7 Big Retirement Investing Mistakes

7 BIG RETIREMENT MISTAKES INVESTING NOT TAKING FULL ADVANTAGE OF TAX BREAKS 50%. Action Plan rworkforoe has access toa warkplace retirement plan but about 20% choose not to enrol Take up tax-favorable 4010) plans and individual reement accounts ORAa) as they enable your tax-detered eamings NOT SAVING ENOUGH, OR AT ALL Action Plan 80% to retrement planas 6%. Make an invistment plan bised on the Income you would be requinng on resinement based on vourifestyle and taking into account infason are not contributing to an IBA and 43% dont eueg identfy an IRA.oomecti HIGH FEES IN RETIREMENT PLANS AND INVESTMENTS Pien foes can run as high as An acceptable level is around 4%. 1.5%. Action Plan Find out the cost of your plan Avod adively managed funds as the high fees can be used for other investments NOT ACCOUNTING FOR DIFFERENT RISKS 37% OVER 56% believe they can get by without invesing in stoca at all of 25- to 35-ytar-olds beleve they can reach their investment goas wihout investing in the stock manket Action Plan Make a diversifed invesoment portfolio consisting of a belance of both guaranteed capital retum s wel as hgh retums INVESTING WITHOUT A GOAL Many imvest in the market with he ted tendency Investing in hot sectors and taking more risk than Action Plan Invest based on your francial obectives Hyou are near retirement, it is a bad idea to be too aggressive or non diversifed. OVER INVESTING IN YOUR HOUSE Ahouse is not only an appreciating but also A CONSUMABLE ASSET. 40%-50% of your income on sheter is not a good idea. Action Plan Nearing reirement is a good sme to downsine to reduce mortgage or use reverse morngnges to oreate additonal income NOT CREATING AN ESTATE PLAN Action Plan Not having an estate plan may create huge tx inbiity which may te up assets Draw up a will and make an estate plan in advanoe to transton your wealh to your hes $ $ $$ $ Presented By Prepared By moneytips SEA ROH 3 w