Retirement income planning is one of those things that’s easy to get wrong, due to how distant a prospect it seems. When we’re young and ambitious, it’s hard to really imagine what it’s like reaching retirement years. Time, it seems, is abundant, and it’s easy to think that you’ll just take care of it at some point.
Unfortunately, despite humanity’s greatest innovations, we still do not have the power to fight the natural flow of time, and your retirement era will come, whether you’re prepared for it or not.
That’s why, at Kennedy Wealth Management, LLC, we specialize in retirement income planning for anyone and everyone in the Calabasas area who has a need for it. Whether you’re edging towards the dawn of your retirement, or still have another 20 years to go, it’s never a bad time to start planning, especially because it’s so easy to make simple mistakes that can derail your future if they’re not handled with experience.
That’s why you should call the professionals — if you’re making any of these common retirement planning mistakes, we’ll help to identify and amend them.
Not Having a Plan
This one, of course, is a given. The biggest mistake in your retirement plan is not having one at all. If you fit this description, it’s time to fix that mistake as soon as possible. The lion’s share of effective retirement planning is accumulating money slowly and surely over a prolonged period of time. In small doses, the effect it has on your finances will be negligible. However, the more you wait, the more you’ll have to put away to compensate for lost time.
One of the most common reasons for not having a plan is simply not knowing how to approach it. This is why the services of retirement income planners are so beneficial; we’ll break everything down for you and present you with all the information you need in a way that’s digestible and comprehensive. We will then give our expert consultation on how you can best use your money to prepare for a bright future.
The time it would take for a lone person to do all the research themselves is exhaustive, and chances are, you have better things to do. If you’re someone in the Calabasas area with investable assets and no retirement income plan, contact us today to get started!
Not Being Current
Consider your favorite fast food burger. Is it the same price today as it was 20 years ago? What about gas prices? Property costs? Inflation is a constant in our economy, and if you created a thorough retirement plan decades ago, only to never look back on it again, you might be in for a nasty surprise when you find that your plan isn’t as airtight as it seemed all those years ago.
Times change, and with them, so too does the value of money, the intricacies of taxes, the GDP growth, etc. Essentially, when you create a plan, it’s based off a large list of economic assumptions. These assumptions are always changing, however, so it’s important to continually revisit your plan.
That’s another area where it’s a boon to have an expert retirement income planner. It can be an overwhelming process to try to figure out all the little details of how the world has changed and how that would affect your plan. At Kennedy Wealth Management, LLC, we’re up to date on all the changing complexities that would affect your retirement plan, and we’ll gladly help bring yours into the present.
Not Being Prepared for Health Care
There may have been a time and a place in your life where you could afford to be a little cavalier with your healthcare. However, if you’re edging towards retirement, that time has passed. Even if you’ve been healthy your whole life, rarely ever having the need for doctors, it’s a simple fact that the odds of an unexpected health crisis grow exponentially the more you age.
Too many people make the mistake of not planning for an adequate amount of healthcare funds, treating it just as they had when they were young and healthy. The game changes in your elderly years, and there’s no way for you to predict whether or not you’ll have the need for sustained medical assistance.
In this instance, it’s far better to err on the side of caution. The last thing you want is to have a sizable retirement fund that’s been carefully cultivated for decades, only to see it drained in a matter of years by oppressive healthcare costs.
Bad Investments
As professional financial advisers, we can’t understate the value of making wise investments that are widely diversified. Investments can be one of the most foundational parts of your retirement income plan, and if handled well, they can carry you blissfully through your twilight years.
One extremely common mistake is concentrating the majority of your investments into your company’s stock — this is a bad case of “putting all your eggs in one basket.” If an unexpected problem tanks either the company or your job, the worst possible outcome is losing both your income and your savings. Diversification is key; the name of the game for retirement income planning is safety and security, so depending on one corporate entity for your investment income is a mistake.
Another problem is investing too aggressively. You don’t want to be playing the same game that you were playing when you were 20 or 30, being free to invest into riskier ventures for a chance of a much higher payoff. Retirement is about having a reliable security net, so pursuing solid investments with minimal risk is an ideal choice.
The intricacies of investing reach far beyond the scale of this blog post, but it suffices to say that this is yet another service where the aid of retirement income planners will be invaluable for your future — we’ll help you to make the ideal investments for your retirement income.
Talk to a Retirement Income Planner Today
We sympathize with everyone who has taken a look at retirement planning, only to be intimidated by the sheer amount of complex information that needs to be digested. That’s why we’ve made it our life’s work to help other people with their retirement income planning. We’ve taken years and years to understand every detail of retirement planning, so you won’t have to.
If you’re in or around Calabasas, California and have investable assets and you’re looking to start your plan, check up on one you’ve already made, or make significant changes, we’ll help you every step of the way. We’ve been serving people for years and we will be more than happy to help you. Contact us today!