Top
Retirement Mistakes
In continuation to last months article , we will now discuss Retirement Mistake # 2 : Failing To Do Any Retirement Planning and Procrastination
Are you currently planning for your retirement , or are you one of the few who already has a plan that will take you comfortably through your retirement years ? Or ... have you done nothing at all . Did you know that fewer than 1 in 5 older Americans ( 50 +) have successfully created a
retirement plan ? And only 1 in 3 have ever tried to devise a plan !
We believe there are several common reasons for failing to plan for retirement . There is no denying that it can be very difficult to determine the amount of money you will need in retirement . While you are in the process of trying to calculate your expenses , it can get very frustrating especially while trying to predict costs for 10-20 years down the road . When you search for information to help you , there are so many “ educational ” resources you are not sure which ones are credible or you just get exhausted using the online retirement calculators or wasting time attending retirement seminars . At that point , you might throw your hands in the air and just put everything on hold .
If you are participating in a 401 ( k ) at work , your employer may recommend several educational sources , but not necessarily referral sources for financial advisors firms . According to ERISA regulations , plan sponsors must provide education to their plan participants . Educational websites fall into the “ education ” category , so , as far as they are concerned , they are providing the education . Our findings are that most people won ' t log on to a website to get education , and some may not make changes to their 401 ( k ) plan and be proactive about their plan .
In addition , if you are fortunate to be participating in a company retirement plan , but are not contributing enough — or as frequently as you should — you may have reasons ... like you are attempting to help your grown children through some challenges . Maybe a son who is out of work , or a daughter going through a divorce . But you also must take care of yourself , especially if you are 50 +. Are your children going to take care of you in your elder years ? More importantly , you probably have thought “ I don ’ t want to be a burden to my children when I get older .” Another good reason to start creating your retirement plan .
Many times , individuals do not correctly estimate how long they intend on working . Some just assume they will work “ indefinitely ” or they will do part time or consulting work to make ends meet .
Procrastination
And sometimes , human nature rears its head and we simply “ procrastinate .” As human beings , we tend to put off taking care of less urgent tasks in preference to more urgent ones , or doing more pleasurable things in place of less pleasurable . Retirement planning may be less urgent for those in their 20s , but time catches up with us . Before we know it , we are suddenly 55 years old and we are facing “ urgent ” head on . We recommend trying to overcome procrastination by writing down all of its side effects . The most important side effect of putting off doing your retirement plan is the panic that will set in when you realize you will not be able to continue with your current lifestyle when you retire .
You may be thinking , “ Do I really need to start thinking about retirement now ? I ’ m about 30 years away from retirement ?” This type of thinking can be a real problem . It ’ s crucial to start early . Many individuals believe it takes a lot of money to begin saving for retirement , but it ’ s not so . Even if you are 23 years old , you can likely save at least $ 100 per month . Even if you suspend saving money or funding your retirement plan until age 33 , at least you had some kind of head start where you were able to save $ 1,200 a year for ten years .
More than half of pre-retirees never consult a “ financial professional ” for advice or guidance with financial
planning . Don ’ t be among the statistics . Make a commitment to stop procrastinating , continue educating yourself , and find a trusted and experienced financial advisory team who puts your interest first , who will help you determine your goals , and then help you choose the best investment strategies for your retirement .
This article was written and prepared by the Burrows Auttonberry & Agol Investment Group and S . LeBlanc & Company ( 760 . 929.134 ); email : sydney @ financialwriter360 . com .
The Burrows Auttonberry & Agol Investment Group , which is a marketing name for a group of registered representatives within Hilltop Securities Inc ., a member of NYSE , FINRA , and SIPC and a registered broker dealer and registered investment adviser that does not provide tax or legal advice , with headquarters at 1201 Elm Street , Suite 3500 , Dallas , TX 75270 , 214.859.1800 . Though information provided in this article was prepared by sources believed reliable , Hilltop Securities Inc . does not guarantee its accuracy or its completeness . This article is a paid advertisement for the Burrows Auttonberry & Agol Investment Group of Hilltop Securities Inc ., and may not be duplicated or redistributed without the prior consent of Hilltop Securities Inc . S . LeBlanc & Company is not affiliated with Hilltop Securities Inc .
Top
Retirement
Mistakes
By: Don Burrows, Jr.
Hilltop Securities, Inc.
don.Burrows@hilltopsecurities.com
In continuation to last months article, we will now discuss
Retirement Mistake #2: Failing To Do Any Retirement
Planning and Procrastination
Are you currently planning for your retirement, or are you
one of the few who already has a plan that will take you
comfortably through your retirement years? Or ... have you
done nothing at all. Did you know that fewer than 1 in 5
older Americans (50+) have successfully created a
retirement plan? And only 1 in 3 have ever tried to devise a
plan!
We believe there are several common reasons for failing to
plan for retirement. There is no denying that it can be very
difficult to determine the amount of money you will need
in retirement. While you are in the process of trying to
calculate your expenses, it can get very frustrating
especially while trying to predict costs for 10-20 years
down the road. When you search for information to help
you, there are so many “educational” resources you are not
sure which ones are credible or you just get exhausted
using the online retirement calculators or wasting time
attending retirement seminars. At that point, you might
throw your hands in the air and just put everything on hold.
If you are participating in a 401(k) at work, your employer
may recommend several educational sources, but not
necessarily referral sources for financial advisors firms.
According to ERISA regulations, plan sponsors must
provide education to their plan participants. Educational
websites fall into the “education” category, so, as far as
they are concerned, they are providing the education. Our
findings are that most people won't log on to a website to
get education, and some may not make changes to their
401(k) plan and be proactive about their plan.
In addition, if you are fortunate to be participating in a
company retirement plan, but are not contributing enough
—or as frequently as you should—you may have reasons ...
like you are attempting to help your grown children
through some challenges. Maybe a son who is out of work,
or a daughter going through a divorce. But you also must
take care of yourself, especially if you are 50+. Are your
children going to take care of you in your elder years?
More importantly, you probably have thought “I don’t want
to be a burden to my children when I get older.” Another
good reason to start creating your retirement plan.
Many times, individuals do not correctly estimate how long
they intend on working. Some just assume they will work
“indefinitely” or they will do part time or consulting work to
make ends meet.
Procrastination
And sometimes, human nature rears its head and we
simply “procrastinate.” As human beings, we tend to put
off taking care of less urgent tasks in preference to more
urgent ones, or doing more pleasurable things in place of
less pleasurable. Retirement planning may be less urgent
for those in their 20s, but time catches up with us. Before
we know it, we are suddenly 55 years o ݔɔ)qɝӊt]ɕ她Ѽ)ٕɍɽɅѥѥɥѥݸ́ͥ)̸QЁхЁͥЁѥ)ȁɕѥɕЁ́ѡѡЁݥ͕Ё)ݡԁɕ锁ԁݥЁѼѥՔݥѠ)ȁɕЁ屔ݡԁɕѥɔ)eԁ䁉ѡq$ɕ䁹ѼхЁѡ)ЁɕѥɕЁ'eЀ啅́݅䁙ɽ)ɕѥɕtQ́ѡɕɽ)%ӊéՍѼхЁɱ丁5䁥٥Յ́ٔЁх́)ЁѼͅ٥ȁɕѥɕаЁӊéЁͼ)ٕԁɔ́啅́ԁٔͅЁ(ȁѠٕԁͅ٥䁽)չȁɕѥɕЁչѥ̰ЁЁ)ͽхЁݡɔԁݕɔѼٔͅ(İ啅ȁȁѕ啅̸)5ɔѡɔɕѥɕٕ́ȁձЁq)ɽͥtȁ٥ȁեݥѠ)eЁѡхѥѥ̸5)ѵЁѼѽɽɅѥѥѥՔՍѥ)͕ѕɥ)٥ͽѕݡ́ȁѕɕЁаݡݥ)ԁѕɵȁ̰ѡԁ͔ѡ)ЁٕѵЁɅѕ́ȁȁɕѥɕи)Q́ѥ݅́ɥѕɕɕѡ ɽ́ѽ䀘)%ٕѵЁ ɽL1
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