| Retirement planning is a tricky process, and one | | | | medical technology increases along with life |
| that requires careful planning and patience. But | | | | expectancy, the odds are good that at least you |
| even if you have a retirement plan and a clear | | | | or your spouse will live past age 90. So it's vital |
| set of visions and goals, not just financially, but | | | | that you are prepared to live longer. |
| for your lifestyle, it's important that you be aware | | | | 3- Presuming you'll Work a Long Time |
| of several common missteps that many, even | | | | Your generation is famous for working long, hard |
| those with a plan, fall victim to. | | | | and abnormal hours to get ahead. And most baby |
| 1 – Underestimating the Costs of | | | | boomers agree that they'll be working long into |
| Healthcare | | | | retirement. But that can be one of the biggest |
| As healthcare costs continue to rise dramatically, | | | | retirement mistakes you make. |
| employers are also shifting more weight of the | | | | As of now, the average age of retirement in |
| costs onto their employees. Many companies are | | | | America, is 62. According to the Employee Benefit |
| beginning to drop retired workers from their | | | | Research Institute Retirement Confidence Survey |
| health plans, and on top of that, millions of | | | | of 2004, 40% of retirees had to leave the |
| Americans have no form of coverage at all. | | | | workforce earlier than planned either because of |
| So one of the most common mistakes made in | | | | layoffs, illness, or disability. So even if you want to |
| retirement, is a lack of preparation for the | | | | work as long as you can, it may not always be |
| financial impact of your health. One of the most | | | | possible and it's vital that you plan and save for |
| overlooked and most expensive costs is | | | | such a scenario. |
| long-term healthcare. Long-term health costs can | | | | Retirement could be the beginning of many great |
| be devastating to a financial plan, so buying | | | | years. Working with a financial professional and |
| long-term care insurance early on can help lower | | | | having the proper plan in place is a key part of |
| its costs immensely. | | | | retirement. You should also keep an eye on |
| 2- Misjudging How Long you or your Spouse Will | | | | healthcare costs and stay informed on issues that |
| Live | | | | will effect your retirement. You should always be |
| A common assumption is that you should have | | | | focused on your plan and be aware of some |
| enough retirement assets to last you until your | | | | common pitfalls. That way, you can be prepared |
| life expectancy is reached. | | | | to make the best years of your life as good as |
| But today, the world is an ever-changing place. As | | | | they can possibly be. |