In order to best enjoy one’s own retirement, one should focus on preventing financial errors as one grows older, because later errors tend to have greater negative impacts than earlier ones. Some things to keep in mind are to ensure that one is not overpaying in terms of fees, trying out investment behaviors that are both unneeded and too risky (especially with regards to one’s portfolio diversity) and to not withdraw too high of an amount too quickly from one’s savings.
Key Takeaways:
- The older you get, it becomes increasingly important to protect your nest egg so that your money lasts well into retirement.
- Make sure you are doing your due diligence to insure that you are not paying too much in broker and investment fees.
- To avoid unnecessary risk, balance your portfolio with a variety of investments, such as stocks, bonds, annuities, and real estate.
“If that wouldn’t be enough to provide the retirement lifestyle you envision, it is time for you to take control. I believe this leads us to the biggest pitfall of all: not having a comprehensive plan in place as you transition into retirement.”
