Marietta, GA, October 12, 2014 –(PR.com)– Retirement planning, much like many other long-term lifestyle decisions, requires strategy. It’s not something that can be pin-pointed in the blink of an eye or even one time over coffee. Retirement planning requires time and attention, and unlike a common myth, is an ongoing action. To assist consumers with tackling the Retirement planning landscape of options and choices, Torrid Technologies, producer of professional and consumer-based RetirementView software, lists the top three common mistakes when planning for retirement along with how to avoid them.
Top Three Mistakes to Avoid When Planning for Retirement
Waiting too long to start planning. The sooner, the cheaper, the better.
Retirement planning is most beneficial to you the sooner you begin planning. Don’t wait until you can’t wait anymore. Start today. The power of compounding and dollar cost averaging your investment contributions has a massive effect over the long haul. Waiting until 50 to start saving for retirement is a huge mistake.
Counting on government programs.
The government programs that you qualify for may provide a small contribution to your retirement. However, don’t be fooled. The Government’s retirement programs will not completely substitute your income because they weren’t designed to. You may get Social Security but it’s not going to cover all your expenses. And based on the growing number of retirees, increasing life expectancies and shrinking work force it is possible that benefits are inevitably going to be cut.
Not working with a long-term retirement planning professional or at least high grade software.
If you are a professional doctor or lawyer then it makes sense why you wouldn’t be so great at the initial steps necessary to develop a solid comprehensive retirement plan. That’s what a professional is for. Hire a professional advisor or sign up for a software program that gets you going. If you think you are really going to plan your retirement using “free internet calculators,” then you are fooling yourself. Any decent advisor or software program needs to take into account the entire picture including the correct taxation, required minimum distributions, and reasonable assumptions. These are just a few items. There are hundreds of other nuances, if not thousands, that need to be accounted for in your planning.
Retirement can be spent in peace when the planning is done right. By avoiding the three outlined commonly made mistakes; by, 1. starting early, 2. not relying solely on government programs and 3. hiring a professional adviser or using a high grade software like RetirementView by Torrid Technologies, you will steer clear of obstacles and difficulty that will arise by doing the opposite.
End of Press Release