Retirement planning is among the most important financial steps you will ever take, but the road to success is often littered with potholes. Few people are aware that almost half of Americans overestimate how ready they are for retirement. This shows the urgent need to have a well-planned strategy. 

Avoiding common pitfalls is the difference between a secure and fulfilling retirement and one plagued by uncertainty. Let’s look at five common mistakes and how a detailed financial plan, crafted with the help of Global View Investment Advisors, the leading fiduciary financial advisor in Greenville, SC, will enable you to retire confidently.

Mistake #1: Not Having a Comprehensive Financial Plan

Lack of a comprehensive financial plan can hamper the security of your retirement. It should include components for budgeting, saving, investment, insurance, and estate planning, all adjusted to your needs. Without a comprehensive plan, you risk financial insecurity in your golden years. 

Working with Global View, the premier fiduciary investment advisor here in Greenville, SC,-means you will get a game plan tailored just for you. We take you through a well-charted strategy where you understand your spending requirement to project what you require later in life. The goal is clarity and a sense of peacefulness in post-retirement days. For more detailed information, please visit our financial planning services page. 

Mistake #2: Underestimating Retirement Expenses

Most people make the mistake of underestimating just how much retirement can cost. Not only will basic living expenses need to be accounted for, but healthcare, travel, and leisure activities are expensive, too. Inflation will reduce your purchasing power over time. Accurately estimating these expenses requires meticulous, detailed planning and projections. 

Furthermore, unexpected medical bills or long-term care can take a bigger bite out of your budget. A contingency plan helps you build a financial cushion, but how do you stay ready? We advocate that you use the right partner, a fee-only financial advisor like Global View, who will examine your current financial situation and help you anticipate your future needs. With proper guidance, you will be better prepared for the retirement you envision.

Mistake #3: Saving Too Little

The idea of retirement savings sounds daunting, particularly with other financial liabilities to juggle. On the other hand, not saving enough means you likely will face compromising decisions later in life that are uncomfortable to make. Experts say to save 15% of your income, but even tiny contributions add up over time through the power of compound interest. Now, you shouldn’t lose hope even if you start saving late. Appropriately increasing your retirement account contributions, along with catch-up contributions, can go a long way to help you fund a more comfortable retirement.

As your fiduciaries, we can help you devise a practical solution for building your savings, even on a limited income. We also help you determine ways to optimize your retirement accounts so that your nest egg grows as efficiently as possible. 

Mistake #4: Making Emotional Investment Decisions 

A turbulent market sparks fear and often fosters impulsive financial decisions. It pays to react less emotionally to short-term ups and downs. The most important thing is to stick with a long-term investment strategy. That means having a portfolio that is appropriately diversified for your risk tolerance and financial goals. Periodically reviewing your investments and rebalancing your portfolio, if necessary, will also help keep you on track.

But the key to true investing success for our clients here in Greenville, SC, is the role we play in helping you achieve investment discipline. Our job is to keep you focused on your greater financial goals. We provide you with sound portfolio guidance via objective data-based advisement that encompasses both your needs and your risk tolerance. You can improve your investing results when you gain insight into how psychology plays its part.

Mistake #5: Failure to Engage a Fiduciary Financial Advisor

The choice of a fiduciary advisor is the fundamental key to your overall financial success. Unlike non-fiduciary advisors, fiduciaries are legally bound to put your interests first, foremost, and above all. We are a fee-only fiduciary financial advisor in Greenville, SC, providing personal, transparent guidance tailored to your circumstances. From developing a custom investment plan to ongoing portfolio management, we’re here to help you achieve your retirement goals. 

Visit our About Us page to learn more about our fiduciary commitment. 

We’ll Help You Avoid the Big Boo Boos

By averting these five common retirement planning mistakes, you can be on your way to financial security and peace of mind. By correctly making a detailed financial plan, accurately estimating expenses, saving effectively, handling investments with prudence, and seeking guidance from a fiduciary financial advisor, you’ll be setting up an excellent foundation for your future. We at Global View are here to help you sail through the retirement planning process and help you realize your goals. We invite you to schedule a consultation today!