As you plan for retirement, there are sure to be glitches along the way. But it is important to know that there is always time to make a correction. Whether you’ve been planning for years and years, or only a few months, you may benefit from taking a look at these common planning mistakes and how to correct them.
Saving Too Little or Too Late
If you have been saving too little money, there is no time like the present to get going. Start saving more now and increase your contributions with every raise and bonus. FORUM offers a myriad of savings products
to help you reach your goals. If you started saving later in life, you are still not out of options. Have you considered staying in the workforce longer to save more money and increase your Social Security Benefits? If you’re unable to stay in the workforce, you may want to talk with an advisor on creating guaranteed income streams such as payments from the cash value of a life insurance policy.
Not Updating Your Retirement Plan
Even if you are already retired, that doesn’t mean you are done retirement planning. Your retirement plan should be revisited each year to accommodate for life changes, medical costs, market conditions, and changes in income and expenses. If you would like customized advice on how to plan for retirement, FORUM Private Client Group
can help. You can call 317.558.6322 or email email@example.com.
Not Creating an Estate Plan
Creating an estate plan is a very significant component when planning for retirement and should be interwoven with your financial plan. It can provide needed direction for your loved ones, and if you don’t make the decisions through an estate plan, the government will. Once you have created a will, make sure your beneficiaries are up to date. If you are in need of estate planning, FORUM members can receive discounted services through Valenzuela Law, LLC. Click here
for more information.