Jeff and Jeff discuss some of the top retirement planning mistakes people make from a MarketWatch article. They are:
1) Not planning for long-term care expenses. They suggest that this should be considered as part of a comprehensive financial plan that is developed well before the need arises.
2) Not accounting for Inflation over one’s lifetime – Inflation is bound to happen. They suggest to project the future cost of what a new car or other major expenses will cost.
3) Being too cautious. If you are in or near retirement and are too risk adverse you may not be able to earn enough income to keep up with inflation.
4) Not being prepared for surprises – Health issues may occur as we get older, there may be the need for a roof, etc. Cash flow needs to be available to cover these unexpected expenses.
