For many aging folks in Ohio, the process of planning their retirement and finalizing critical details regarding wills, trusts and estate administration, requires careful thought and professional assistance. Despite the extensive time and effort, when people are proactive about planning for their future, they can feel much more confident going into their retirement years.
One of the most effective ways for people to avoid common errors when retirement planning, is simply to be aware of the pitfalls that many unknowingly fall into. Many folks have an unrealistic expectation of what their income will be and how it will be distributed. As they begin planning their retirement, people should be frugal when putting together an income plan. They should use low tax rates and minimum inflation rates to account for potential fluctuations. If retirees have an investment portfolio, they should take the time to have it tested against common stresses. This process will identify how investments will potentially react in varying economic circumstances. An estate plan is another crucial aspect of retirement planning, and once a plan has been put into place it should be regularly updated to address changes in a person's life.
Other valuable things for folks to remember when planning their retirement is to have a solid understanding of how investment fees work and to have a tax plan in place. As people begin establishing their plans for retirement, estate and probate administration, and developing their will or trust, they may benefit from the help of a trusted attorney to provide knowledgable insight.
Source: Yahoo! Finance, "6 Mistakes to Avoid When Planning Your Retirement," John Culpepper, Nov. 20, 2017