Interested in protecting your retirement money and finding safe ways for that money to grow and provide income? Working with an unbiased retirement planner who concentrates on helping people in, or close to, retirement identify and avoid the common mistakes has proven beneficial to many people who are concerned about not outliving their money.

A few of the costly mistakes that retirees commonly make include not understanding how to avoid and reduce the devastating costs of long-term care. Left unchecked, these costs could exceed $60,000 annually. Many retirees don’t properly plan their 401K, IRA and other retirement plans which causes them to leave too much of their hard earned money to taxes or probate fees. Proper distribution planning is key to maximizing money to one’s family and minimizing taxes. Improperly set up retirement plans could lose 30 percent, 40 percent or more to the IRS.

Not understanding safe ways for money to grow and provide income is another mistake. Conservative concepts may protect retirees’ money. Procrastination is the single biggest mistake that retired people make – putting off decisions. Too often people set up their retirement strategies and then never revisit their plan or their advisor never gets back to them. Consequently, they don’t keep up with how their money is doing and all the choices that are out there. Retirees should not put off reviewing their financial picture.

Those considering retirement should take advantage of all the education and information that is out there. A complimentary consultation with a competent, experienced retirement planner may be helpful.

For more information about financial retirement strategies, contact Gregory Strong at 207-846-0734. Greg has 35 years experience helping fellow Mainers with their financial planning in retirement. Securities offered through Center Street Securities, Inc., a registered Broker-Dealer and member of FINRA and SIPC.