3 Biggest Mistakes That People Make When Planning For Retirement

By in
3 Biggest Mistakes That People Make When Planning For Retirement

Are you retirement-ready? Retirement is often a far-away thought for many Americans. The reality of retirement typically does not set in until it is right around the corner.

With added worries regarding Social Security and its stability, it is no wonder why the biggest concern of Americans over 50 is whether or not they will have enough money to last the length of their retirement. Here are the three biggest errors that could get you in trouble as you hit retirement age…

1.) Having an Unrealistic Plan

Sadly, it is all too common for individuals to approach retirement from an overly optimistic viewpoint. They assume the highest return rates and low inflation protection rates, which paint a very impractical picture.

Unforeseen financial burdens such as illness, natural disasters, or layoffs can easily occur, which drastically change an individual’s retirement plan. A recent article of ours also discusses the science behind reaching longer life spans during retirement. All of these circumstances give reason to caution when planning for retirement.

2.) A One-Dimensional Portfolio

Investing in the market is an ideal way to generate income for your retirement. However, unless you are ridiculously lucky, one investment will not be enough to sustain your lifestyle throughout the length of your retirement.

3.) Not Having A Plan

The best way to plan for retirement is to do just that: plan. Unfortunately, many people do not begin planning for their retirement until well into their professional career, and 45% do not have any plan for retirement at all, according to The Motley Fool. If you’ve hit retirement age, don’t panic… there IS a way to regain control of your finances with the correct retirement income planning firm.

At CKS Summit Group, we believe in handling retirement income planning from a multifaceted approach. Our financial advisors work diligently to create a balanced portfolio that is complete with non-stock market and managed market accounts. This combination allows our clients the security of sustainable portfolio growth while also giving them the opportunity to capitalize on fast-growing stocks in the market.

Schedule Your Personal Strategy Session

To speak with a CKS Financial Advisor about your own retirement income plans, please contact us today. Thank you, and we look forward to making the most of your retirement with you soon!