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Learning from the past to protect your future

Avoiding these mistakes may help keep your retirement plan on track

Everybody makes mistakes. That’s just a fact of life. But learning from the mistakes of others may help your financial future.

Check out this survey that asked people to choose their biggest financial regret from a list of possibilities.

As you can see, the number one regret was not saving for retirement as early as they should have. Of course, just starting early doesn’t guarantee smooth sailing on into retirement. You still need to know how much you’ll need to save in order to live your retirement dream.

The Social Security Administration estimates that right now, nearly 25% of all 65-year-olds will live to age 90, and a lot of them worry they’ll outlive their savings.

Plan, review, repeat

Most of these common financial regrets and worries can be avoided by simply staying on top of your retirement planning. The best way to do that is to meet with your financial professional for an annual account review.

Things change, so reviewing your plan at least once a year is a great way to make sure you’re headed in the right direction toward your future goals.

What to expect

When you schedule a plan review with your financial professional, it gives you a chance to look at critical issues, like:

  • Are you on track?
  • Do you need to rebalance your portfolio?
  • Have you had a windfall?
  • Have your life circumstances changed?
  • Are you where you want to be on estate planning?

Take some time to evaluate your financial future. Consider if any of the regrets or concerns listed above could apply to your current situation.

Your financial professional can help you decide on a course of action to mend any gaps in your financial preparation for the future.

Want more?

The Education Center has lots of useful info and tips to help you plan and achieve the future you want.