The 7 Biggest Financial Mistakes Retirees Continue To Make
If you’re a retiree and nearing retirement you could be making these big mistakes with your money.
#1 – Investing Your money like you did when you were younger and working
#2 – Not knowing how much risk you have in your portfolio right now, therefore not knowing how much you could lose in the next stock market crash
#3 – Riding out all stock market losses, believing you’ll always receive a 10 percent rate of return from the stock market if you hang on.
#4 – Not knowing how much income you can safely take out of your assets and how long your money will last
#5 – Not knowing the total fees you pay both direct and hidden, believing you’re paying 1 percent in fees when you could be paying 3 percent or more per year.
#6 – Because you think your advisor is your friend, not asking for a comprehensive written retirement income plan detailing the lifetime income you’ll receive, the income tax you’ll pay, or how much you can leave your beneficiaries.
#7 – Not using your money for the reason you saved it which was to spend it, and continuing to worry about your money day-after-day, year-after-year.
If you want to learn how you can avoid making the 7 Biggest Retirement Mistakes, contact us today.
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