Preparing for retirement is one of the most important things you will ever do. All too often, we forget to prioritize retirement savings as we focus on everyday living expenses. This practice can be detrimental to your long term financial goals. This is why we’ve compiled our list of retirement mistakes to avoid. After all, a little strategizing today can pay off dividends when you need it most. Stop making excuses and set the stage for a healthy retirement today!
Procrastination can wreak havoc on your long term goals. From your personal life to your career, preparation is the only way to get ahead. Enjoying a happy and comfortable retirement is no acceptation. Strategizing and having a clear understand of what you can do, from month to month, to prepare for retirement is the best way to stay on track. Don’t put it off for another day! Get your retirement plan in order.
Not Revisiting Your Retirement Plan
Retirement planning is not a set it and forget it activity. Just as your income level will change throughout your career, so too should your retirement plan. Take the time, every 2-3 years, to sit down with your financial advisor and review your plan. Are you on track? If not, what can you do to close the gap in your retirement savings? Can you afford to contribute more than you could a few years ago? These are all great questions to consider. By taking just an hour or two every few years, you can rest assured that you’re on the road to a comfortable retirement.
Thinking it’s Too Late
All too often we hear from consumers who feel that they’ve simply allowed too much time to lapse and fear that retirement is out of reach. We’re here to tell you that it’s never too late. Don’t allow another day to pass without a review of your financial portfolio. You may be closer to retirement than you think! Facing the issue head on is the best way to get on the track to retirement.
Forgetting to Account for Healthcare Needs
Accounting for health care costs today, and for years to come, is essential to your retirement plan. If you have not been accounting for medical expenses, now is the time to go back to the drawing board. Though Medicare covers lots of medical expenses, you will likely need supplement insurance. Long Term Care (LTC) coverage is another product to consider. Designed to help protect your assets in the event that you need long term care, LTC can even be purchased as part of a universal life policy.
Inadequate Life Insurance Coverage
Many consumers make the mistake of allowing life insurance to lapse when they enter retirement, a mistake which can have devastating effects on a surviving spouse. Pensions are often based on one person, rather than both spouses. If the spouse with the pension passes away first, the surviving spouse often has little more to depend upon than social security. Carrying a life insurance policy can provide the financial support that the surviving spouse would otherwise loose. Be sure to consider your life insurance options before entering retirement, a lapse in coverage can cause devastating financial repercussions.
At IntelliQuote, we are committed to providing our customers with the financial insight and information they need to prepare for the road ahead. If you have not reviewed your life insurance protection recently we encourage you to request one of our instant life insurance quotes online. Simply provide some basic information and, in a matter of minutes, you will receive a side-by-side comparison of life insurance quotes from top rated carriers. Have questions? Your personal IntelliQuote advisor will be on hand to review your choices and address your questions.
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