Health Insurance Forum

New Personal Finance for Dummies Tackles Common Mistakes

by mahir on 17/05/10 at 1:14 pm

Most of us dream about retiring. We picture those days in the distant (or not so distant) future that we will spend lounging around, doing whatever we please, without a care in the world. After all, they’re called the golden years for a reason, right? Unfortunately, as more and more Baby Boomers approach retirement age like life insurance,  they are being hit with the hard reality that they have made mistakes in their financial and retirement planning that have them facing some lackluster golden years. Personal finance expert Eric Tyson says too many people make common mistakes when it comes to planning for their retirement years.

“Few people properly prepare for retirement,” says Tyson, coauthor, along with Bob Carlson, of Personal Finance For Seniors “When you add to that fact the financial turmoil of recent years, you’re left with many future retirees who face an uphill financial battle during their retirement years. If you’ve made mistakes in the past or simply made the ultimate mistake of not doing much planning at all, now is the time to start correcting those mistakes.

“Your future deserves more than a guess,” adds Tyson. “That’s why we felt it was important to provide a resource that covers the gamut of retirement and estate planning questions, issues, and what ifs. We understand that your free time is valuable to you and that you have more interesting things to do than number crunching to determine your retirement needs. So we’ve designed our book to provide plenty of insights and tips without spending gobs of your time.”

The best place to start is by correcting those mistakes that can cause huge setbacks when you are planning your retirement and don’t have much time to make up for past mistakes. Below Tyson and Carlson present the eleven most common retirement and estate planning mistakes so that you can avoid them.