By the time most of my clients reach retirement, we have been working together and planning for a number of years to assure they have a comfortable retirement and can fulfill their retirement dreams. Research through the Employee Benefit Research Institute shows that close to 63% of retirees have far too little saved for retirement. Here are three things to avoid so you don’t put your dreams at risk.
You don’t have a periodic financial checkup.
I like to meet with my clients for a face-to-face review and update at least every 6 months. This allows me to keep up to date on what is going on in their lives, and keeps them up to date on their investments and whether they are on target to reach their retirement goals.
Your do not have an investment strategy.
Everyone works better with directions of some kind, whether it is driving some place, or building a piece of furniture. This holds true for your interments also. We look at risk tolerance, time for your investments to re-invest, and when you have to make withdrawals, to name a few of the roadmap items when planning your retirement.
There is not a plan in place to replace your income.
You have to figure out how to turn all of your retirement savings into a regular income. Decisions need to be made regarding what accounts to access first for income, when do you have to withdraw from your retirement accounts and how much. And how much should you withhold for income tax? Having a successful plan for replacing your income will avoid a lot of stress in retirement.

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