Unformatted text preview: about continuing to work before retirement starts, because it would not be wise to retire before benefits are earned. The fourth tip is to make sure one is fully informed of the consequences of accepting a cash buyout. The fifth and sixth tips are to utilize strategies that will lower income tax. Tip number seven addresses one of the most common mistakes senior citizens tend to make, which is giving money away to children and grandchildren. Grandparents should instead set up an account for their grandchildren. Tip number eight is to not rely solely on social security. Social security should be used as a safety net supplement the money that has already been saved. The ninth tip is to prepare for the unexpected, because anything can interrupt retirement plans. The final tip is to live within one’s means. Do not attempt to upgrade to a more expensive lifestyle, because this will quickly deplete finances....
View Full Document
This document was uploaded on 10/29/2011 for the course FIN 320 at Jackson State.
- Fall '11