Retirement Planning Mistakes to Avoid

 This is a great article from Nash & Associates, an Indianapolis Financial Advisor firm. It discusses some retirment planning mistakes that many of us have happen to us. It just slows down our ability to get to retirment quicker and have a more secure retirment income when we get there.



Here is an excerpt

Major Retirement Planning Mistakes To Avoid

Much has been written about the classic financial mistakes that plague start-ups, family businesses, corporations and charities. Aside from these blunders, there are also some classic financial missteps that plague retirees.

Calling them “mistakes” may be a bit harsh, as not all of them represent errors in judgment. Yet whether they result from ignorance or fate, we need to be aware of them as we plan for and enter retirement.

Retiring too early

The full retirement age for many baby boomers is 66. As Social Security benefits rise about 8% for every year you delay receiving them, waiting a few years to apply for benefits can position you for greater retirement income.1

Some of us are forced to make this “mistake”. Roughly 40% of us retire earlier than we want to; about half of us apply for Social Security before full retirement age. Still, any way that you can postpone applying for benefits will leave you with more SSI.



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