Retirement income planning is not something a lot of people are probably concerned with.
But it’s a matter of choice.
If you want to retire one day and live the life of your dreams, then you have to decide to START NOW.
Here are a few common retirement mistakes people are making that you should avoid:
- Not putting your money to work – NOW!
Start today because every day you wait is detrimental to your retirement and your long-term financial health. Look at how the whole picture works together. Remember that what you slay in your 20’s, 30’s, or 40’s is what you will eat when you’re 50, 60, or 70.
- Not getting the right advisor or financial team
Go for a team that looks at your tax plan, your legal plan, your retirement plan, your wealth management, your risk management, and all your insurances. They should look at how you’re running the business and how your employee benefits work together for you. Make sure they’re not just in it to win it for a sale or for a commission today. But they’re in it to win it for a long term relationship.
- Not asking good questions
Start with fees. How much will it cost? Ask about risk and rewards. What’s my real return on that money? Then ask about how they would get paid. Ask them how often you will see them. What will they do for you daily, weekly, and monthly? How often are they going to look at your portfolio when you’re not around or when you don’t have new money to invest? Ask them about the best of times and the worst of times.
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