7 Blunders of Retirement Planning

annuity think tankUSA Today’s Rodney Brooks had a good article on some of the numerous missteps and miscalculations retirees AND advisors face when planning for income needs in retirement years.  Click here for the whole article, but here’s a list of the Top 7 Mistakes:

 

  1. Are you really going to spend less when you retire?
  2. Do you really need that much money in bonds when you retire?
  3. Are you taking into account inflation?
  4. Does your spouse have power of attorney, and are all accounts held jointly?
  5. Are you assuming that because you haven’t saved enough for retirement, you can keep working into your 70s?
  6. Are you underestimating health care costs?
  7. Are you prepared psychologically for retirement?

 

These are all good concerns to be thinking about for retirement.  Personally I find these to be the largest concerns of the financial planning aspects, #2 low bond rates, #3 inflation protection, #6 health care costs, and one concern not mentioned, out living your income because of longer and longer life expectancy.  All of these can be largely addressed by a correctly selected annuity plan.

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