No one wants to enter retirement only to learn that there’s a key step they could have taken to protect themselves years before. By then, it’s too late. In the best-case scenario, you play catch up. In the worst, you adjust your standard of living, sell assets, or make other difficult decisions.
Current retirees recently participated in a study indicating that 70% of them share a common regret. The research study completed by the Insured Retirement Institute has important implications for younger workers as well and younger employees can take positive steps in their financial planning to support it.
The data showed that nearly 70% of older workers wished they had started saving money for retirement earlier than they did. It’s much harder to hit your investment goals and to protect your interests in older years if you don’t start saving for retirement early. It is extremely important to find the support of a dedicated retirement planning advisor and other members of your financial team, such as an estate planning lawyer.
An estate planning lawyer can help you define how you want to align your retirement goals with your giving goals in later years and the possibility of long-term care expenses. Failing to think about retirement and estate planning holistically can have negative repercussions for you and the loved ones that you intend to support as beneficiaries. Set aside time to meet with an experienced estate planning lawyer today and to find the other professionals to help support your financial goals now and in the future to avoid making retirement mistakes.