Sunday, August 19, 2012

Retirement Planning - The Three Biggest Mistakes


Retirement planning, the three biggest mistakes...
I have been retired since 1994; I missed being a baby boomer by two months being born October 1945.
I have seen the same three retirement mistakes made repeatedly... You do not have to make the same mistakes..
  • Retirement mistake number one...Not having a non-financial retirement plan
Most folks do not spend enough time thinking about what they are going to do after they retire.
They spend plenty of time going over their investment portfolio neglecting areas such as...
What hobbies they are going to take up or pursue, what is important to each spouse, how far or close they want to be from family and friends, etc.
Most folks plan all their life why not spend a little time retirement planning?
Retiring just to stop working, is no retirement plan at all... It is a great way to obtain an early obituary.
  • Retirement mistake number two... Not considering low-cost retirement lifestyles
Many potential retirees are giving up or postponing their retirement plans. They believe they do not have enough money.
Having been retired for 18 years, we have enjoyed the following fun, safe and frugal ways to retire, they include:
  1. Living on a sailboat in the Caribbean
  2. Full-time RVing in the US
  3. Living in foreign countries
  4. Downsizing
  5. Living off the grid
We were pleasantly surprised to find that each one of the above lifestyles did not require anywhere near the money that we thought we would have to have for retirement.
Friends, family, coworkers and especially my financial planner told us... we did not have enough money to retire.
They were wrong then, they are wrong now, and most are still working.
Do not give up on retirement until you have examined lower cost lifestyles.
  • Retirement mistake number three... Assuming you will spend 80 to 100% of what you spend while you're working
This is a self-inflicted wound... When you sit down to meet with your retirement planner, they will not be encouraging if you tell them you are going to spend a lot less money in retirement.
You will probably meet your financial planner in his or her fancy office, both of you dressed in business attire.
Have you ever seen anyone wearing a suit to the beach or to the golf course?
If you are planning to employ anyone of the five frugal retirement lifestyles listed in mistake number two, your life will become a lot simpler and cheaper to maintain.
No costs associated with maintaining your present home, keeping up with the neighbors and coworkers are some of the things that do not seem to be discussed, when planning your retirement.
These are only the big three retirement mistakes... There are a few more and you could obtain that information below.
You do not have to make these same retirement mistakes.
Get informed!
Biggest Retirement Mistakes, get a free book and more practical, commonsense, non investment advice.
Gary Pierce is the webmaster of he retired early at 49, he is still retired at 66. He has experienced some of the retirement realities that baby boomers are facing.He can show you how to make lemonade from the lemons the baby boomer generation has been dealt.
It is 2012 and many are wondering if they can ever can still retire. Don't give up until you check out this website.
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