Two moments that may go down in America’s economic history as the worst times on record are October 1929 and December 2007. Depending on when you were born, you may have experienced at least one and possibly even both eras. The Great Depression of the 1930s gave us many lessons, including the fact that crashes can and will happen, debt can get you into trouble, and the unexpected will happen. History does have a way of repeating itself; thus, the Great Recession.
BUT, it’s not all doom and gloom. There are times of great prosperity and abundant opportunities are available to make your retirement what you hoped it would be. This is especially true if you work with an experienced planner that can help you navigate through your choices for financial planning needs. Our consultant at Executive Planning Group (EPG) will work with you to answer your specific questions and analyze your situation, providing you with workable options.
3 Retirement Planning Mistakes to Avoid
It’s easy to make mistakes if you do not know what to look for. You can boost your retirement planning and meet your financial goals by avoiding these common mistakes:
- Depending on Social Security to prop up the majority of your retirement income. The development of the social security system was never designed to be your primary form of income. Think of it this way; you could potentially need at least 80% of your current income when you retire. Do you think your SSI check will meet your requirements? Probably not. It would be best if you had other avenues to achieve your financial dreams.
- Believing your living costs will drop dramatically. The opposite is closer to reality. Your expenses will probably stay the same or even go up, such as with healthcare costs. One way to mitigate this is to create a retirement budget that accurately reflects the costs you are likely to face. It will paint a better picture of how much income you will need when you retire.
- Failing to make the most of catching up on your contributions. If you fall behind on your savings goals, you can make up for it in your 50s. Making up for deficiencies now can significantly enhance your retirement income later. The last thing you may want to do is to realize you cannot quit your day job when you had hoped.
Work with an Experienced Retirement Planning Consultant in Jackson, Mississippi
Avoid costly mistakes that threaten your retirement. Our team at Executive Planning Group (EPG) are eager to help you align your finances with your current and future goals and develop a comprehensive plan to make it happen. We talk to you and listen to your needs. Then we practice an integrated approach to help you reach your dreams. Discover the value of our retirement planning services today. Request a quote online.
Call 601-982-3000 for more advice on retirement planning in Jackson, Mississippi.
Disclosure: Securities offered through Valmark Securities, Inc. Member FINRA, SIPC. Investment advisory services offered through Valmark Advisers, Inc. a SEC registered investment advisor. Executive Planning Group is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.