Depending on how you prepare, retirement can be the most rewarding or stressful time of your life.

With how stressful this process can be, you need to be aware of the avoidable mistakes that could

impact your retirement lifestyle. We, at Retire Safety First, want you to do what you love with the

people you love and that starts with preparing.

Not Preparing for Retirement

Not preparing for retirement is the biggest mistake you could make. The good news is, this is easily avoidable. You should first discover what your dream retirement looks like. Does this include lots of travel or staying home to be near grandchildren? This will help you determine how much money you need saved. You will be able to prepare properly to be able to maintain your lifestyle in retirement. Without preparing, you could be at risk of running out of money during retirement.

Not Asking For Help

Attempting to prepare for retirement without any help can be a daunting task. Many individuals do not know who to trust or how to ask for help. Working with someone to receive a second opinion can reveal opportunities or risks that were not initially evident to you. With the Retire Safety First Approach, there is no downside in asking for help by requesting a complimentary consultation. By not doing so, you could cost yourself years of savings and add unnecessary stress to your life.   

Contact us to learn about the Retire Safety First Approach or call us 860-757-3644

Giving Up Because You Started Late

If you started your retirement savings late, do not give up hope. You may have heard of this old proverb: “The best time to plant a tree was twenty years ago. The second-best time is now.” You can save more, spend less and work longer to make up for lost time. Creating an action plan will help you overcome the fears that naturally come up while preparing for retirement. By going through your budget, finding more work, and increasing your retirement contributions, you can still rest easy knowing your bills will be paid when you transition into retirement.

If you are 50 years or older, then you may be able to contribute up to $1,000 more to your IRAs. You can make catch-up IRA contributions to your Traditional or Roth IRA in accordance with IRS income rules. If you are eligible for an HSA account, you can also contribute up to $1,000 more per year if you are age 55 or older.

Under the same age requirement of 50, you can contribute an extra $6,500 per year in an employer sponsored 401k. This would put your total contribution limit to a total of $26,000! Plans of state and local governments (403(b) and 457 plans) may also allow catch-up contributions for participants who are aged 50 and older.

Remember, many have started saving late and have still enjoyed their retirement. You are not alone.

Relying On An Inheritance

While this will not be relevant to everyone, relying on an expected inheritance is not a safe practice. Correctly preparing for retirement is built around knowing your essential needs are covered like housing, utilities, and groceries. You do not want to leave this up to chance.

Even those that do retire with a significant amount of money saved may end up with little to nothing left at the end of their life to pass on to their loved ones. This is due to the rising costs of medical bills, long-term care, the 15 risks in retirement, debt, and expenses due to living longer.   

Relying Entirely On Social Security Benefits

While Social Security can be the foundation to a safe and secure retirement, you should not rely solely on these benefits. Social Security benefits make up about one third of an average retiree’s monthly income, according to the Social Security Administration. With nearly 10,000 baby boomers retiring every day, your benefits could be impacted in the future as reserves are slowly depleting. Ultimately, Social Security is based upon the government and not your own doing. As a result of this, there are hidden risks associated with Social Security and you should not rely solely on this to maintain your lifestyle in retirement. To protect yourself, it is imperative to know how to maximize your Social Security benefits.

Believing You Will Never Retire



While being passionate about your career is a great thing, believing you will work into your 80’s or 90’s can be a dangerous assumption. In fact, 60% of people retire earlier than expected due to unforeseen circumstances, according to USA Today. Your money should already look as if you are retired and it is imperative to still save for retirement even if you do not have plans to retire.

At Retire Safety First we want you to do what you love with the people you love. Preparing for retirement is the first step to achieving this. While we understand this transition can bring on new fears and worries, delaying preparing will only hurt you.

Contact us today for your complimentary consultation or call 860-757-3644!

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide peace of mind for retirement.