by _comunica2punto0

#marketing 3 Retirement Planning Mistakes You Can Live Without

In Marketing on 16 junio, 2017 at 2:22

Wokandapix / Pixabay

I’ve heard once that for retirement you can never be prepared. It can cause anxiety and a lot of people comment that they feel overwhelmed by the sudden change.

In fact, perhaps the biggest obstacle in here would be finding the balance between today and the retired tomorrow.

How will these two move along together?

This is the situation where people are most likely to make a mistake and not retire “on time”.

So, what can you do?

Just like with everything else in life, with some planning ahead, you will be able to steer clear of the mistakes that could disturb you and put your retirement on the wrong track.

Mistake #1: Don’t be true to yourself

The first question I like to ask the people wanting to retire is the amount of income they need in order to maintain their current lifestyle in retirement.

As you already could have guessed, there’s a vast majority that just doesn’t know the answer that question or they just cannot be real to themselves.


Because if the estimated amount of money they will need in retirement to sustain the current lifestyle is too high, the goal of retirement might seem absolutely discouraging.

On the other hand, if the assumption is too low, which is, unfortunately, the most often scenario, the retiree is prone to run into a difficult financial situation later in life.

The general rule of thumb is to calculate approximately 80% of your current annual income.

As long as this is not written in stone, more often than not people underestimate how much money they will need in retirement.

If anything, healthcare costs can easily escalate.

Mistake #2: Stick With The Outdated Version Of Your Retirement Plan

One of the most overlooked areas of retirement planning is the reality itself. As the markets change, prices change drastically too.

It is absolutely crucial that you go through your retirement plan every now and then.

If you haven’t updated your retirement plan that was crafted five years ago, chances that the retirement plan is no longer relevant.

Also, your focus will change along the road. You will spend more money on health care help and don’t forget to make an estimate of what health care costs are and to what point they might get in retirement.

Mistake #3: Knowledge Is (Not) Power

It’s important to know your long-term care options so that you can enjoy in retirement.

Retirement planning is never the most exciting part of financial planning, but it is easily one of the most important.

While the world without a watch on the wrist seems like a distant dream at this age, don’t forget that each year the dream is closer to a looming reality.

Don’t wait to start saving for retirement, some time in the future. The sooner you give it a go, the better! In order to understand better the situation you are in, start off by just saving a couple of hundreds of dollars on monthly basis and build from that point on.

Retirement doesn’t have to be overwhelming if you are following the upper-mentioned steps. You deserve to enjoy your retirement, so put all your worries aside and start planning – knowledge, in fact, is everything.

via Business Articles | Business 2 Community



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