Misconceptions about Wealth Management in Retirement Could Prove Disastrous for Del Mar Residents! P
Welcome to the final installment of this three-part article series on the potentially disastrous misconceptions many Del Mar residents seem to have about wealth management in retirement. So far, we have examined the following statistics released by a survey done by the Met Life and Employee Benefits Research Institute:
In this article, the final installment of the series, we'll provide some advice and recommendations based upon these particularly dangerous assumptions and misconceptions.
Advice and Recommendations for Del Mar Wealth Management
Retirement planning and making provision for your golden years should begin at the start of your career, or as early on as possible. Because of this, it can be tricky to correct for certain faulty assumptions and misconceptions, especially if you're 10 or less years away from retirement.
Here are some important recommendations for Del Mar residents of all ages, whether you're on the brink of retirement or have many working years or decades left in you:
Know What You're Covered For
It's fundamental that you know what you're eligible to receive – what financial assistance, benefits and coverage. If you've got health insurance, read through your documents carefully and speak to your broker so that you understand with 100% clarity what you're covered for. Ask specifically about your long-term-care benefits because many Del Mar residents mistakenly think they're covered when in fact they are not.
You and your partner should also speak to your respective employers about your pension benefits. Know exactly what monthly income you can expect and, more importantly, whether you're eligible to receive a pension in the first place. Be very clear on this matter because the wrong assumption can totally change your retirement picture.
Be Wary of Online Calculators
There are many financial calculators available online, all of which are intended to help you calculate budgets, financial outlooks and retirement funds. But you must be wary of these calculators because they fail to take several important variables into account. The economy shifts and the markets fluctuate, so trying to determine precisely what you'll have sitting in your retirement fund at the end of your career is like trying to predict tomorrow's weather with nothing but a moist finger.
This is why it's best to work closely with an experienced financial advisor who can offer the meticulous and in-any-event retirement planning for Del Mar residents.
Plan for Some Form of Income in Retirement
It's always a good idea to have some kind of income you can rely on outside of your retirement fund and pension. Working part-time or on a freelance basis can also keep you challenged and engaged, so think about turning that hobby or talent into something that earns you cash! For example, if you've got a penchant for woodworking, how about making and selling custom furniture? One good idea can bring in enough money to allow you to enjoy an exceptional standard of living post-retirement.
More about Kendell:
Kendell Lang is an experienced social media marketing consultant and avid digital marketing speaker who lives in San Diego, California. He also writes articles on Wealth management in Del Mar & many other financial topics.
- 43% of Del Mar residents expect to be able to draw upon 10% of their retirement fund every year.
- It is generally expected that spending and living expenses will drop by 49% post-retirement.
- 60% of retirees don't think they'll (and therefore don't plan to) live beyond the age of 85.
- 62% of Del Mar residents expect to live on pension income, but only 41% are actually eligible to receive a pension.
- 24% of the people surveyed believe they're covered for long-term-care, but only 18% actually are.
In this article, the final installment of the series, we'll provide some advice and recommendations based upon these particularly dangerous assumptions and misconceptions.
Advice and Recommendations for Del Mar Wealth Management
Retirement planning and making provision for your golden years should begin at the start of your career, or as early on as possible. Because of this, it can be tricky to correct for certain faulty assumptions and misconceptions, especially if you're 10 or less years away from retirement.
Here are some important recommendations for Del Mar residents of all ages, whether you're on the brink of retirement or have many working years or decades left in you:
Know What You're Covered For
It's fundamental that you know what you're eligible to receive – what financial assistance, benefits and coverage. If you've got health insurance, read through your documents carefully and speak to your broker so that you understand with 100% clarity what you're covered for. Ask specifically about your long-term-care benefits because many Del Mar residents mistakenly think they're covered when in fact they are not.
You and your partner should also speak to your respective employers about your pension benefits. Know exactly what monthly income you can expect and, more importantly, whether you're eligible to receive a pension in the first place. Be very clear on this matter because the wrong assumption can totally change your retirement picture.
Be Wary of Online Calculators
There are many financial calculators available online, all of which are intended to help you calculate budgets, financial outlooks and retirement funds. But you must be wary of these calculators because they fail to take several important variables into account. The economy shifts and the markets fluctuate, so trying to determine precisely what you'll have sitting in your retirement fund at the end of your career is like trying to predict tomorrow's weather with nothing but a moist finger.
This is why it's best to work closely with an experienced financial advisor who can offer the meticulous and in-any-event retirement planning for Del Mar residents.
Plan for Some Form of Income in Retirement
It's always a good idea to have some kind of income you can rely on outside of your retirement fund and pension. Working part-time or on a freelance basis can also keep you challenged and engaged, so think about turning that hobby or talent into something that earns you cash! For example, if you've got a penchant for woodworking, how about making and selling custom furniture? One good idea can bring in enough money to allow you to enjoy an exceptional standard of living post-retirement.
More about Kendell:
Kendell Lang is an experienced social media marketing consultant and avid digital marketing speaker who lives in San Diego, California. He also writes articles on Wealth management in Del Mar & many other financial topics.
