Retirement Planning Advice: Tips to Avoid 5 Common Retirement Planning Mistakes
At Citizens Lending Group, we believe that a sound financial education is the best retirement planning advice you can get. We have built our site full of information to enable our visitors to learn everything they can about all of the financial options available to them in retirement. Contact us today to learn more about reverse mortgage requirements in California, Pennsylvania, and Florida and how reverse mortgages can help you plan for your retirement.
Avoid Retirement Planning Shortfalls with this Retirement Planning Advice
There is a lot of advice out there about how to best prepare for retirement, but much of this advice still allows a few key details to slip through the cracks. The retirement planning advice you find here will help you avoid some common shortfalls while also educating you about how a reverse mortgage can help if your savings come up short.
Unforeseen Medical Costs
Much retirement planning advice suggests a certain dollar amount or a certain percentage of income as targets for sound retirement. Unfortunately, these may only account for living expenses, not the surprising and often high cost of unexpected medical bills. Making sure you have money over the recommended amount will allow you to avoid this mistake.
Spending Too Quickly
Common retirement planning advice also suggests a certain number of years or a particular age to plan for when you retire. However, many people outlive average ages, especially as medical technology and health care advance. It may be necessary to earn more money if you outlive your savings. You can do that either by taking on a part time job or by checking your reverse mortgage eligibility and applying for a reverse mortgage loan.
Taking Social Security Early
You can increase your Social Security benefits by over 30% if you delay taking benefits from 66 until age 70. To help meet the gap, a reverse mortgage could cover that span. Check with trusted retirement planning advice providers to learn if this option would be the best one for you. Many people prefer to have more from Social Security, even if it means waiting for a later date.
This is usually not a great decision unless you are financially prepared. Not only does it hurt your social security payout as mentioned above, it also cuts off any insurance benefits you may have from full time work. Therefore, those who retire too early are often faced with trying to find ways to earn more retirement income down the line. In this case, seeking a reverse mortgage may be able to help.
Underestimating Retirement Income Needs
The age of pensions for years of service to a company are disappearing, and Social Security is often not enough to cover expenses. Therefore, some of the most important retirement planning advice is to make sure you have enough saved up to cover living expenses and provide the long term income you need.
Contact Us for More Retirement Planning Advice
If you have questions about these pitfalls of retirement planning or would like to learn more about reverse mortgage requirements to find out if a reverse mortgage can be a good retirement planning tool for you, contact us in California, Florida, or Pennsylvania online or by phone.