The home shopping network declared October 1st National Shopping Day. We don’t know about you but we really don’t need any more incentive to point, click and spend. Fortunately, on the flip side, there is some recognition toward a more rational reason to send money from one account to another. This week, October 17-21, has been declared National Retirement Week. Did you just roll your eyes? We know it’s not as thrilling as National Shopping Day. However, it does bring attention to an area in our lives that we often fall short on – planning for the golden years.
If you watched the ABC news link we posted on the WMP Facebook page last week, you saw that 44% of baby boomers are concerned that they don’t have enough for retirement. These were couples! If you are single, you are probably just as, if not more, concerned.
Here are some common mistakes being made by many women in regards to retirement planning – make it a priority to try to eradicate these sooner than later!
1) Procrastinating. Now is the time – it’s all about getting your current expenditures under control. If you have credit card debt, compound interest works against you, however, in the investment world, compound interest can be your friend.
2) Relying on social security. Ladies, don’t rely on the government to support you. In fact, many experts believe that there’s little hope that social security will exist––as we currently know it––in less than a decade.
3) Forecasting the future. Save more than you think you should. Forecasting inflation and future expenses is not an exact science – err on the side of sacking more away for all those rainy days that have been “unforecasted”.
4) Delaying purchasing Long Term Care insurance. As with most insurance related to our health, premiums will continue to rise as we age. Lock-in the lowest rates now while you can afford it.
5) Underestimating future medical costs. It’s nearly impossible to predict our future health conditions, the meds our bodies will require, and the cost of adequate care.
6) Defining your life in retirement. Although you may envision a life of leisure with less outside stimulation and commitment, there will be grandkids to visit, weddings to pay for, and much-deserved vacations to enjoy.
Whatever you do, do not fail to obtain expert retirement investment guidance. At WMP, we have proven experience to guide you into your years of retirement so that you can live comfortably. We believe that good retirement investment planning is a yearlong, life-long endeavor. Set an appointment with us today for a free ‘retirement tune-up.’ Then, celebrate National Retirement Week knowing you’re well on your way to financial security during your golden years.
Cathy DeWitt Dunn, President of DeWitt & Dunn, LLC, is the driving force behind Women Money & Power. With decades of experience in the financial services industry, Cathy specializes in helping individuals and families strengthen their retirement outlook with lifetime income solutions not available from traditional brokerage houses. She has helped countless investors start their personal journeys towards a stronger retirement with strategies designed to protect principal, generate retirement income that can’t be outlived, and eliminate market loss.