3 Common Financial Mistakes Retirees Make -- and How to Avoid Them

Maurie Backman, The Motley Fool
·3-min read
3 Common Financial Mistakes Retirees Make -- and How to Avoid Them

Ideally, you'll enter retirement with a nice chunk of money in your 401(k) or IRA. If you withdraw from your savings too aggressively, you risk depleting your nest egg prematurely and struggling through the latter part of your retirement. For years, financial experts have been advocates of the 4% rule, which lets you start by removing 4% of your savings balance during your first year of retirement and then adjusting subsequent withdrawals for inflation.