4 tips to avoid common mistakes retirees make

Retirees tend to make the same money mistakes over and over and over again. Here are four common retiree errors and how to avoid them:

Most financial planners say the safer move for the long haul is to devote a healthy portion of your portfolio to stocks.

Some seniors contribute to down payments for their children's first homes even though they're struggling to fund their own retirements. Others stretch to pay for the college expenses of a child or grandchild. Remember: You can take out loans for college, but you can't take out a loan to pay for your retirement.

Putting off taking withdrawals from an individual retirement account until they are required at age 70½ can be costly because such amounts are taxable and often bump retirees into a higher tax bracket. A plan of gradual withdrawals starting in your 60s can be a more effective strategy.

Seniors who do regular volunteer work tend to leave tax deductions for mileage and out-of-pocket costs on the table. And snowbirds who spend months in the Sunbelt often don't know they could save thousands of dollars by changing their legal residency to a state with a smaller or no income tax, as with Florida.