{"id":42581,"date":"2022-09-26T14:38:56","date_gmt":"2022-09-26T18:38:56","guid":{"rendered":"https:\/\/ilgfinancial.com\/staging\/2370\/?p=42581"},"modified":"2022-09-26T14:38:56","modified_gmt":"2022-09-26T18:38:56","slug":"dont-get-spooked-by-common-retirement-mistakes","status":"publish","type":"post","link":"https:\/\/ilgfinancial.com\/staging\/2370\/dont-get-spooked-by-common-retirement-mistakes\/","title":{"rendered":"Don\u2019t Get Spooked by Common Retirement Mistakes"},"content":{"rendered":"

\"\"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!<\/p>\n

It\u2019s all too common to make mistakes in retirement. After all, you can only get one shot at it \u2013 there are no do-overs, and correcting mistakes can be stressful and could require a lifestyle adjustment, putting you in a tight situation. That\u2019s why it\u2019s important to know some of the most common retirement mistakes so you can look out for them and address them.<\/p>\n

Firstly, it\u2019s important to be realistic about your future. To do that, you must take stock of where you\u2019re at financially; look at how much you have saved, how much time you have left to grow your savings, how much you\u2019re able to save from now until your retirement, and how much you\u2019ll 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.<\/p>\n

To plan for your retirement successfully, you\u2019ll require a comprehensive and holistic view of your assets and income.<\/p>\n

You\u2019ll 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\u2019t meet your financial needs, cost you high fees, or that are invested in assets that don\u2019t match your risk tolerance.<\/p>\n

You\u2019ll know the state of your other assets, such as your home value, life insurance, or annuity plan. And you\u2019ll be able to strategize how best to utilize these assets to help you cover costs or address certain risks you may be concerned with.<\/p>\n

You\u2019ll also know your Social Security timeline based on when and how your income from other sources will be structured. You won\u2019t 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\u2019t 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\u2019t provide yourself enough regular income to cover your costs.<\/p>\n

Learn More:<\/strong><\/p>\n

Finding and addressing all the possible retirement mistakes you could make is much easier said than done. But that\u2019s why we\u2019re 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<\/a>.<\/p>\n

\n