Retirement Planning

Top 7 Retirement Planning Mistakes to Avoid 

By Al Martinez

Retirement decisions can be confusing and complicated. Many people make too many mistakes when it comes to decisions that can affect their important retirement period. Listed below are 7 retirement mistakes, possibly you can avoid them.

  1. Searching for jobs later in life

Many people forgo proper retirement planning thinking they’ll be able to offset retirement money shortages by picking up a part-time or even full-time job later in life. Don’t count on this. Employers tend to hire younger people. It’s much more difficult to land even a mediocre job at an older age.

Ageism is real. Plus technology and business trends change so fast your skills qualifications may not match new job skills the job market demands.

  1. Not saving enough money

We live in the biggest consumer culture in the world and most of us overspend on the latest products and services. Americans lag behind the global average of total money saved for retirement with the average American only having $60,000 in savings for retirement.  Americans average only save 7.5% of annual income.

This is simply not enough to retire comfortably.  You must understand recommended saving percentages to have enough funds to retire comfortably.

  1. Health expense risks

Few account for potential healthcare costs that may occur in the future. Health costs continue to drastically escalate. Not setting enough money side for sudden healthcare emergencies could cause financial strain, even financial disaster.

  1. Not understanding life expectancy 

68% of Americans live longer than life expectancy tables report.  A 65-year-old woman can be statically calculated to live to age 86. A male about age 82.

It’s important to understand accurate life expectancy rates to properly plan for your retirement needs.

Remember: the longer you live, the longer you live.

  1. Not understanding risk

A younger person can expose themselves to more financial risk such as stock investments because they have plenty of time to recover should they lose money.

As you grow older your risk tolerance should be less. It’s becomes important reallocate funds to safe financial products.

About 1in 3 investors approaching retirement age have 80% of their funds in the wrong assets according to a recent study by the U.S. Investing Index.

  1. Premature use of qualified money

An estimated 45% of workplace retirement plan participants withdraw their 401 (k) funds when they switch jobs rather than rolling them over into a self-directed IRAs.

This can cause unforeseen tax consequences and fees that could hurt growing important retirement funds.

  1. Not understanding annuities

There are many different types of annuities. Some are better at a younger age, some are better for people approaching retirement.

Stock brokers often demonize annuities because they make their selling you stocks. Don’t let them turn you into a cynic.  Annuities are the only available financial product that can provide income for any period of time, even for life.  It’s important to understand the different types of annuities and which ones could fit your retirement goals.

Many people become overwhelmed by retirement planning and therefore procrastinate putting together a plan.  It’s not as hard as you may think because there are professionals to assist you in developing a sound plan.


Al Martinez has been helping people in Colorado, Wyoming and New Mexico lower their tax bills and secure their safe money retirement funds for over 30 years.

America’s Financial Solutions Group INC.

1106 Lochmount Dr.

Loveland, C) 80537

888 418-3358

Al Martinez

Al Martinez

Office: 888.418.3358 | Cell: 303.478.3358 at America’s Financial Solutions Group, LLC
For more than two decades, Al Martinez has been an advisor and general agent in the financial services industry, helping clients to make sound financial decisions in the areas of insurance and retirement planning. As the host of the Retirement & Income Radio show, Al’s focus is on providing safe money retirement strategies and solutions, exploring ways to protect retirement money, increase income, and protect against potential market losses and economic volatility, including health circumstances, taxes, and those unforeseen situations that can be devastating to principal assets in retirement. Al’s background includes a career with the U.S. Forest Service as a member of a national call-out team to manage fires all across the nation. His expertise was protecting firefighters through developing and implementing fire safety training and oversight. This same concept of protection is extended into Al’s career as an expert in helping people retire with safety and security, providing financial solutions to protect their hard-earned and precious retirement assets. Al is the proud father of three daughters and enjoys rafting, hiking, biking, and fishing in the great state of Colorado. Make sure your money is working as hard for you as you did to accumulate it! Give Al a call and let him provide you with a purpose-driven view of your retirement goals.