3 Money Mistakes to Avoid When You Retire

Have you recently retired?

Are you planning your retirement?

Do you want to make sure you have an easy, worry-free transition from working to retirement?
It can be difficult to make sure you have everything lined up for a perfect, no-stress transition to retirement, but talking to a financial advisor can help!

These simple tips from your financial advisor can help you achieve your dream retirement:

1. Don’t claim social security too early. Although you can start claiming retirement benefits at 62, experts caution that it still might be too soon. The longer you wait, the more you’ll receive in monthly benefits. 
2. Don’t discount inflation. Do you remember how much a pack of gum, a gallon of gas, or a gallon of milk cost when you were a kid, and how much they cost now by comparison? That’s inflation. If you discount inflation when you’re planning for retirement, you may find that you’re being too conservative when it comes to asset allocation.
3. Don’t forget to plan for medical and long-term care costs. According to Time.com, “The cost of medical care rises higher than general inflation, at a rate of about 5% or 6% a year.” A mistake many people make is not taking into consideration out-of-pocket costs, and the costs of items not covered by Medicare, like hearing aids, and dental work.

Even if you and your partner have been diligent savers, you could forget to plan for the factors that may make your path to retirement a bit bumpy. Talking to a certified financial advisor in Ann Arbor could help!

At Imber Wealth Advisors, we take into consideration your lifestyle, your overall health, and your goals for retirement as we put together a plan tailored specifically for your family. If you’re planning for retirement but still have questions, there’s no time like the present!

Contact us today to set up a no-obligation consultation to see how we can help you achieve your dream of a worry-free retirement.