7 Common Retirement Planning Mistakes.

(And How To Avoid Them.)

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The key to successful retirement planning is carefully setting assumptions and revisiting them often. Of course, you have to make some assumptions when planning for retirement. But if you're off, even just a tiny bit, it could drastically detour your hard-earned retirement plans.

Here are seven common retirement planning assumptions (and how to avoid mismanaging them).


Underestimating your retirement spending.

Do you see yourself meeting a friend for coffee once a week or being on duty to pick up your grandkids from school? Coffee and gas money doesn’t feel expensive but surprisingly these activities add up quickly. Be sure to integrate small expenses like these when calculating how much you'll need to spend in retirement.


Didn't plan for contingencies.

It’s not uncommon to be forced out of the workplace due to an injury, job loss, or to care for a loved one. Do you have a backup plan to supplement your income? Do you know what your options are? Are you protecting your ability to earn a living?


Underestimating health care.

Many people underestimate health care costs and coverage. Medicare may be a great government benefit, but it is NOT FREE, and it doesn't cover all of your out-of-pocket costs or long-term care. 


Taking the cash.

Take the lump sum or have guaranteed lifetime income? There is no right answer across the board. However, working with someone who can take inventory of your offers and resources may help increase the likelihood that you get this decision right. 


Fail to explore investment options.

Make sure you understand investment returns and have realistic expectations. Do you know how your investments are integrated into your retirement plan?


Underestimate income.

Get a clear understanding of what your primary source of income will be in retirement. Don’t put yourself in a position to be disappointed by what income is available to you once you punch out for the last time.


Fail to seek help.

DIYing may be reasonable for some tasks, but consider the time and monetary consequences of not seeking professional help with your retirement plans.  

Do you feel stuck trying to navigate retirement planning on your own?

Keep in mind, while some assumptions make perfectly good sense early on in retirement planning, their accuracy changes as your plan ages.

If you'd like help managing these assumptions so you don't arrive at retirement disappointed in your cash flow OR feel pressured to return to the workforce, then let's start with a free, no-obligation conversation and get you back on track to your bigger, bolder retirement.

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