3. Failure to Be Informed about Frauds and Scams

Do not become a victim of those who are trying to squeeze money from you. Scammers are constantly improving their techniques and know how to make you believe them. Before making any kind of investment, talk to a professional advisor. Do not lay out large amounts of money on anything. Also, do not trust people who say they know how to help you grow your savings. Be aware of those you do not know and people who are preying upon your wish to become rich. No one is interested in making you a millionaire. All they are after is your money only.

4. Being Ineffective Tax-Wise During Retirement

There are plenty of retirees who use multiple retirement accounts. This idea might sound cool at first. But you should always keep in mind that different retirement accounts are taxed differently. First of all find the best way to take out your cash from your accounts and assets. If you do not do this, you will end up paying much more taxes that you really have to. What a retired person needs is to find the most efficient way of being taxed. This is not very easy to do, unless you are a professional financial planner. If you are not, then find a trusted expert and ask for help.