Financial Mistakes Can Occur Throughout Your Lifetime
Youth affords us many benefits, ample free time is an example. As you have progressed through life, these benefits become more and more scarce. Whether you’re in your 40’s, 50’s or 60’s, it’s important to be aware of financial pitfalls to avoid. Planning is the best way to avoid financial mistakes, and those plans should be responsive to your current age and future needs, but planning takes time. For our clients we help ease this strain by helping them understand how financial detours could lead them away from their path. Here are four common stressors and advice to reduce these pain points.
The Double-Squeeze Afflicts 40-Somethings
People in their 40’s often face the simultaneous demands of paying for their children’s college costs and saving for retirement. The financial mistake to avoid is withdrawing money from your retirement account to pay for education. It’s better to find other resources, such as student loans, to pay for college without compromising your retirement. Situations and lifestyles vary and there are many other resources available. For many, doing the research and weighing the options can be a daunting, time-consuming task. Our clients, utilize our expertise and resources to ease the process by aligning current actions with end financial goals.
Too Much Mortgage Can Leave You House Poor
Taking out a large mortgage might seem like the ticket to the American lifestyle. The mistake is taking on a demanding monthly payment that shortchanges your ability to provide for your retirement. Retirement planning should help you balance the impulse for immediate materialistic gratification with the mature appreciation of your future challenges.
It Can Be Upsetting To Reach 50 With Inadequate Savings
People are routinely living into their 80’s and 90’s. That’s a long time to rely on retirement savings. One response that can backfire is making overly risky investments to increase your wealth. We help clients understand their risk comfort level, as well as, how risk affects their probability of success using tools like Riskalyze. It might also make sense to postpone your Social Security benefits and plan on working until age 70 while avoiding investments that are too risky for your situation. By understanding where you are earlier, you can look to the future with a plan and you don’t have to do it alone.
Don’t Face Your 60’s Alone
Cognitive ability declines with age, making it even more important to receive advice when managing financial decisions in your 60’s. A financial advisor can help you understand all your options.https://www.thepriebewmgroup.com/about-us/our-team
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
*This material was prepared by Deluxe. Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC. Insurance products are offered through LPL or its licensed affiliates. To the extent you are receiving investment advice from a separately registered independent investment advisor, please note that LPL is not an affiliate of and makes no representation with respect to such entity. If your advisor is located at a bank or credit union, please note that the bank/credit union is not registered as a broker-dealer or investment advisor. Registered representatives of LPL may also be employees of the bank/credit union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, the bank/credit union. Securities and insurance offered through LPL or its affiliates are:
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