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Common Errors Made in Retirement Planning
Posted by Weaver Insurance & Financial Advisors on
Retirement planning is the key to enjoying financial freedom in your golden years. One small step at a time, the proper preparation will ensure your future is secure and your retirement dreams are a reality. However, many people don’t understand how to get their retirement plan on the right track, leading to costly mistakes along the way. The financial planners at Weaver Insurance & Financial Advisors assist Waynesboro, VA, residents (and surrounding area) in calculating their income needs and establishing a retirement plan customized to their personal goals.
Here, these seasoned professionals reveal some of the most common errors made in retirement planning, so you can avoid making them:
Waiting Too Long To Start Saving: One of the worst things you can do for your retirement is to wait too long to start putting money away. When they’re younger, people often believe they have plenty of time to start saving; but before they know it, years have been lost. The earlier you start, the easier it will be to build your nest egg.
Not Saving Enough: Saving money is a challenge for most people, especially when there are countless things to spend it on before you retire. As a result, many people neglect to save enough for their senior years. To reward yourself in the future, you’ll need to make a conscious commitment in the present.
Underestimating Health Care Costs: It’s likely that the older you get, the more health care you will require. As you age, medical expenses can get high and take a big chunk out of your retirement fund. To eliminate stress down the line, attain a realistic view of health care costs and design a separate long-term plan to cover them.
Making the wrong decisions for your retirement can be significantly detrimental to your financial future. For help navigating the complicated world of retirement planning, contact Weaver Insurance & Financial Advisors at (540) 943-1221.