People make all kinds of mistakes in planning for retirement. One of the most common is something that some do not often think of as a retirement issue. It is not having an estate plan.
You have probably seen so many commercials about retirement that you are almost immune to their message now. They all talk about the same things.
The primary focus is usually on the need to save a lot more money than you think you need for retirement. You would, therefore, be best advised to invest those savings with the assistance of the company that made the commercial. You might have even seen many articles and charts that detail how few Americans have saved enough for retirement. Those figures can be frightening to contemplate.
Nevertheless, another retirement mistake that people commonly make is not talked about nearly as much as a retirement issue, as The Motley Fool explains in "58% of Americans Are Making This Huge Retirement Mistake."
The mistake is a simple one to fix.
What is it?
Some 58% of American adults do not have either a will or a trust.
This statistic might not seem at first glance as something relevant when it comes to your retirement, but a will or trust should be considered essential to your retirement planning.
If you would like to leave an inheritance for your children or grandchildren, then it stands to reason that you need more savings than just what is necessary to live on, when you are no longer working.
Another reason is that if you are saving and investing a lot of money, then you need to confront the possibility that something could happen to you before you can spend all of it. You need to decide what should happen to that money.
Getting an estate plan does not have to be difficult. You can start the process by scheduling an appointment with an estate planning attorney.
Reference: The Motley Fool (Feb. 12, 2017) "58% of Americans Are Making This Huge Retirement Mistake."