The 20 Most Common Mistakes Retirees Make & How to Avoid Them
Beloved, I pray that you may prosper in all things and be in health, just as your soul prospers. (3 John 1:2 World English Bible)
You should really take advantage of one of our newest FREE resources—The 20 Most Common Mistakes Retirees Make and How to Avoid Them! Mistake #1 deals with confusing journalists, reporters, TV pundits and talking heads for qualified financial advisors. Be very careful whom you listen to.
Who are your financial advisors? The “experts” you see on TV, or in the newspapers? Most of those people majored in journalism or English, not finance or economics. Often, they’re just repeating an opinion they heard elsewhere.
These well-intentioned “experts” must speak to a general audience, so they have to offer general advice. If you accept that generic advice, you’re doing yourself a disservice. Why take financial advice from people who don’t even know you?
Everyone is different, and every financial strategy needs to be unique. A good financial planner will get to know you and your financial goals and priorities, then craft a custom strategy for you—a unique plan to sustain and enhance your wealth throughout your retirement.
As you retire, please don’t make the mistake of listening to well-meaning friends, relatives and self-pronounced experts” who don’t have the training and expertise of certified professional retirement and investment advisors. Make sure you plan your future with a credentialed financial professional.
Mistake #11 deals with retiring on hope. Quite frankly, hope is a lousy strategy for just about everything—especially for retirement:
We’re amazed at how many people retire without a plan. Those who walk away from work with no idea how long their money will last, no clue as to how it should be invested, and only vague ideas of what they want to do next.
Unfortunately, you can’t retire on hope. When you get financially complacent, when you just hope or assume everything will be okay, you risk financial jeopardy.
Can you imagine running out of money, and leaving nothing to your children? (Or worse yet, borrowing from your children or having to move in with them?)
Don’t let it happen to you. Get qualified advice protection.
Mistake #17 deals with losing a big chunk of your retirement money by making a wrong move.
What will you do with your 401(k) assets when you retire? If you’re like most people, you’ve probably assumed you will roll them over into an IRA. An IRA rollover will give you flexibility when it comes to reinvesting your savings. And when it comes to IRA withdrawals, the IRS is fairly lenient.
But you can’t be cavalier about IRA withdrawals. If you make the wrong move at the wrong time, you might be shocked at tax time.
Let’s say you forget to take the first required distribution from your IRA after you turn 701/2. If you miss that April 1 deadline and take that distribution later, you will trigger a 50% tax penalty on the amount you failed to withdraw on time. The good news is that you can plan to avoid this blunder, and other costly mistakes.
Take a look at your options when it comes to IRA withdrawals. The way you withdraw your savings may affect your retirement plans, income, and quality of life. Make sure you make the right IRA choices for your future.
Take advantage of The FREE download and learn the 17 additional mistakes retirees make—and how to avoid them! Don’t do it alone—profit from our FREE resources on GreatInvestor.org.
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Thanks, and blessings!