The biggest mistake one can make when it comes to planning for retirement ironically is… NOT planning. Would you go on a road trip without a map? Not properly looking into your financial planning retirement options is sort of like that. The details of your retirement will largely be dictated by your financial situation, so planning is key. You can’t expect to take a luxury vacation around the world if you have not planned for and properly saved for it.
Haven’t checked up on your paperwork lately? Don’t make this easily avoidable mistake when it comes to retirement planning. Retirement paperwork is more than just writing a will. Make sure that insurance policies, investment paperwork and beneficiary forms are all up to date and properly filed to make sure that your money goes where you think it’s going once you retire. For added measure, tax forms, bills, social security and Medicare benefit information should also be organized and filed to make the distribution of your affairs easier.
Another mistake that Boomers tend to make while planning for retirement is ignoring the obvious. Pretending you are going to live forever isn’t an option, and many folks avoid the topic of death and dying altogether. When the time comes your loved ones will need to find a way to memorialize you with the dignity and respect you deserve. One way to ease the burden is to stop avoiding the topic and consider your pre-planning options. Do you have a private family mausoleum where you plan to rest or are you leaning towards the growing trend of cremation? Knowing all of your options and planning these arrangements in advance is a quick and easy way to avoid placing this burden on your family members during a time of emotional distress.
One last key point about retirement planning is that no matter what your age, it’s never too late to start!