Interested in protecting your retirement money and finding safe ways for that money to grow and provide income? Attending seminars on that subject presented by a retirement planner may be beneficial and offer useful up-to-date information.
A few of the costly mistakes that retirees commonly make include not understanding how to avoid and reduce the devastating costs of long-term care. Left unchecked, these costs could exceed $60,000 annually. Many retirees don’t properly plan their 401K, IRA and other retirement plans which causes them to leave too much of their hard earned money to taxes or probate fees.
Proper distribution planning is key to maximizing money to one’s family and minimizing taxes. Improperly set up retirement plans could lose 30 percent, 40 percent or more to the IRS.
Not understanding safe ways for money to grow and provide income is another mistake. Conservative concepts may protect retirees’ money.
Procrastination is the single biggest mistake that retired people make – putting off decisions. Too often people set up their retirement strategies and then never revisit their plan or their advisor never gets back to them. Consequently, they don’t keep up with how their money is doing and all the choices that are out there.
Retirees should not put off reviewing their financial picture. Those considering retirement should take advantage of all the education and information that is out there. Seminars and the follow-up consultations that explain strategies may be helpful for the reasons stated above.
For more information about financial retirement strategies, contact Gregory Strong at 207-846-0734. Securities offered through Mutual Service Corporation. Mutual Service Corporation and LPL Financial are affiliated companies and are members of FINRA/SIPC.