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Retirement Planning – Ten Common Mistakes Baby Boomers Make Planning For Retirement
Investing in a retirement plan alone does not guarantee that you will be financially secure in your retirement. One mistake in your retirement planning can land a baby boomer in a heap of trouble and push your retirement years back. To ensure you’re in the right position to retire when you want, and on your own terms, diligent planning is just as important as avoiding the most common pre-retirement planning mistakes baby boomers make. If you make these common retirement planning mistakes, you could be heading for trouble.
- Don’t forget to take full advantage of your company retirement benefitsAnd invest as much as you can afford in your company’s retirement plan.
- Don’t withdraw money from your retirement plan Or you will lose a valuable interest that is almost impossible to replace. Some retirement plans allow hardship withdrawals and loans, but find out about damages that may include interest, penalties and early withdrawal fees.
- Remember to actively monitor all your investmentsTo keep yourself aware of anomalies and know how well your investments are performing.
- Don’t rely on Social Security alone To provide your entire retirement income. Back it up with other sources of income such as company pension plans and personal savings.
- Don’t rely on your partner’s retirement plan. A partner with a retirement plan may die or get divorced or have an extended illness that can compromise single-spousal retirement plans. Make sure each person has a separate retirement plan.
- Don’t forget to review your retirement plan on a regular basis. Review asset allocation, balances, goals, etc. to maximize your retirement plan.
- Don’t keep all your investments in one stock. Diversify investments so that one failure doesn’t wipe out your entire retirement fund.
- Carefully check your broker and your financial advisor Before you trust them with your retirement savings. Research credentials and track records.
- Don’t forget to take retirement planning seriously. Your retirement planning should be a priority when you are young and early in your career. Starting early allows you to hide large investments and may even enable you to retire early. Think about the lifestyle you want after retirement, and don’t postpone planning until all your current commitments are paid off.
- Don’t forget to find the numbers. There is no set formula for determining how much money you need. The amount depends on the lifestyle you want, your current ability to save and your investments. Roughly, $1 million is needed to accumulate in the fund to generate an income of $50,000 per year during your retirement.
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