11.   Failing to keep up with changes in society and in the markets

Keeping your fingers on the pulse of current trends will help you respond to inevitable changes.  Utilizing Financial Product Coordinators and asking questions based on the knowledge you have accumulated will help as well.   Lastly, investments vehicles like annuities can come back in favor, as they are now you can get market gains without market loses. 

9.   Retiring with too much debt 

If you’re already playing close to the edge of financial “Cash Flow” comfort,  then I’d say you might do well to rethink whether you should retire at all.  Payment of debt obligations should be minimized or even eliminated before you retire, not after.

8.   Placing too much emphasis on providing a financial legacy for heirs,  thereby jeopardizing your own financial stability

Look out for yourself and your spouse first.  Don’t get sucked in,….the kids can generally take care of themselves.

10.   Drawing retirement "Cash Flow” from volatile investments, causing liquidation while investments are depressed 

The old way of thinking is you accumulate lots of money, diversify your stock portfolio,  and then draw on the returns in dividends and share value increase to fund your monthly "Cash Flow"needs.   If you tried this in the last twelve years or so, you got kicked in the teeth.  (You may be on the horizon of another downward spiral).  You’ve had to sell when the market was in the tank, not only losing principle but also facing negative returns on the existing investments.  Thinking outside the box would help reduce your liability. 

5.   Choosing a Medicare plan based on price rather picking an option that really protects you

You might think you’re doing yourself a favor by picking the cheapest possible coverage.  You say, “Hey I’m improving "Cash Flow” since I’m having to pay less every month”.   Sounds great in theory, right?   Wrong!  Medicare doesn’t pay for everything,  and in most cases,  if you face a serious illness or injury you could go broke in a hurry.   Don’t skimp on health care.  It could come back to bite you.

6.   Not having a reasonable long-term care plan

This is a real bogeyman for many people.  First, its really depressing to think you might need long-term care because of a stroke, serious injury or dementia of some sort.  It’s natural to want to bury your head in the sand.   Reasonable people understand they could live a long life.  They understand it’s possible they could become frail and need care as they age.  Responsible people are willing to consider taking action if they understand that needing care could have serious consequences to their family and retirement portfolio. -                           

What is your plan “if” you need care?

4.   Beginning Social Security Benefits too soon 

This is a huge mistake that more and more people of retirement age make.  The reasons are easy to figure out.  Lots of us got burned in two meltdowns in the stock market.  The value of our real estate tanked during the recession.  Interest rates are practically zero, which means traditional methods of saving don’t work anymore.  If you take Social Security too soon, you rob yourself of an opportunity for greater "Cash Flow” and free money down the road.

The Top 12 Retirement Land Mines

Preview of  "Don't Eat Dog Food When You're Old!" with permission by the author Roger Roemmich

- click on cover to purchase from Amazon

1.    Retiring too early

The problem is you may shoot yourself in the foot financially if you do.  Income from a job is your greater of cash flow.  Think twice before you ditch it.   Your final decade of work is likely to be one of your highest-paid period.

2.    Failing to go back to work when you realize you retired to early

This is a big deal.  If you’re struggling to make ends meet because you lack sufficient "Cash Flow” after you retire, the fastest way to improve the quality of your life is to go back to work.   If you take active steps to improve your  "Cash Flow” when you realize you’ve fallen short, then you’re the winner.   You are anything but a loser or a failure.

3.   Failing to invest retirement assets to produce “Cash Flow”

Too many of us focus on stocks or mutual funds, which are volatile and risky.  Bonds are safer and produce predictable returns, but there are risks involved with them too.  The point is you you have more options than the tried and true investment vehicles, such as an annuity, to produce "Cash Flow"and minimize risk.

Author Roger Roemmich, who has more than forty years experience in the field of finance, presents a big-picture look at what you need to know to plan for your retirement or to better manage the various components of your financial life if you already are retired.Roemmich first looks at whether you can afford to retire and then discusses retirement planning and financial management. He introduces his unique CAMP score methodology-considering cash flow, aging, medical needs, and purchasing power-that both provides a basis for quick evaluation of retirement readiness and serves to identify remedies for inadequacies. 

​Click here to see the diagram.Roemmich’s book, Don't Eat Dog Food When You're Old: How to Solve Your Retirement Cash Flow Puzzle is now available.

12.   Not finding or seeking qualified advice

Only you can determine the expertise you need.   A 20 minutechat should not be product driven. It should be PlanDriven.  A product is only a tool to keep your plan moving forward in a positive direction that can determine how you live out the rest of your life.

7.   Failing to recognize the need for increasing "Cash Flow"to match inflation in future years  

It’s not enough to set up retirement to ensure you have adequate “Cash Flow”, though that’s a heck of a great start.  As you plan and elect instruments to deploy, bear the inflation monsters in mind.  It’s lurking around the bend.  Build in cost-of-living increases into the equation whenever possible.

Financial  Education Resource 

Page: http://www.cashltc.org/top-12-retirement-land-mines.html Top 12 Retirement Land Mines

Meeting us for a 20 minute chat can make sure your  “Cash Flow” remain strong now and in the future.   No matter what life events may be thrown your way,  …  we help find ways to make sure your income goes up, not down during a life event be it Inflation, care or a passing.  

Knowledge helps you get to where you want to go.  Are you ready?   We are!

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