The Record Of Investing In U.S Based Stock Mutual Funds Retirement Planning – Ten Common Mistakes Baby Boomers Make Planning For Retirement

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Retirement Planning – Ten Common Mistakes Baby Boomers Make Planning For Retirement

Investing in a retirement plan alone does not guarantee that you will be financially secure in retirement. One mistake in retirement planning can cause a baby boomer a lot of trouble and set your retirement years back. To make sure you’re in the perfect position to retire when you want and on your own terms, careful planning is just as important as avoiding the most common pre-retirement planning mistakes baby boomers make. If you make these common retirement planning mistakes, you could be in trouble.

  1. Don’t forget to take full advantage of your company’s retirement benefitsand invest as much as you can afford into your company’s retirement plan.
  2. Don’t take money out of your retirement plan otherwise you will lose valuable interest that is almost impossible to replace. Some pension plans do allow hardship withdrawals and loans, but be aware of the loss of interest, penalties and early withdrawal fees that may be involved.
  3. Remember to actively monitor all your investmentsto be aware of divergences and know how well your investments are performing.
  4. Don’t rely on Social Security alone to secure all of your retirement income. Back it up with other sources of income, such as a company retirement plan and personal savings.
  5. Don’t rely on your partner’s retirement plan. A partner who has a retirement plan may die, divorce, or have a long-term illness that could eventually jeopardize the single spouse’s retirement plans. Make sure each person has a separate retirement plan.
  6. Remember to review your retirement plan regularly. Review asset allocation, balances, goals, etc. to get the most out of your retirement plan.
  7. Don’t put all your investments in one stock. Diversify your investments so that one failure doesn’t wipe out your entire retirement fund.
  8. Check your broker and financial advisor carefully before you trust them with your retirement savings. Credentials and track record research.
  9. Don’t forget to take retirement planning seriously. Your retirement plan should be a priority, even if you are young and early in your career. Starting early allows you to hide large investments and may even allow you to retire early. Think about the lifestyle you want after retirement, and don’t put off planning until all your current liabilities are paid off.
  10. Don’t forget to figure out the numbers. There is no set formula to determine how much money you will need. The amount depends on the lifestyle you want, your current savings and your investments. Roughly $1 million would be required to have an income of $50,000 per year in retirement.

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