While there is nothing that can guarantee that you will have sufficient money to cover all potential costs in retirement, there are certainly some common mistakes that you want to steer clear from to help protect your assets.
Physician’s Money Digest lists some of the most common mistakes that the authors have seen seniors make in a recent article titled “Top Mistakes Seniors Make”:
1. Misinformation about Medicare. Some seniors believe that once they qualify for Medicare, they are 100% covered without any gaps. Unfortunately, there may be issues, such as nursing homes and assisted living for long-term care. These are not covered under Medicare.
2. Failing to consider mental incapacity. Many seniors don’t address how they want health care and property decisions handled in the event they are incapacitated. Remember, a will doesn’t take this scenario into account.
3. Drawing from retirement accounts too soon. Withdrawing money from your retirement accounts too soon or too late can really affect your savings. Speak with an estate planning attorney about the retirement account rules to get the most from your assets.
4. Mis-timing life insurance decisions. You should assess your life insurance needs and current premiums to determine what is appropriate in your circumstances.
5. Relying on annuities. Whether an annuity is the right choice depends primarily on your specific financial situation. Conduct an in-depth assessment of the product and your overall financial plan with estate planning attorney.
As you can see, there are many issues that need to be addressed when it comes to retirement planning. Do not go it alone. Get appropriate professional counsel.
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I'm an exceptionally experienced Florida Bar Board Certified Estate Planning Attorney, and a Certified Financial Planner Professional™. I've been practicing in Coral Gables, FL for over 30 years, and have completed over 4,000 estate plans, as well as administered over 600 estates (probate). Did I mention that I am also a Florida Certified Public Accountant (CPA) and a Florida Bar Board Certified Elder Law Attorney? That's right! I'm dual-certified by the Florida Bar Association!
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Reference: Physician’s Money Digest (April 8, 2015) “Top Mistakes Seniors Make”