Mistakes retirees make repeatedly

Despite the best of intentions, retirees tend to make the same money mistakes over and over and over again.

It's time to wake up and address your errors before you get stuck in your own bad-money time warp.

A discussion of six common retiree mistakes and how to avoid them:

Mistake 1: Being too conservative with money.

FIX: A rough guideline for asset allocation is to own a percentage in stocks equal to 110 or 120 minus your age. In other words, a 70-year-old would have 40 or 50 percent of her investment portfolio in stocks.

Mistake 2: Putting off planning.

FIX: Prepare thorough financial and estate plans and discuss future aging-related scenarios with an adviser.

Mistake 3: Bailing out the kids.

FIX: Put your financial needs in retirement first. Make sure you know how much you can safely spend from your savings each year.

Mistake 4: Paying too much in taxes.

FIX: Have a plan to minimize the tax impact of withdrawals, keep your receipts for volunteering costs, don't miss out on any deductions.

Mistake 5: Following financial advice from friends and family.

FIX: Validate any advice from friends and family with objective materials from somewhere else. If not an adviser, that means at least credible online resources or organizations.

Mistake 6: Underestimating the costs of health care.

FIX: Buy Medigap supplemental insurance that fills in benefit gaps in traditional Medicare. And strongly consider buying long-term care insurance, which pays for in-home care and nursing home care, unless your health or age make it unaffordable. It can help ensure that significant medical expenses later in retirement don't wipe out your assets.