Are you making mistakes in your Retirement Plan without even realizing it? In this video, we’ll go over the top four retirement planning mistakes to avoid, so you can enjoy your golden years without scrimping in the meantime. Stay tuned.
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Video Transcript
Hi, I’m Wayne Bell-Warren, Chief Operating Officer and Chief Compliance Officer at Gainplan. Today, we’re going to be talking about four reasons your retirement plan might fall short.View Full Transcript
Hi, I’m Wayne Bell-Warren, Chief Operating Officer and Chief Compliance Officer at Gainplan. Today, we’re going to be talking about four reasons your retirement plan might fall short.
Are you making mistakes in your retirement planning without realizing it? In this video, we’ll go over the top four retirement planning mistakes to avoid so you can enjoy your golden years without scrimping. In the meantime, stay tuned.
The first mistake is chasing high returns. We all want to see our investments on the rise, but don’t let the rate of return be your only focus. Work with your advisor to create a diversified portfolio that seeks quality returns while decreasing your risk at the same time.
Another mistake is retiring too early. People often don’t save enough to maintain their desired lifestyle during retirement. To avoid this, you may want to consider working longer and delaying your Social Security benefits. This allows you to save more money and receive higher benefits if you don’t apply for them at age 62.
The third and one of the most devastating retirement mistakes is not saving consistently. You may be saving too little now and hoping you can catch up in the future. The truth is, catching up rarely happens and unexpected life circumstances can make catching up impossible. Examples of ways to save, create a budget, cut out unnecessary spending, open a 401K or an individual retirement fund as a self-employed individual, and save extra money with each raise or bonus you receive from work.
Lastly, another common mistake is forgetting about taxes and their effect on your savings. Talk with your financial advisors if you’re unsure what portion of your retirement savings will be taxed upon withdrawal.
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