5 Steps That Can Hurt Your Retirement Prospects

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5 Steps That Can Hurt Your Retirement Prospects
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• Despite the amount of knowledge available and
  many companies that are dedicated to help the
  retired manage their money, there are still some
  that make mistakes with their retirement money
  and land themselves into a heap of trouble. Not
  many people are good with money and they dont
  really know how to make their money last for the
  rest of their lives by making mistakes that can
  be avoided easily. It is not very difficult to
  manage your money if you put in a little time and
  effort into the planning stage. You can actually
  make your money grow if you follow the simple
  things listed below.

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Use Your Savings For Unexpected Expenses

• You have worked way too hard to earn all the
  money you have left today with a single motive
  that was to live a peaceful life after
  retirement. This is not the money you should use
  for investments that are of high risk unless you
  are experienced with such things. Think twice
  before you invest on something and stay away from
  it if there is a high amount of risk involve. 

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A No Risk Approach In Investments

• One would argue that a no risk approach would be
  best when it comes to retirement planning.
  However this is as big of a mistake that can
  really wreck your retirement because if you
  always play safe in investments then you might
  see that your expenses will start to outgrow your
  income. There is always that bit of a risk
  involved and you have to lose some to get
  something thats why dont be too picky otherwise
  your money will eat itself if left idle or
  invested in places that are literally too safe.

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Taking Early Retirement

• In the world of today, early retirement has
  become sort of a norm amongst the higher middle
  class but what most people dont know is that
  early retirement can be a disaster for you if you
  are not fully aware or prepared for it. You need
  to run a lot of numbers before you can actually
  go for an early retirement and also be prepared
  for decreased income and smaller social security.
  Taking early retirement is not uncommon but
  unless there is a sizable retirement fund in
  place, it is pointless to take this step. In fact
  it will only make your post retirement life
  miserable because you will have less funds in
  your hands.

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Living A Higher Lifestyle

• There is nothing more harmful for you if you do
  not have any sort of insurance protection for
  yourself after retirement. You should always bear
  in mind the costs that may arise in the future
  such as nursing aid or a nursing home. Do not try
  to live the high life if you simply cannot afford
  it in the long run.

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Taking It Easy

• For people who are in the routine of working for
  almost 12 hours a day, retirement comes as a
  surprise and they are mentally not ready to
  accept that. What they should do is ease
  themselves into the retirement phase of life by
  working a part time job that has less hours. This
  will help you slowly shift towards your
  retirement lifestyle and not become such a
  drastic change in your life.

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If your are looking for Retirement Consultant in
Honolulu, Feel free to contact us.

• Phone [phone]
• Website http//www.scgadvisor.com/
• Address 932 Ward Avenue, Suite 420 Honolulu, HI