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"A Goal Without a Plan Is Just a Wish"
-Antoine de Saint-Exupery

   

"The Dirty Dozen"

Top Retirement Planning Mistakes

Here is a list of what I'd consider the top mistakes people make for their retirement planning:

  1. Not Having a Plan
  2. Bad Annuity Decisions – there’s a reason annuities are sold and not bought
  3. Failing to review investments - being too aggressive or too conservative
  4. Bad Social Security decisions - this should be just part of your plan, not an entire plan
  5. Overspending is a game changer - you need a budget
  6. Bad pension decisions – choose carefully; they cannot be undone
  7. Not being tax smart - the goal is not to defer taxes but to maximize your lifetime after-tax spending
  8. Not staying physically active and mentally challenged
  9. Being house rich and cash poor
  10. Paying unreasonable investment expenses
  11. Improper or incomplete estate planning
  12. Retiring too soon or too late

Most of these mistakes can be fixed or modified if caught soon enough or avoided altogether if you plan in advance. It's tough to go out and get a job to make ends meet when you are 85.

Latest Blog Posts

Aug 18, 2017 by Structured Asset Management, Inc.

The solution to retirement spending isn’t easy. There isn't one perfect solution for everyone. Three potential approaches include immediate annuities, a total income approach or a total returns approach. While each of these solutions have their pros and cons, we strongly favor the total returns approach in most situations. Here's a look at each of these and their pros and cons.

Immediate Annuity Approach: you turn your...

Aug 07, 2017 by Structured Asset Management, Inc.

Top Retirement Planning Mistakes

Here is a list of what I'd consider the top mistakes people make for their retirement planning:

  1. Not Having a Plan
  2. Bad Annuity Decisions – there’s a reason annuities are sold and not bought
  3. Failing to review investments - being too aggressive or too conservative
  4. Bad Social Security decisions - this should be just part of your plan, not an entire plan
  5. Overspending is a game...
Aug 04, 2017 by Structured Asset Management, Inc.

To follow up on my latest post regarding retirement and the importance of planning ahead, there are a number of things to consider. The biggest challenge is to create a lifelong paycheck, one that allows you to live the lifestyle you envision for yourself in retirement. To accomplish this, it should be structured so that it lasts your (or multiple) lifetime(s), is paid on a regular basis, takes inflation into account and is relatively stable. Each one of these factors could be a whole...

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