4 mistakes newly-retired people almost ALWAYS make

You might not ever think you will fall into this category but trust us, this day will come sooner than you could ever imagine.

Sure, during your early days of work, the process of contributing to your pension and ultimately building that so-called nest-egg is something that drives many of us crazy. As time progresses, we start to appreciate the importance, and that's when the reality of retirement tends to hit home.

When you do press the button, there are some common mistakes that you should aim to avoid though. Today's article will mull over some of these faux pas to try and help you along your way through this phase of your life.

You don't plan for NEW expenses

For the last few decades, your life has been comprised of a set of standard expenses. Well, one of the worst things you can do is start to believe that everything is going to remain the same during your retirement.

Unfortunately, it's not. There are going to be a lot of changes. Firstly, on the plus side, there's a very high chance that your mortgage is going to be paid off. The same might be said about any other loans you have, whether it's for your car or something else.

Unfortunately, while these expenses may be eradicated, they are replaced by others. One might be funeral care, while another might be the cost of caring for yourself. When it comes to the latter, there are plenty of options available when it comes to providers, so make sure to research the options where you are. If you're in Australia, for example, you may wish to take a look at Care for family and see if they could be a potential option for you.

Beyond this, while in-home care might be a good solution for some people, you may find this is not suitable for your needs. You may then have to think about downsizing or even moving into an assisted or senior living community like The Chelsea at Brookhaven that can provide you with round-the-clock care, especially if you end up dealing with a complex medical ailment that requires professional attention.

You pay off their low-interest debt too quickly

On the subject of finances, be wary about which debts you try and clear first.

There's absolutely nothing wrong with trying to clear your debts - it's completely admirable. However, you should prioritize them accordingly, and this means that you should order them by the rate of interest. For example, in the case of your mortgage, this might have a much lower rate of interest in comparison to other loans you have taken out. As such, while it might be great to finally be mortgage free, this might actually be detrimental to your finances.

You don't think about their other half

This next point is something that a lot of people just don't consider. For decades, you have lived happily with your other half, in the same routine in your working life.

Then, retirement hits home. This routine is thrown out of the window, and it can skew your relationship somewhat. You are spending more time than ever before with each other, and you might also not fully understand each other's hobbies.

This is where a lot of empathy and compromise is required, so the two of you can understand this new phase of your life.

You don't have a routine

Finally, a routine is going to be the thing that gets you out of bed in the morning, and gets you going in your new-look life.

For the first few weeks it might feel amazing not waking up to the work alarm clock, but after a while you will miss it – trust us. Build a routine and you’ll find that it becomes easier than ever before to adapt into your world of retirement.