Retirement may seem far away, so it’s easy to postpone healthcare, savings, or housing plans. However, time can sneak up on you, and the more you postpone important retirement tasks, the less you may be able to enjoy during your golden years. While making retirement mistakes is common throughout any gender or age group, there are a few concerns that men are more susceptible to as they age. Learn what mistakes can be made to mitigate their risk down the road. It’s never too early to think about retirement!
Inadequate Preventative Healthcare
In the average person’s life, colonoscopy tests are recommended starting at age 45. At 55, people should begin screening for prostate cancer if applicable. Many people, especially men, will postpone or neglect preventative care and only seek doctors out when there is something wrong to avoid uncomfortable procedures or maintain a strong appearance. Keeping this practice as you retire can increase your risk of developing late-stage cancers or other terminal conditions. You can treat many illnesses when they’re found early. Preventative care and healthcare are important before and during retirement.
Poor Diet
It’s not unusual for men to enjoy foods like alcohol, red meat, or fried dishes. While these foods are fine in moderation for the average person, they can become a health risk in large portions or with age. Men are more susceptible to heart attacks due to a higher count of red blood cells. Lack of a proper diet, especially during retirement age, can significantly increase the risk of a heart attack. Lack of preventative care, like blood tests for cholesterol levels or red blood cell counts, can increase the risk even further. It’s important to choose a healthy, balanced diet and have your blood tested regularly for nutritional concerns, especially as you age.
Not Downsizing Your Home
Many retirees will hang onto their family home as they age but end up with a lot of extra space when they have an empty nest. Excess space may even be hazardous to navigate if mobility or memory becomes an issue. If retirees still need to pay mortgage payments, the larger home may be a hindrance to retirement savings. Hefty utility bills from large homes can also contribute to the draining of retirement savings. Men are often listed for mortgages or on housing titles, and they may end up with more debt or expenses than they can handle. Consider downsizing large homes if you don’t need the space when you retire. You can save a lot of money.
Not Vetting Retirement Communities
Many retirees will avoid retirement communities entirely, insisting on living alone. Many older adults live alone without issue, but when daily assistance is needed, retirement communities should be considered. Retired men may spend limited time browsing reviews or ratings for a community or nursing home before choosing, which can be risky. Paying closer attention to retirement community reviews, official ratings, and history can help mitigate the chances of abuse, neglect, or other low-quality care concerns. Varying your vetting process can help you make more informed decisions. For example, the nursing home Avante at Leesburg has a current CMS rating of 3 out of 5, which may seem good enough; however, diving further into the vetting process reveals a history of federal violation fines and malnutrition cases. Always vet healthcare providers, retirement communities, and nursing homes.
Avoiding Retirement Plans
While many men are financially savvy and will utilize retirement plans, some may believe they can save more or go farther with their own savings strategies. It’s crucial to take advantage of retirement plans, especially ones offered by employers. Retirement funds offer exclusive tax benefits and, in some states, may not be taxed at all. Employers can match retirement fund contributions, increasing your savings rate. Don’t ignore retirement plans.
Applying for Social Security Early
Social Security retirement benefits can add to your accessible fund pool during retirement. It’s always a smart idea to apply for benefits, but applying too early can reduce your monthly payments. To account for a longer period of Social Security benefit withdrawals, you’ll get a reduced rate (usually 30%) per payment. If you wait until the retirement age is reached, you can receive your full monthly payment. Eager retirees may be more inclined to apply for Social Security benefits as soon as possible, but consider waiting.
Working Too Long
Many men will work very hard to provide for themselves and their families. Sometimes, they’ll even push retirement back to keep working, saving, and providing. While there’s no specific set-in-stone age where everyone should retire, overworking can lead to stress, burnout, and health issues, especially after age 60. While providing for your family is important, so is your presence and health. Prioritize a good work-life balance, especially when you’re older.