-You won’t spend less in retirement. The old saw that retirees only spend 80% of their pre-retirement income is a myth.
2. Elder Fraud.
-Seniors are becoming the favored victims of swindlers.
3. Health care.
-As we age the cost of medical care goes up. Medicare is covering less and premiums are going up.
4. Starting a business.
-Investing capital in a business that fails can devastate retirement finances.
5. Adult children.
-Helping your children through a “rough patch” can become is one of the most common ways of ending up broke.
6. Second homes.
-The cost of maintaining that vacation home when you’re no longer working can drain your resources when your income drops.
-Couples sometimes wait until the children leave home to divorce. When assets are split 50/50, retirement becomes a problem for both parties.
8. Investment mistakes.
-Making poor investment choices is one of the most common ways of ruining your retirement lifestyle.
If you are nearing retirement, don’t enter into it without a plan.
Arie J. Korving, a CERTIFIED FINANCIAL PLANNER™ professional, has been delivering customized wealth management solutions to his clients for more than three decades. Prior to co-founding Korving & Company, he was First Vice President with UBS Wealth Management and held management positions with General Electric.