RETIREMENT:S MISTAKES TO AVOID

MAKING NOW

you don'thave retirement

onyourradar,you'tc going

to speedthroughlife and

runriglitinto it.

YOUR LIFE

NEEDS A ROADMAP.

THAT'SWHERE WE

COME IN.Planning for your retireincnt can bc ovcrwliclming ancl

probably a little bit scary. We get it. But tlus is what we do,

aiid we'd like to tliink were pretty good at it. We've lielped

otliers just lilce you plan for exciting, fulfilling f'utures, and

we want to do tlie same for you.

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0 W N Y O U R RE l' IRE M E N T S M IST A K ES T 0 AV OID M A KIN G N O W

'Ilirougli tlie years, we ve identified five common mistakes people

make before tliey liit retirement. Do any of tliese sorind familiar?

K 1. You don't have a fully mapped out

retirement strategy.

Or, maybeyou do, tiutyou haven't updated itin the past fiveyears.

You I<now the old sa)iiitg: If>aou don't know where you're goi+ig,

liowwi)lyouknowwhen)iougetthere? Haviiiga sti'ategyinplace

helpsyoukiiowwliereyouaregoiiig,an%ven therateofchangeiiitliigs like personal income aiid e.xpenses aiid fluaiaf'ng market

conditions, you sliould review aiid if necess.u'y; update your

retireinentincomestrategyatleasteverythreeyears.

g 2. You're living beyond your means,

leaving little to nothing left over for when your

paychecks stop.

A key to good retirement income plai'+ning is liaving a budget

aiid sticl<ing to it.

K 3. You are under the impression you will

be healthy Torever - and therefore may be

gnoring the cost of health care in retirement.

Or, at tlie very least, youare underestunating wliat tliose costs

might l'ie. Itas estimated tliat a 65-year-old manied couple that

retired in 2014 viill need aliout $220,000 f'or l'iealth c.ire costs

in retiremeitt.'

K 4. You aren't saving enough to account

for inflation.

Tlie sialue of tlie clollar is constantly cliaiiging - but you

probatily already kiiow tliat from yoiir weekly trips to tlie

grocerystore. aI1iatneedstoLiefactoredtnwhenplanningyour

financial fiiture.

K 5. You haven't planned for the

possibility of long-term care.

It's estimated 70 liercent of those over 65 will requirelo+ig-temi care at some pciint in tlieir lives,' and tlie average

cost of'a private nursiiig hi'ime roo+n is n'iore tl'ian $77,000

ayear:i

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Ifyou identified witli one or i'nore of these, )ioure probably

not alone: The good news is, we can lielp. T)iese.ue tlie kinds

of tliings we lielp people witli every single day. That's not to

sayyourlife is similar to everyone else's - tiecause it's not -

but it's unportant to l<nowyou arcn't alone.

'Lfyou're looking for a cookie-cutter retirement strateg)i, you

won't find tliat here. We take pride in treating all odour clients

as individuals. So, take tlie first step. Once you realize tlie

necessity for a lifelong retireinent mcoine strategy', we will

gladly sit dow+i witli you to start creatingyour roadmap.

anie first step toward a hapliy retirement is to start tliinkingabout it now Ma)ibc the age at wl'iicli you plan to retire is far

away, or maybe it's closer tli.ui you want to acimit. It doesn't

matter. The fact is: People are livii'ig longer tl'ian ever bef'ore,

wlucli ineans tlieir savings need to last longer than ever - at

least 20, 30 or possibly even 40 years. Saving t'or retirement

arJ planning for retirement income should Lie liigh priorities.

Don't overlook these common retirement mistakes. Let us lielp you

prepare for a confident retirement.

' Lenny Bernstein. The Washington Post. {'v[.irch 31, 2014. 'aGuess how i'iiucli you need to save Ear lie.ilth c.lre in retiiemenl? Wrong. It's n'iucl'i inore'

http'//wtivwwai;hingtonpostccim.'news;to-your-liealkh,!wp/20l4t'03/ 31zguess-1iciw-much-you-needio-s.nie-16r-he.ilth-c.ne-ii'i-ietireinent-wrcing-its-

much-inore" Accessed Ailarch27, 2015

" u.s. Dtparkinent o(Health.uid }Iuman Services 'a allie Basics." l'ittp:/.'longterincare gov;tlie-b.isics' Accessed M.'ircli 27. 2015

'Genworth Marcli25.20H -Genworth20l4CostofCareSurvey"Page 18 li!tpii /;wwwgci'iwortlicc'iini"cosk-of-care/Iandinglitml

Accessed Marcli 27, 2015.

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