| Retirement planning is a tricky process, and | | | | with life expectancy, the odds are good that |
| one that requires careful planning and | | | | at least you or your spouse will live past |
| patience. But even if you have a retirement | | | | age 90. So it's vital that you are prepared |
| plan and a clear set of visions and goals, | | | | to live longer. |
| not just financially, but for your lifestyle, | | | | |
| it's important that you be aware of several | | | | 3- Presuming you'll Work a Long Time |
| common missteps that many, even those with a | | | | |
| plan, fall victim to. | | | | Your generation is famous for working long, |
| | | | hard and abnormal hours to get ahead. And |
| 1 - Underestimating the Costs of Healthcare | | | | most baby boomers agree that they'll be |
| | | | working long into retirement. But that can be |
| As healthcare costs continue to rise | | | | one of the biggest retirement mistakes you |
| dramatically, employers are also shifting | | | | make. |
| more weight of the costs onto their | | | | |
| employees. Many companies are beginning to | | | | As of now, the average age of retirement in |
| drop retired workers from their health plans, | | | | America, is 62. According to the Employee |
| and on top of that, millions of Americans | | | | Benefit Research Institute Retirement |
| have no form of coverage at all. | | | | Confidence Survey of 2004, 40% of retirees |
| | | | had to leave the workforce earlier than |
| So one of the most common mistakes made in | | | | planned either because of layoffs, illness, |
| retirement, is a lack of preparation for the | | | | or disability. So even if you want to work as |
| financial impact of your health. One of the | | | | long as you can, it may not always be |
| most overlooked and most expensive costs is | | | | possible and it's vital that you plan and |
| long-term healthcare. Long-term health costs | | | | save for such a scenario. |
| can be devastating to a financial plan, so | | | | |
| buying long-term care insurance early on can | | | | Retirement could be the beginning of many |
| help lower its costs immensely. | | | | great years. Working with a financial |
| | | | professional and having the proper plan in |
| 2- Misjudging How Long you or your Spouse | | | | place is a key part of retirement. You should |
| Will Live | | | | also keep an eye on healthcare costs and stay |
| | | | informed on issues that will effect your |
| A common assumption is that you should have | | | | retirement. You should always be focused on |
| enough retirement assets to last you until | | | | your plan and be aware of some common |
| your life expectancy is reached. | | | | pitfalls. That way, you can be prepared to |
| | | | make the best years of your life as good as |
| But today, the world is an ever-changing | | | | they can possibly be. |
| place. As medical technology increases along | | | | |