7 Things to Avoid to Make Your Money Go Further in Retirement

– Never Claim Social Security Benefits Without a Strategy

• Successful investors have a strategy for everything they earn.
• Don’t look at social security as an individual piece but look at the whole picture.

– Never Invest Without a Plan

• If you are over 50 years old, you should have an investment plan or risk running through your savings far too soon. It’s about many things working together.

– Never Have Only One Source of Income

• We need diversified income plans and diversified portfolios.
• It’s important to be able to turn different sources of income on and off during certain times.

– Never Ignore Inflation

• Life expectancy is in the 90-year range. This means inflation could be a killer to your retirement security.
• One or two percent over 20 or 30 years can make a difference.

 – Never Forget the Key Role that Taxes Play in Investing

• Many times, taxes are being ignored when money is being shuffled around.
• It’s possible to lose 20 to 30 percent to the tax man.
• Successful people pay a lot of attention to taxes.

 – Never Ignore Risk

• There is a misconception that wealthy people take more risks when the opposite is actually true.
• People are often taking more risk than they need to. Take as little risk as possible with that core investment egg.

– Never Withdraw Money from Retirement Accounts Without a Plan

• Contribution is automatic but withdrawing the money can be riddled with all kinds of traps like taxes.
• For every dollar you earn the IRS is your partner.
• Savvy people pay much less by having a strategy.