A good retirement draws on a lifetime of saving and work. But, despite its huge importance, many people slip up in the years just before this milestone. Some of these mistakes are the result of not understanding retirement, while others are conscious decisions that simply have a greater impact than estimated.
Here are five of the biggest mistakes people make as they approach retirement.

Not preparing a budget

Do not wait until retirement to make a detailed budget. Budgets built on “frugal” spending or optimistic estimations can be broken by relatively small lifestyle changes. Create your retirement budget years in advance and tweak it annually to improve its accuracy.

Taking social security early

Those who take social security benefits before their full retirement (benefits are available as early as age 62) will receive reduced payments. If you are still working, tax repercussions may make delaying benefits a smart option.

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