Bohemia, NY (PRWEB) January 08, 2013
On January 8, Savings2Income developer Jerry Golden responds to a recent Wall Street Journal article which lists five of the biggest mistakes a person can make when planning for retirement.
According to a recent article, “Five Big Retirement Mistakes”, from the Wall Street Journal, five of the biggest mistakes people can make when retirement planning are “not paying for financial guidance, investing in something you don’t understand, supporting your adult children, low-balling elder-care costs and underestimating how much you will need.” The article stated that although people can afford to make mistakes like these at a younger age, those approaching retirement should try to avoid them because they can become critical factors in the ability to retire on time.
The article went on to say that these mistakes can also be made by people who are already retired. The financial burdens of retirement last well beyond the years of planning that lead up to it. For this reason, people should make a continuous effort to protect their personal savings.
“While I agree that focusing on the liability (or expense) side of the equation is a worthwhile exercise, it could leave readers with the impression that there is little that retirees can do on the asset (or revenue) side. That’s where other retirement mistakes, however, are made,” said Jerry Golden of Savings2Income. “My advice would be to lower fees, defer taxes on savings for as long as possible, make smart Social Security decisions, build up guaranteed income over time, and ultimately have guaranteed income that lasts a lifetime.”
Golden added that people should start with factors that they know will produce the largest amount of dependable, spendable income. “I do not rule in or rule out products in advance. If there are one or more products that meet these objectives, then investors need to educate themselves or find a fee-based advisor to do that for them,” he said.
An innovative planning method that was created by Jerry Golden to benefit those recent retirees and those soon to retire called Savings2Income, seeks to provide a clear path to retirement security, and incorporates qualified savings, personal retirement savings and Social Security into an integrated solution.