Are You Making The “Common” Retirement Mistakes?Submitted by Wale Advisory Group on June 27th, 2013
Decisions are not always easy. Retirement decisions can be even harder. So how do you know if you’re making the best decisions that will positively impact your retirement? Good question! And we have the answers, but we have to sit down with you to understand your story as a whole, before we can give you those answers.
So in the meantime, here are some things to think about. We’ve compiled a list of some top mistakes that many retirees make. Have you made some of them? If so, contact us, because there’s always time to make things the best they can be for your future!
1. Collecting social security too soon. That’s right, many people do it, simply because they haven’t learned how to make social security work best for their retirement. This is one of the most common mistakes we see people make. For pre-retirees, we have a fantastic program that will show you how much you’ll receive throughout your lifetime, if you wait a year or two. That’s one trick, there are many others as well.
2. You think health problems will never be an issue. We’d love to believe that you will live a 100% healthy life, with no medical problems at any point. But the reality is, there may be some point in life where you will spend money on medical expenses. This is where we see some of client’s assets drain far to quickly. Planning ahead for these types of worst case scenarios, can leave you in the green when medical bills arise. You’d be surprised to see how many ways there are to protect against these large bills. We can show you!
3. Taking IRA money when you don’t need to. Sometimes when clients are wanting some extra income, they’ll pull it from their IRA. The problem is they may not look at the overall tax consequences. Pulling money from a different source may be far more beneficial and save you tax dollars in the long run.
I hope these simple mistakes make you stop and think before you make any major decisions. While everyone’s story is different, many people have things in common. We’d love to hear your story, and help you create a plan for a successful retirement, that includes NO mistakes!