Retirement Fund - Financial Planning Retirement: Mistakes to Avoid

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Retirement Fund
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Financial Planning Retirement Mistakes to Avoid
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Financial Planning Retirement The advancements
in medical science have created a situation where
one can expect to live at least 10 years after
retirement. This makes it a must that you plan
well in advance if you want to enjoy your retired
life. Everyone knows that this is not an easy
job. Quite naturally, the first thought that
comes to mind when exploring the options is
consulting with a retirement planner Mistakes to
avoid Here are a few mistakes experts say people
commit, which land them in trouble when they
retire. Saving without a goal It is true that
calculating how much you would want to spend
after retirement is a herculean task. But, that
doesnt mean that you can simply go on saving in
the way you want. A practical alternative is to
go for a figure known in the industry as
replacement ratio
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Ignoring medical expenses This is an area
majority of average wage earners ignore. They
feel that if they take good care of their health
when they are young, they would be able to
minimize healthcare costs. Unfortunately, this is
not true. As you grow old, your physical health
deteriorates. You cant even expect that Medicare
would take care of all your treatment. The
costs of medicines and other treatments are
always on the rise. For this reason, it is a must
that you know how much you can expect from your
insurance provider. Make a separate budget and
account for your healthcare after retirement and
save for it. Borrowing from retirement
savings There may be retirement fund schemes,
which allow you to take loans from the savings.
But, experience informs that this is a grave
mistake people often commit. You may be able to
pay back the loan. But, that is not going to
make up for the lost money. And, the matter is
going to be worse if you happen to retire before
you are able to repay the loan completely.
Discuss your situation with your loved ones they
may offer alternative recommendations.
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Procrastination Wage earners often postpone
saving for retirement for a later time. They feel
that this can be done after fulfilling all their
obligations. Retirement comes only after 30-40
years. But, this is the costliest mistake you can
make. Saving as early as possible can help you
develop a financial plan even with the mortgage
loan you have to repay. But, procrastination is
sure to make things difficult since you would
have to save more to lead the life you want after
retirement. For instance, saving 600,000,000
after retirement when you are 20 is an easy job.
This may not be the situation if you decide to do
it when you are 40 years of age. Financial
planning retirement will not be a strain on your
budget you have to start as early as
possible. Source http//whenwilliretire.com/fin
ancial-planning-retirement-mistakes-to-avoid/
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