Check this list of Seven Threats to a successful retirement plan.
Where are you in planning to avoid these Seven Threats to Baby Boomer Retirement?
Did you OR are you saving enough for a good retirement? You might want to consider saving more and also don’t under estimate inflation! Ask yourself what will you need to live comfortably – Look at healthcare costs, housing (consider downsizing), food, medications, travel and other pleasure activities.
Anticipate emergencies and unplanned events in life. Think about possibilities like divorce, illness, death of relatives, loss of a job… establish an emergency fund for bad days.
Maybe this should be Number One – Start Saving Now! Have a plan so you can be ready when you really want to retire! (Also see Number One – it’s connected to this one)
Review, with your certified financial planner, fees and expenses that may reduce your retirement funds when you need them to maintain your lifestyle.
Leave your nest-egg alone! Don’t be tempted to borrow or remove funds you have already saved for your retirement. Forget about it!
Watch out for “Inflation”! Factor this into your plan for saving, rising prices and costs are a significant threat to your account.
Last but not least – Outliving your Money! Can’t control this but you can plan ahead with a good consultation with your certified financial planner. Main thought here is have a plan and consult a certified financial planner to keep you on track for a successful baby boomer retirement.
Did you know? Baby boomers are living longer as well as enjoying better health. Also, baby boomers are working longer for a variety of reasons. The downside is that baby boomers have more debt. Source…
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