19 retirement mistakes you're making — aside from not saving enough by Janna Heron on Jun 1, 2016, 3:16 PM Advertisement
 It’s conventional wisdom by now that Americans aren’t saving enough for retirement. Recent studies have shown that many Baby Boomers might have to live on a mere $7,000 to $9,000 a year during their golden years, based on their current savings (not including Social Security). If that’s not discouraging enough, financial planners say Americans are making plenty of other retirement missteps. Here are 19 other mistakes you could be making while planning for retirement. SEE ALSO: 5 dumb decisions that put you at risk of going broke in retirement  1. Planning to stay in the family home About three in five retirees decided to stay in their home for their golden years, according to a TransAmerica Center for Retirement Studies survey. But that may not be the smartest decision says James Bryan, principal of Cahill Financial Advisors. Rising upkeep costs, renovations and property taxes could make the house too expensive to manage. The house also may not be suitable for aging in place. “People don't want to let go because they feel like they are betraying the memories,” he says. Related: The Retirement Cost That 80% of Americans Aren’t Ready For Solution: Add up the money you’ve spent on your home over the last five years and divide by 5 to get a snapshot of your annual costs. Then, increase that number by 2-5 percent to account for inflation. If it’s too costly for you to handle, consider downsizing or moving to a senior community.
2. Counting on working in retirement About seven in 10 Millennials, more than half of Generation Xers and over a third of Baby Boomers expect to work during their golden years, according to a recent survey from Scottrade. But there’s a good chance that that won’t happen, according to the TransAmerica survey. Three of five recent retirees said they were forced to stop working sooner than planned because of job issues, health concerns or family responsibilities. Solution: Plan your second or third career while you’re still on your first. Learn a new skill or a new language and don’t hesitate to take a few online courses – just for the fun of it. Related: How to Retire Comfortably While You’re Still in Debt
 3. Banking on an inheritance Only about 11 percent of people in the National Longitudinal Survey of Youth 1979 received an inheritance. And the windfall for many wasn’t big enough to offset a lack of retirement savings. The median inheritance was $11,340, according to a studyfrom Ohio State University’s Center for Human Resource Research. “Your rich aunt might leave it all to charity,” says David Schneider of Schneider Wealth Strategies. “Your parents may not have as much as you think or could spend their money down on long-term care expenses.” Solution: Talk with your parents about their estate planning and how it might affect your personal finances. Otherwise, save as if you won’t receive any inheritance. If you do get one, create a savings plan for it. The Ohio State study found that adults who get a windfall end up spending, losing or donating half of it.
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