The last of the baby boomer generation will be turning 50 this year, and it’s time for them to get a fix on how they are going to prepare for retirement. Fortunately, there are valuable lessons to be learned from those who have already reached their later years. It is upon each American to avoid retirement pitfalls that cause regrets.
According to a leading accounting firm and Lisa Barron at Retirement Advisor Magazine, these are the biggest boomer retirement regrets they see.
1. Lack of savings and an unrealistic understanding of how much will be needed in retirement
2. Failure to have a tax plan, an income plan and an investment plan
3. Failure to use a tax-forward plan, such as deferring Social Security
4. Withdrawing money from tax-deferred IRAs too early
5. Not spreading Roth IRA conversions over a period of time
6. Failure to hedge against inflation and use a tax co-efficient
7. Excessive borrowing
8. Retiring too early and underestimation life expectancy
9. Not planning for long-term healthcare expenses
I’m sure other regrets could be added. So, how about you, is it time to get professional guidance to help you prevent these same regrets?
Look… the stock market crash of 2008 was a game-changer for the psyche of many boomers. Many of our the clients and potential clients we see have had to shift from focusing on how much they make to how much they keep. Many folks spend their time looking at how they can get the maximum rate of return, whereas, what they should be focused on is a strategy that gives them guaranteed income month over month without having to worry about the risk that’s associated keeping a large portion of their portfolio in the markets. Let me be clear, there are many ways to accomplish your best retirement. Stop being closed minded and open your potential.