Top Retirement Planning Mistakes to Avoid
Most people make the mistake of not having planned for their golden years. Some do make plans but fail to account for a number of important factors. The result is that they have to delay retirement or worse, face the prospect of not retiring at all. That’s why Fort Worth retirement planning is so important, and why you should not hesitate to seek help and advice to make sure that you do it right. At Retire Guides, we can put you in touch with a Dallas retirement financial advisor who will help you put together a realistic and actionable plan that will help you enjoy the golden years that you deserve.
Most Common Fort Worth Retirement Planning Mistakes
Here are a few of the mistakes we see the most when people plan for their retirement without the help or advice of a Fort Worth financial advisor:
Over-Relying On The Government
A lot of people think that social security and other government-run programs will be enough to cover their living expenses during their golden years. While you might barely get by day-to-day, it’s unlikely that your social security check will let you live the retired lifestyle you envision for yourself. With a little Fort Worth retirement planning, you could increase your sources of retirement income and give yourself some security and more opportunities to enjoy your retirement years.
Paying Avoidable Taxes in Retirement
Without professional advice from a Fort Worth financial advisor who specializes in minimizing your tax obligations, you could end up paying more taxes in retirement than you need to on money that you have put away in your retirement accounts. A Dallas retirement financial advisor can help you set up the right kind of accounts and schedule your withdrawals to minimize your tax bills.
Not Factoring In Inflation
There is a tendency for people to plan for retirement with today’s prices in mind. If the past few years have taught us anything, it’s that inflation can erase the value of your savings and make even the most basic necessities more expensive. Proper Fort Worth retirement planning takes inflation into account and ensures that you have enough saved up to enjoy your retirement without worrying about increasing prices.
Forgetting About Healthcare Costs
While Medicare can cover a big part of your healthcare costs in retirement, your Fort Worth financial advisor should tell you that you can spend up to $5,000 to $7,000 per person per year in out of pocket on medical expenses. Make sure that you and your Dallas retirement financial advisor factor this into your retirement plans.
Secure Your Golden Years Through Fort Worth Retirement Planning With Retire Guides
Don’t let yourself make these mistakes. Retire Guides is here to help you with your Fort Worth retirement planning and make your retirement dreams a reality. We’ll connect you with a Fort Worth financial advisor who will take the time to learn and understand your specific needs so that you can come out ahead in your golden years. Give us a call today and let’s schedule an appointment!