3 mistake to avoid during retirement planning


February 9, 2011

Retirement planning isn't exactly a predictable or straightforward process, but there are some big mistakes that baby boomers can make as they outline their golden years, according to AARP.org. Here are a few things that one may want to avoid:

1. Retiring with debt. Debt won't just go away when one retires. Instead, it will keep accumulating and seniors will have less money with which to pay it off. That means that retirees will be in debt longer and it will cost them more in the long-run.

2. Not making a home age-friendly. Many baby boomers want to age in their current home, but haven't taken the proper steps to modify their residence for future needs. One should take into account a senior's reduced mobility and increased risk of falls. One way to make a house safer is to install a personal emergency response system, which can be used to instantly send a medical alert to doctors in the case of an unexpected injury.

3. Going it alone. It may seem like it's possible to do all of the planning alone, but the news source suggests seeking out the advice of a professional, which can be greatly beneficial to any retiring boomer. No one knows all the ins-and-outs of retirement, so it can't hurt to get a second opinion.