There are several mistakes people in and around Greenville, SC, make when they plan for retirement. Working with Matt Dixon, a Registered Financial Consultant, is a simple way to avoid these mistakes that can end up limiting your financial freedom after you stop working.
Underestimating Your Financial Needs
Matt Dixon reports that the most common mistake people make is to underestimate their financial needs. While large items such as a home mortgage loan may no longer be a factor to consider, other issues such as home insurance, maintenance, and utility continue to be expenses. Additionally, the cost of these things increases over time. It is more likely that older people will hire outside professionals rather than complete home repairs or renovations on their own, another important factor to consider.
The home is just one aspect of financial planning. Most individuals and couples in Greenville, SC, working with Matt Dixon fail to consider increasing healthcare costs and increases to the cost of living when determining how much they need to save.
Failing to Add to the Plan
Younger individuals and couples often see paying off student loans, reducing the home mortgage, or planning for college funding for kids as a priority over their own retirement planning.
In most cases, it is still possible to contribute to a retirement plan while achieving other financial goals. These are not mutually exclusive options, but it does require an effective financial plan that capitalizes on tax deductions and credits while boosting the ability to save and create an effective retirement portfolio.
