Wes Wood with Wood Financial Group in the Middle Tennessee area speaks about what to watch out for when planning to retire, and what mistakes to avoid. In this segment:
1. What’s the best way to avoid retirement pitfalls?
2. How to save money when accounting for inflation?
3. How to complete your retirement strategy?…(read more)

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Retirement is a time of life when many people look forward to finally enjoying the fruits of their labor. However, it is important to remember that retirement can also be a time of financial uncertainty. To ensure that you have a secure retirement, it is important to avoid certain common mistakes.

One of the most common retirement mistakes is not planning for the future. Many people fail to anticipate the cost of living during retirement, or fail to plan for unexpected medical expenses. It is important to have a plan in place to ensure that you have enough money to cover your expenses during retirement.

Another mistake to avoid is not saving enough. Many people underestimate how much money they will need during retirement and fail to save enough. It is important to start saving early and to contribute regularly to a retirement plan.

Another mistake to avoid is not diversifying your investments. Many people fail to diversify their investments, which can lead to losses if the stock market takes a downturn. It is important to diversify your investments to ensure that you have a steady stream of income during retirement.

Finally, it is important to avoid taking on too much debt. Many people take on too much debt in retirement, which can make it difficult to cover expenses. It is important to pay off any existing debt before retirement and to avoid taking on any new debt.

Retirement can be a time of financial uncertainty, but it doesn’t have to be. By avoiding these common mistakes, you can ensure that you have a secure retirement.