On planning it well, retirement can be one of the most rewarding and enjoyable things to expect in life. You may create a good vision and work studiously to make it happen as planned. You can also take the assistance of retirement planning experts to derive the best strategic approach for you. However, most of the time, people who even think of retirement tend to make mistakes in retirement planning and end up in confusion. Here, we will listen to one of the retirement planning experts about what he has to say on the possible mistakes to avoid in retirement planning.
Robert Nico Martinelli On Retirement Planning
Improper retirement planning may adversely interfere with one’s ability to live a comfortable life as you environed during your later years of work. It is a fact that everyone cannot do everything right. Yes, we are humans and bound to make mistakes. Robert Nico Martinelli points out that some of the common errors in our financial planning for retirement can be entirely avoided by being a bit knowledgeable and mindful about it. Some small mistakes may also cost a fortune over time and may jeopardize your long-term retirement planning goals. Here is a list of a few significant mistakes to know about and avoid.
Mistakes In Retirement Planning:-
- Not Saving Anything
Many people do not see savings for retirement as a need, even during the final part of their employment. They always say that retirement is far too away and what is the point in thinking about it in the golden years of their life. They believe money may appear magically in their checking account with interest, but unfortunately, this is not always the case. So, start your saving the sooner possible. The expert recommendation is that starting early will allow your money to grow more significantly with compound interest. This can make a huge difference in your savings over time and ultimately convert you to retirement funds.
- Not Setting Aside An Emergency Fund
People now primarily rely on credit cards to pay their expenses, even the emergency needs like medical bills or car repairs. This is a mistake as you may eventually need to pay a higher cost with interest, which may add up quickly, and financial planning may go out of your hand. So, instead of constantly checking out with your credit card, you need to have savings for emergencies. One should always set aside living expenses worth 6 to 8 months as liquid funds. If you unexpectedly lose face an emergency, this will help without getting you into financial trouble.
- Being Unrealistic About Your Age To Retire
Everyone retires at a point in life. Remember, it may not be enough if you plan to rely on social security pensions alone during retirement. Many people tend to stop working by the age of 60 or 65, and so you need to ensure that you have enough funds left to offer you a dignified life after retirement by that age. So, be realistic and plan.
To make your retirement financial planning, it is advisable to take the assistance of an expert consultant. Robert Nico Martinelli is a proven professional with many solid clients in retirement planning whom you can rely on.
