This Halloween season, you may be thinking about spending time with friends and family and planning fun Halloween events with them. You may not be thinking about all the nuances of your retirement plan, but when you think about the costs of making mistakes with your retirement, it can spook you!
It’s all too common to make mistakes in retirement. After all, you can only get one shot at it – there are no do-overs, and correcting mistakes can be stressful and could require a lifestyle adjustment, putting you in a tight situation. That’s why it’s important to know some of the most common retirement mistakes so you can look out for them and address them.
Firstly, it’s important to be realistic about your future. To do that, you must take stock of where you’re at financially; look at how much you have saved, how much time you have left to grow your savings, how much you’re able to save from now until your retirement, and how much you’ll really need to cover your monthly or yearly costs. Based on those basic questions, you can be realistic about your goals and develop a plan that works specifically for you.
To plan for your retirement successfully, you’ll require a comprehensive and holistic view of your assets and income.
You’ll know the state of your IRAs, 401(k)s, and other retirement accounts such as how much they contain, what they are invested in, how they are managed, and how much control you have over them. That way, you can rollover accounts that don’t meet your financial needs, cost you high fees, or that are invested in assets that don’t match your risk tolerance.
You’ll know the state of your other assets, such as your home value, life insurance, or annuity plan. And you’ll be able to strategize how best to utilize these assets to help you cover costs or address certain risks you may be concerned with.
You’ll also know your Social Security timeline based on when and how your income from other sources will be structured. You won’t have claimed Social Security too early or claimed Social Security at a time you will be receiving a great amount of other income, putting you in an undesirable tax bracket. That way, there is a small chance you won’t be giving yourself too much income in a given year that is subject to taxes, and there is only a small chance of encountering a period where you didn’t provide yourself enough regular income to cover your costs.
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Finding and addressing all the possible retirement mistakes you could make is much easier said than done. But that’s why we’re here. With a team of financial professionals with years of expertise and knowledge of the tools to help you maximize your retirement, you can protect yourself from costly mistakes. All it takes to get started is to contact us at (540) 720-5656.
- Source: Retire Guide
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Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. Megan is also a fully licensed Life, Health, and Annuity agent. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Chase Lopez joined the ILG Financial team in 2020 as an advisor and obtained his