Throughout Southern California
View Our Practice Areas

Retirement Planning: Five Mistakes to Avoid in Los Angeles County

6a017d3e6b2617970c017ee6650e67970d-320wi.jpgThere's no one-size-fits-all when it comes to saving the right amount for your golden years -- which is part of what makes retirement planning so nerve-wracking for a lot of us.

While planning for retirement isn't an exact science, financial experts agree on a few hard-and-fast rules for what you shouldn't do, according to a recent NBC News article:

1. Don't be overly optimistic

While optimism is usually a welcomed attribute, when it comes to retirement, a more pessimistic view may be more appropriate. According to Tami Simpson, CFP and president of Wealth Financial Group West, a retirement management services and financial consulting firm in Southern California, "too much positive thinking isn't the best recipe for saving...a healthy dose of pessimism is actually a good thing for your retirement planning." plagiarize

Simpson says that some people put off saving money because they "hope" things will simply fall into place down the road. People imagine the best case scenarios and don't account for unexpected events that could occur.

2. Don't underestimate your spending

Many people underestimate how much they'll be spending once they hit retirement. Wells Fargo financial adviser Fay Sheppard reminds her clients that "retirees often take more vacations, make more home improvements, and dine out more frequently than they did before they left the workforce."

When planning for retirement, people need to be realistic and look at income, inflation, long-term care needs and emergencies.

3. Don't focus only on investments

According to Jeff Yeager, author of How To Retire The Cheapskate Way: The Ultimate Cheapskate's Guide to a Better, Earlier, Happier Retirement, "paying off all of your debt before you retire is as central to a good long-term plan as the size of your retirement fund." He believes that the greatest retirement asset is something you don't have: debt.

4. Don't worry about being "selfish"

When it comes to preparing for retirement, experts says we must concentrate on our own financial well-being. This means that we stop paying for our children or helping friends or relatives. "It's important to leave your retirement funds intact for yourself, no matter how hard it may seem to turn somebody down if they ask for money."

5. Don't put off your financial physical

Similar to our yearly health physical, Jack Keeter, CFS, and president of Jack Keeter and Associates, advises that a periodic "financial physical" is the key to a healthy retirement. He insists that everyone meet with a financial professional before there's a problem and review your financial health.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Find Out The Difference That Experience And Expertise Makes

Get the peace of mind that you deserve. First, attend a seminar. This will entitle you to a free initial consultation and a discounted estate planning fee. To learn more about our services or sign up for a seminar, contact us online or call us at 866-402-1805. We have offices in Torrance, Orange, Newport Beach, Pasadena and Woodland Hills.

Questions? Contact Us.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Call Now For A Free Consultation: 866-402-1805
  • ${site.data.firmName}${SEMFirmNameAlt}
  • Main Office: Torrance

    Torrance Office
    990 West 190th Street
    Suite 500
    Torrance, CA 90502

    Toll Free: 866-402-1805
    Map & Directions

    Orange Office
    333 City Boulevard West
    17th Floor
    Orange, CA 92660

    Toll Free: 866-402-1805
    Map & Directions

    Newport Beach Office
    5000 Birch Street
    Suite 8000
    Newport Beach, CA 92660

    Toll Free: 866-402-1805
    Map & Directions

    Pasadena Office
    790 East Colorado Boulevard
    9th Floor
    Pasadena, CA 91101

    Toll Free: 866-402-1805
    Map & Directions

    Woodland Hills Office
    5850 Canoga Avenue
    4th Floor
    Woodland Hills, CA 91367

    Toll Free: 866-402-1805
    Map & Directions

    Office map
Check out The Law Firm of Kavesh, Minor & Otis on Yelp
Check out Kavesh Minor & Otis on Yelp
Check out The Law Firm of Kavesh, Minor & Otis - Orange on Yelp
Check out The Law Firm of Kavesh Minor & Otis - Pasadena on Yelp