This Is the No. 1 Money Mistake You're Making After 50, Survey Shows

Getting older doesn't always mean you're getting wiser, especially when it comes to your money.

One could argue that a major benefit of getting older is that you are likely to have more control over, or at least a better sense of, what your future will look like than you may have had in your younger years. You've had time to figure out your professional, personal, and financial lives and make the necessary adjustments in order to build the kind of life you'd like to have. And, in a perfect world, that's how it happens. But, as we all know, there's no such thing as a perfect world, and things don't automatically get easier with age. That is especially true when it comes to the matter of money. In fact, after asking more than a 1,000 U.S. adults over the age of 50, a new survey conducted by Caring Advisor, a site for senior living communities, found that there are plenty of money mistakes people don't start making until they're in their 50s.

If you want to avoid these common financial pitfalls, read on to discover the top money mistakes people make after 50. And for missteps to avoid in your earlier years, The No. 1 Financial Mistake People Make When They're Young, Survey Says.

Read the original article on Best Life.

18
Overspending in early retirement

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People who made this mistake after age 50: 7.8 percent

And for another financial regret people often have, This Is the Biggest Debt People Your Age Have, Survey Shows.

17
Not recognizing how expenses change ing retirement

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People who made this mistake after age 50: 8.0 percent

16
Taking Social Security benefits too early

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People who made this mistake after age 50: 8.0 percent

15
Trusting employer fully for retirement planning

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People who made this mistake after age 50: 9.3 percent

14
Taking on debt that I can't repay

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People who made this mistake after age 50: 10.2 percent

13
Not creating an estate plan

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People who made this mistake after age 50: 10.4 percent

12
Taking additional debt without understanding how it would affect cash flow

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People who made this mistake after age 50: 10.9 percent

11
Not understanding available resources

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People who made this mistake after age 50: 11.5 percent

10
Endangering retirement by helping others financially

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People who made this mistake after age 50: 11.7 percent

9
Not taking advantage of retirement plan provisions

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People who made this mistake after age 50: 12.1 percent

8
Spending too much to support children/grandchildren

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People who made this mistake after age 50: 14.5 percent

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7
Withdrawing money from retirement accounts too early

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People who made this mistake after age 50: 16.8 percent

6
Being too conservative with investments

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People who made this mistake after age 50: 17.4 percent

5
Not planning for long-term care costs

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People who made this mistake after age 50: 19.8 percent

4
Not having an investment plan

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People who made this mistake after age 50: 20.8 percent

3
Not having emergency savings

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People who made this mistake after age 50: 30.3 percent

2
Planning for retirement too late

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People who made this mistake after age 50: 32.1 percent

1
Not saving enough to retire

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People who made this mistake after age 50: 35.9 percent

And if you're curious as to how much cash you should have stashed away, This Is How Much Money People Your Age Have on Average, Data Shows.

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