Helping my clients plan for their retirement by using a comprehensive planning program is a huge part of what I do each day. The amount of data I gather is much more than anyone expects when we first start working together, but the more I know, the more confident I can feel about the planning I provide. I have to ask – what are you doing to your plan? Some of my clients make these mistakes, not many, and some cannot be helped. Please, if it is in your control to not de-rail your retirement, avoid doing the following:
Spending too much on your Grandkids: I know you want to spoil them but do they really need that toy? Talk to your kids to see what would be a wise gift to get, and when.
Supporting your adult children: If you find yourself blindly writing a check every month, reconsider, especially if you’re endangering your own financial well-being. There has to be a time when the bank of Mom & Dad closes.
Skipping senior discounts: My husband has just crossed over to senior discount territory, but he does not like seeing those offers. If you continue to ignore the senior discounts you may be paying an extra 5-20% on a variety of items.
Taking Social Security too early: This is one of my biggest concerns for retirees. Often retirees will not wait until full retirement age to start their Social Security benefits. By taking the benefit early, most retirees will subject themselves to a 25% cut in Social Security forever. On the flip side, every year you defer past your full retirement age, you will receive an 8% increase in your benefit.
Underestimating your life expectancy: I often ask what family history dictates for life expectancy, but with advances in science, and better lifestyle choices, many of us are living longer. I like to use age 90 as a minimum life expectancy in my plans and if I am wrong, it generally works in favor of the client and their heirs.

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