't have moved if we hadn't felt strongly that she was becoming ill. Among other things, she had 2 falls resulting in broken bones, while in her house.

She doesn't want to think that she can't do at 84 what she could do at 60. Denial is a major coping mechanism, along with re-invention of recent history...

My Grandfather just (at the beginning of this month) moved into a similar living situation in Boston. At age 96. He was doing fine until his company moved the office to New Jersey from NYC and he couldn't walk to work every day anymore, after that he definitely deteriorated over the last few years (though to be fair I'm not sure he wouldn't have had the issues anyways). He continues to insist he is fine and can take care of himself, but we're hoping that getting him into the retirement community will give him a social network that he had lost to friends dying and work becoming harder to get to (and just his continued aging out of connection with the people at work. The young guys he brought in as partners years ago are in their 60s now, and the vast majority of employees are vastly younger).

My parents are promising they won't make the same mistakes and are planning for their living needs as they get old so that they don't end up clinging to a lifestyle that they can't really maintain on their own anymore when aging makes it too difficult. We're all vastly relieved that my grandfather is out of his house in NYC and in somewhere where the family can actually visit him frequently, and the staff do checks in case he falls again.