5 RETIREMENT PLANNING MISTAKES TO AVOID

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5 RETIREMENT PLANNING MISTAKES TO AVOID
www.elderswealth.com
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Early retirement is an enticing option as it
gives you time to travel, explore your passions
or start a new venture. In order to lead a
retirement life free from financial worries, its
critical to have a retirement plan in place,
well in advance. Delaying the planning and
execution of a retirement plan could result in
dependency on someone else for the
post-retirement expenses. Here are five
mistakes to avoid when it comes to retirement
planning
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Not having a plan Start planning for retirement
as early as possible. The major reason for
having a sound retirement plan at a young age is
to provide financial stability and security
during your golden years. The plan must take into
account your life expectancy, retirement
location, intended retirement age, current
lifestyle, general health, and current financial
needs.
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Poor investment planning Successful retirement
planning requires your attention and patience in
selecting the appropriate investment plans that
will help create the adequate corpus by the time
you retire. Making prudent investment decisions
before retiring is an important step. Commencing
your retirement planning early in life will pay
off handsomely when you retire. Choosing the best
retirement plan helps in ensuring that you have a
financially secure and stress-free retirement.
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Choosing the wrong financial advisor A
financial planner can help you with your
investments and guide you to maximize your
returns. Make sure you avail of retirement
planning services from a qualified, experienced,
and independent financial advisor.
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Neglecting Healthcare Costs The average
retirement age for the standard working class is
in their late 50s or early 60s. As you become
older, youre more likely to have
lifestyle-related illnesses that may lead to high
treatment costs. This could deplete your
retirement funds, causing you to run out of money
sooner than intended. In order to avoid the
same, you should always carry a lifetime
renewable health insurance policy to cover all
your medical costs.
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Carrying debt into retirement Its a bad idea
to carry debt into retirement. Within a few
years after retirement, a credit card debt or a
car loan will deplete all your emergency
reserves and retirement savings. Carrying debt
into retirement when you dont have a consistent
source of income and only a savings account will
make way for a lot of stress. Planning to pay it
off as soon as possible, before you retire, is a
great approach to ensure the security of your
retirement corpus.
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Carrying debt into retirement Its a bad idea
to carry debt into retirement. Within a few
years after retirement, a credit card debt or a
car loan will deplete all your emergency
reserves and retirement savings. Carrying debt
into retirement when you dont have a consistent
source of income and only a savings account will
make way for a lot of stress. Planning to pay it
off as soon as possible, before you retire, is a
great approach to ensure the security of your
retirement corpus.
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Its vital to plan your finances in retirement.
Its also critical to be aware of your
alternatives to secure the assets youve worked
so hard to accumulate. Financial services firms
like EldersWealth can help you plan for an
optimal retirement with a tailor-made retirement
plan. Start the conversation with our financial
experts now to know how to plan for your
successful retirement.