Retirement can creep up on you. One day you’re climbing the corporate ladder or building a client base for your business. Next thing you know, you’re in your 50s or 60s. Thoughts of spending your days playing golf, pursuing a favorite hobby, or traveling to far-flung regions start calling you away from the daily grind. But without careful planning, your golden years may become tarnished. Before you take that gold watch at your farewell party, make sure you’re avoiding these retirement planning mistakes:
* Failure to plan. Ideally, you started planning for retirement early in your career and your investments have been growing. But maybe you’ve avoided such thoughts until now. Don’t wait.
* Failure to save. If your employer offers a 401(k) plan, take full advantage of the employer match, and sock away as much as you can, as early as you can. If you’re self employed, set up a SIMPLE retirement plan.
* Failure to consider life expectancy. These days, if you’re a 65-year-old man, you can expect to live to age 82. A woman of the same age may live to age 85. These, of course, are averages.
There are other factors to consider as well. Call the office if you need help with your retirement planning.
Tags: retirement planning
Written by: Doug Rodrigues