Is It Safe To Make Your Own Baby Formula 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

Just investing in a retirement plan does not guarantee that you will be financially secure in retirement. Another mistake in planning your retirement can land a baby boomer in a pile of trouble and push your retirement years later. To make sure you’re in the perfect position to retire when you want, and on your terms, diligent planning is important as it avoids the most common retirement planning mistakes that kids make. If you’re making these common retirement planning mistakes, you could be in trouble.

  1. Don’t forget to take full advantage of your company pensionand invest as much as you can in your company retirement plan.
  2. Don’t withdraw money from your retirement plan or you will lose valuable interest that is almost impossible to get back. Some retirement plans allow for hardship withdrawals and loans, but find out about the loss of interest, penalties and early withdrawal fees that may be involved.
  3. Don’t forget to look carefully at all your investmentskeeping you informed of the odds and knowing how well your investments are doing.
  4. Don’t rely solely on Social Security giving you your entire retirement income. Support it with other sources of income such as a company pension plan and your savings.
  5. Don’t rely on your spouse’s retirement plan. A spouse with a retirement plan may die or divorce or develop an additional illness that will ultimately jeopardize one spouse’s retirement plans. Make sure each person has a separate retirement plan.
  6. Don’t forget to review your retirement plan regularly. Review asset allocation, balances, goals, etc., to make the most 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 carefully with your broker and your financial advisor before you rely on them for your retirement savings. Research warrants and follow-up records.
  9. Don’t forget to take retirement planning seriously. Your retirement plan should be a priority even when you are young and early in your career. Starting early allows you to hide large investments and may allow you to retire early. Think about how you will live after retirement, and don’t put off planning until all your current obligations are paid off.
  10. Don’t forget to count the numbers. There is no fixed formula for determining how much money you will need. The amount depends on the lifestyle you want, your savings, and your investments. Obviously, to make an income of $50,000 a year during your retirement, you need to accumulate $1 million in the fund.

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