Retirement planning is not only about the money that has to be saved up for.
Dallas, TX (PRWEB) April 02, 2014
In an article released last March 28, 2014, Debt Consolidation USA revealed to consumers a list of retirement regrets that they should try to avoid. The article is titled “9 Retirement Regrets That You Want To Avoid At All Cost” and it explains how these regrets happen because of lack of preparation and ignorance. The debt relief company would like to give consumers a chance to prepare for retirement correctly by informing them of these regrets.
The article explained that retirement planning is not only about the money that has to be saved up for. It has to be more strategic in the sense that it will eliminate or minimize the regrets that consumer have to go through.
With that, the article enumerated 9 different regrets of retired individuals.
1. Spending beyond their means. The article mentioned that this is the most common of the other regrets. It is explained that it has something to do with how young adults feel more invincible and thus more reckless and irresponsible.
2. Not saving early. The article also explained that starting late on saving is a problem because it typically lessens the retirement fund of the consumer. Either that or they have to contribute high amount every month.
3. High debt amount. This is just wasting money on interest rates when it should have been added to the retirement money of the consumer.
4. Early retirement. The article explained that although this is what a lot of people want, it has to be approached with caution. The consumer has to know the right timing because retiring too early could mean a shortage in retirement fund.
5. Getting money from retirement fund. This is a common regret for people who had a lot of debts in the past. Although it is technically their money, borrowing from the retirement fund should be avoided unless other options have been exhausted.
6. Relying on Social Security benefits alone. With the rising cost of living, the consumer is discouraged from relying on their Social Security benefits as the primary source of retirement fund. This is usually not enough to provide for the needs of the retired individual.
7. Failing to take care of health. The rising cost of healthcare costs make this an important concern and regret for retirees. The article explained that prevention is better than cure and this is even applicable financially.
8. Not using a tax-forward plan. This simply refers to the failure of the consumer to minimize taxes.
9. Retiring in the wrong place. The last regret discussed by the consumer is all about the place that the consumer will choose to live in while in retirement. There are states that have a low cost of living and if the consumer lacks the retirement fund, they should opt for these places.
To read the full explanation for each regret, visit the website of Debt Consolidation USA or click on this link: http://www.debtconsolidationusa.com/.
Debt Consolidation USA is a debt relief company that provide consumers with hundreds of articles that are related to debt, personal finance and other debt relief issues. Visit their website to find out about getting out of debt.