The Biggest Retirement Mistake Many People Make After 50

And they want to see their friends.

They want to see their friends.

But you're right.

For folks like yourself and me, we have that empty nested thing.

And I think it's interesting that just historically, we save more money right around age 50 to 60 than we've done at any other point in our life.

And that's because, you know, the house is almost paid for.

We have most of the stuff, the stuff that we wanted to buy.

And quite frankly, the kids are headed out the door.

Hopefully college is already paid for.

And while it's true, your kids are always your kids, right? I mean, I don't care what it is.

You always have to have an allowance in your budget to help the kids out because it's the way life is, especially today.

But nevertheless, you're able to start saving a ton more money towards retirement and That's when we see more and more people throw into the catch-up provisions, right? Because after age 50, you can start throwing a little bit more money into your 401k.

You can throw a little bit more money into your IRA.

That's when people start thinking about the fact that, hey, I'm going to have this nest egg.

And one, is it enough? Am I saving enough? And then two...

they start actually thinking about some of the tax implications, not as much as they should be because they're still so focused on saving the money.

But it does afford an opportunity to kind of revisit what life is going to look like.

Like I said, the house is empty.

And for us, we're fortunate that my younger boy actually works for me, but both my kids are within like 20 minutes of our house.

So we see them regularly, which is still kind of nice.

For us, the operative part was move out, right? Get out.

I get out.

But nevertheless, I think that, you know, for those of you that are in that 50 ish age and your kids are kind of winding down, you know, your responsibilities for the kids are kind of winding down and they're getting their start.

It is an interesting conversation to have it because it is such a pivotal point in your life.

Right.