New Blog by Retirement Advisor Jeremy Keating Targets Common Retirement Planning Mistakes
As the largest generation of retirees in
While many people nearing retirement have a sense of their accumulated asset value, a general idea of how much they will need to spend in retirement and how long their money might last, without a retirement income strategy in place that maps out specifically how their nest egg will finance retirement, they're heading into an uncertain future.
With so many variables to consider, just thinking about retirement planning can easily overwhelm. Thankfully, it's never too late to plan ahead and develop a retirement income strategy. Keating suggests that individuals begin by focusing on mistakes they can avoid making to help pave a path to a comfortable retirement.
1. Entering retirement without a recent retirement income strategy.
It's hard to reach one's destination without knowing what it is. Individuals who have never mapped out a strategy for supporting themselves financially in retirement, or who have a plan in place that was drafted years ago and sorely in need of review and revisions need to correct this mistake and set a clear course for their retirement income.
2. Not saving enough to financially support themselves in retirement.
During one's working years, those who spend each paycheck to the dime without saving anything for the future can find themselves in a precarious situation once their paychecks stop coming in. Establishing a budget that includes an allotment to be set aside for retirement savings--and then sticking to it--is the best way to avoid mistake number 2.
3. Overlooking the impact inflation and taxes can have on one's finances in retirement
4. Ignoring the cost of healthcare:
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5. Not planning for the potential need for long-term care:
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Read the full story at http://www.prweb.com/releases/Capital_Income_Advisors/Retirement_plan_mistakes/prweb13892332.htm
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