18. You Could Overspend on Housing…
One in four retirees carries a mortgage after retiring, according to a recent survey conducted by retirement plan provider Voya Financial. “Some retirees even upsize their homes,” said Cary Carbonaro, a certified financial planner with United Capital of New York and New Jersey and author of “The Money Queen’s Guide: For Women Who Want to Build Wealth and Banish Fear.”
A hefty mortgage payment can seriously crimp cash flow, particularly for people on a fixed income. “Cutting your costs by downsizing is always a good idea,” said Carbonaro. “Taxes, utilities and maintenance costs almost always go up.”