Retirement is expensive and tricky. Balancing an income from investment accounts, pensions and retirement funds takes a steady hand and some knowhow. Don’t fall prey to these common mistakes and put you and your spouse in a bad financial situation when you need your money the most.

Letting Your Portfolio Stagnate

You may be tempted to let your portfolio keeping working the way it is working. The philosophy of “If it isn’t broke don’t fix it” might be great for some things but not for financial planning. As your lifestyle, health and future plans change your portfolio should reflect this. While you can’t predict the future you can play the odds and adjust your investments accordingly.

Family Financial Advisors

When you were making more money you probably had a financial advisor. As you enter retirement you may think that your finances are pretty much set and you can allow a trusted family member to help you with your finances. This is probably a bad idea. Professionals in accounting and retirement investing exist for a reason. Work with professionals to ensure your financial safety. Family may be well meaning but they probably don’t have the experience necessary to help you to the fullest extent.

Beware of Scams

If it sounds too good to be true, it probably is. Many scammers target retirees and the elderly as they seem them as easy targets. Don’t fall prey to these cheats. Send them packing.

Contact Stano Law group for elder law advice.