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Retirement isn’t where most people lose money—it’s the transition into retirement that quietly costs them the most. In this video, we break down 7 costly mistakes new retirees make, from assuming pensions start immediately, accidentally losing access to the Rule of 55, overspending early in retirement, and withdrawing without a tax strategy, to ignoring healthcare costs and claiming Social Security too early. These are the small decisions that can cost you hundreds of thousands over time if you’re not paying attention. Find Your Best HYSA ➡️ https://pnl.link/elJ8vnP 📖 FIRE Investing Academy 📖 ➡️ https://www.firepsychat.com/fireinvesting Join my private FIRE 🔥 Community to connect with me! 🙂 ➡️ https://firepsychat.com/community 👨‍🏫 Financial Consultation 👩‍🏫 Schedule a 1-on-1 Private Session with Psy ➡️ https://www.firepsychat.com/consultation The budget app! Start your free YNAB trial today! ➡️ https://www.firepsychat.com/ynab Increase your income by starting a course in Course Careers! ➡️ https://coursecareers.com/a/FIREPsyChat 📖 Get Your Free Financial Spreadsheets and Resources 📖 ➡️ https://www.firepsychat.com/resources Become a Channel Member! ➡️ https://www.youtube.com/channel/UCxVMI3H_O2PW5O4qpORkZ_Q/join For sponsorships and business inquiries ➡️ media@firepsychat.com ⏰ Table of Contents ⏰ 0:00 The real risks in early retirement 0:31 Assuming Pensions Start Immediately 4:32 Accidentally Ruining The Rule of 55 6:51 Not Tracking Spending in Retirement 8:06 Withdrawing Without a Tax Strategy 11:51 Not Adjusting Investment Strategy 15:18 Ignoring Healthcare Costs 23:08 Claiming Social Security Too Early 24:27 Fix these mistakes before they cost you your retirement #FIREPsyChat #FinancialIndependence #RetirementMistakes 🎵 Music and Sound Effects Provided by Epidemic Sound 🎵 https://www.epidemicsound.com/referral/de9jqv/ Disclaimer: This video is not in any form of personalized financial advice. I am solely sharing my personal experience and opinions. All Strategies, tips, suggestions, and recommendations shared are solely for entertainment and educational purposes only. There are financial risks associated with investing. You must conduct your own research and due diligence or seek the advice of a licensed advisor if necessary. Affiliate Disclosure: Some of the links on this webpage are affiliate links, meaning, at no additional cost to you, we may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact our opinions and comparisons.