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1. Missteps to Avert Before Retirement

2. Folk make mistakes and from time to time we might
learn from them assuming it's not too late. If you
discover a rather serious planning error after you've
picked up your last check, your retirement years are
likely to suffer. Fortunately , forewarned is forearmed,
which means learning about common retirement
mistakes will help you avoid them in times to come.

3. It is a mistake to put off retirement planning:

4. In the opinion of the Employee Benefits Research
Institute, 60% of today's employees have not
determined how much they will have to save for their
retirement needs which is the first step in retirement
planning. It is a rather difficult process, and the help of a
financial planner can be invaluable when creating a step-
by-step plan that will take you to your goal. Take the
time to review asset allocation, monitor investment
outcomes, and make changes as needed. Though it may
not be convenient, neglecting to plan will lead on to
missed opportunities, lost tax advantages , and less than
golden retirement years.

5. It is a mistake to believe your savings are safe:

6. During the past, financial consultants often told their
senior clients to put 60% of their savings in bonds and
40% in stocks, with a switch to 80% bonds upon retiring.
Their logic was to protect retirement savings by reducing
investment risk. With longer life expectancies, many
view this advice as invalid. Inflation, growing faster than
the modest returns of so-called safe investments, will
eventually eat away at your savings and reduce your
buying power.

7. Today advisors advocate keeping the capability for
growth in your portfolio up to and through retirement. A
mixture of products that may make you a real rate of
return after inflation and taxes should raise your buying
power over a period or at the very least keep it steady
while still minimizing risk. Balance should be sought
between investment security and ensuring you have
plenty of savings through your retirement.

8. It's a mistake to be overly generous:

9. If you're among the fortunate few that believe they have
lots of retirement savings, you may be tempted to share
your wealth with your family before you retire. While
your kids will unquestionably value a paid trip through
college or your help buying their first house, giving away
assets now can put you in a tight spot later on. Nobody
knows with certainty what the future holds. You may
live for longer than expected. You can need pricey long
term medical therapy. If you've been too generous with
your savings, you may find yourself without. Always
take the long term view whenever using your savings
and be aware of the unforeseeable future.

10. It is a mistake to put down your budget needs:

11. Will you actually spend considerably less than you do
now during your retirement years? During the past, a
rule of thumb amongst planners was to expect post-
retirement expenditures to be about 80 percent of your
present ones. But this isn't always the case. While you
may not be commuting to the office each day, or
spending money on work lunches, travel and leisure
activities can cost even more. And, certain expenses like
life insurance, health care premiums, and co-payments
are likely to increase. Also, Medicare does not cover
things like dental, vision, hearing or skilled nursing
expenses.

12. As you contemplate what you need for retirement, your
future is at risk from your happiness to your monetary
security. Avoiding mistakes will help you create a more
optimistic future. Take the time to discuss your current
position with a fee based certified financial planner
ensuring they earn no commissions on their advice or
selling you financial products. Also be certain to put
some of your savings to work using info and education
such as what's offered bySummerland Associates to help
attain your goals. Making these tiny changes promptly
will offer huge rewards in your retirement years.

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