Retirement5 Common Retirement Mistakes

September 29, 2022by Bailey Wealth Services

Retirement – when you get to be a kid again! It’s what you spend your entire adult life working towards, and many of us put off pursuing our personal hopes, hobbies, and endeavors until we get to this phase.

We believe that if we work hard enough, if we pay our dues and put in the time, we will finally be afforded the freedom to live out those dreams. Maybe it’s traveling, photography, gardening, models, baking, or even just a bucket list of items to try.

But the reality is that it takes a lot of planning and preparation to be fully prepared for retirement. There is more to it than leaving a stable job, paying your usual bills, and finding ways to fill time.

You need to have a plan. And it needs to be thorough.

Here are 5 common retirement mistakes people make that set them back, or even prevent them from reaching their full retirement potential. As you read through these, think about your situation. If you feel any of these apply to you, or you have questions about your retirement plan, please don’t hesitate to reach out to me and my team. We are here to help. Making retirement dreams come true is what we are all about.

  1. Not saving – this seems like a no-brainer. But what people may not realize is how compound interest works. The sooner you start to save, the more bang for your buck, literally.
  2. Leaving money on the table – Too often I see people leave jobs before they become vested. This can potentially leave money contributed by the employer on the table. This would be in the form of 401(k) contributions, profit-sharing, or stock options.
  3. Not maxing out a company match – Typically, companies who offer a 401(k) will match your investment dollar for dollar up to a certain amount (usually a percentage). This is free money that you should take advantage of.
  4. Not rebalancing your portfolio – Common rule of thumb is to not mess with your investments too much. You should invest and let them do their job. However, as things change (the markets, phases of your life, etc.) you should review your portfolio with an expert to make sure your allocations meet your needs.
  5. Not planning for healthcare costs – Many people plan for the basics: like residence, transportation, entertainment, etc. However, the average retiree is living longer now than ever before, and that means an increase in healthcare costs. Stay healthy to help decrease healthcare expenses, and make sure you budget for whatever you will need.

This material was prepared by Bill Good Marketing. Bill Good Marketing is not affiliated with Bailey Wealth Services or LPL Financial.

 

Rebalancing a portfolio may cause investors to incur tax liabilities and/or transaction costs and does not assure a profit or protect against a loss.

https://i0.wp.com/baileywealth.org/wp-content/uploads/2021/05/bailey-wealth-3.png?fit=300%2C46&ssl=1
1604 Hewitt Ave., Suite 704 Everett, WA 98201

Follow us:

Securities and advisory services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC.

The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: AK, AZ, CO, ID, IL, IN, MO, MT, NM, NV, OR, SC, TX, VA, WA.

Copyright © Bailey Wealth Services 2021

Holly Farrar

Client Services Associate

As director of First Impressions, I strive to make sure our clients have a comfortable and meaningful experience while providing remarkable customer service at the highest standards. I enjoy going to local Everett events and festivities while spending time with friends and family. I love to read, especially dystopian novels.  I am involved in volunteering opportunities within the community including grocery shopping for homebound people, coffee trailer and first responder appreciation.

Education and Biography

Training

Holly Studied Business and Management at Sno-Isle Business and Management & Everett Community College. She has over 20 years of customer service and administrative experience.

Specialisms

Holly’s focus is to create meaningful connections between our clients and our office. She schedules appointments, answers calls, processes transactions, preparing paperwork to maintain accounts as well as opening new accounts, and transfers.

Albert Ballesteros

With over 25 years of customer service working in the Financial Industry and the State of Washington, Albert is a welcome addition to the service team. He helps with opening new accounts and servicing current accounts. You have probably received appointment reminders from him. He also works with the marketing team in planning monthly letters to clients, planning special events and creating the weekly newsletters.
In his spare time, he volunteers at Northshore Christian Church, having completed two mission trips to the Philippines and has a passion for singing. He enjoys playing and watching most sports but is especially an avid fan of the Everett Silvertips.

Education and Biography

TRAINING

Albert attended Honolulu Community College where he obtained his AA in Liberal Arts.

SPECIALISMS

Albert joined Bailey Wealth Services in 2022. His focus is to provide support to both prospective and existing customers with exceptional customer service. He is very personable and brings professionalism to his role.

Wes Burroughs

One of the things I enjoy most about what I do is educating clients on what is available to them as an investor. Our clients know where they’re at financially and where they are going because we make breaking down the complexities of a constantly changing world a top priority. Outside of work, I love spending time with my wife, Blyn, and playing with our daughter, Sophia. I also enjoy running and hosting game night with friends.

Education and Biography

TRAINING
Wes attended Liberty University where he obtained his BA in Philosophy.

SPECIALISMS
Wes joined Bailey Wealth Services in 2021. His focus is helping families maintain and grow the wealth they already have. Wes enjoys working with our valued clients to facilitate financial relationships by providing solutions, solving problems, and helping them manage their financial lives.

A. Sean Bailey, CFP®

My mission is to assist families as they strive to acquire, accumulate and retain wealth in a tax efficient manner so they may live in retirement with confidence and dignity. When I’m not engaged in professional activities, you can find me on a mountain top with my wife, Kim, and our two children, Eleanor and Oscar.

Education and Biography

TRAINING
Sean received his Bachelor’s Degree in Business Administration, Finance Concentration, from the University of Washington.

SPECIALISMS
Sean Bailey has been in the financial services industry for 30 years. He specializes in developing comprehensive financial, estate and retirement planning strategies for clients nearing and in retirement. Sean is a Registered Principal and Investment Advisor with LPL Financial. He is a CERTIFIED FINANCIAL PLANNER™ Practitioner. Sean is also a member of the Financial Planning Association and Ed Slott’s Elite IRA Advisor Group.

Ed Slott’s Elite IRA Advisor Group is not affiliated with Bailey Wealth Services or LPL Financial.

Sonya Jones

I endeavor to provide excellent service to our clients and organizing processes and procedures to ensure our office runs smoothly. When not working, I enjoy spending time with my fiancé, Erik, and our two boys, Lukas and Archer along with our dog Pixie. I love cooking for them and experimenting with different recipes and techniques, including treats for Pixie. Our favorite family activity is taking road trips, especially to California to visit family and friends.

Education and Biography

TRAINING

 

Sonya received her BA in Art at California State University, Chico and has over 25 years of administrative and customer service experience in the financial services and accounting industries.

 

SPECIALISMS

 

Sonya’s focus is to help clients reach their financial goals by assisting them with their various transactions and paperwork to service and maintain their accounts. This includes opening new accounts and initiating transfers from and to financial institutions. Sonya is constantly looking for new ways to improve our processes to ensure we work efficiently and in a manner that creatives positive experiences for our clients.

Sonya Jones

I endeavor to provide excellent service to our clients and organizing processes and procedures to ensure our office runs smoothly. When not working, I enjoy spending time with my fiancé, Erik, and our two boys, Lukas and Archer along with our dog Pixie. I love cooking for them and experimenting with different recipes and techniques, including treats for Pixie. Our favorite family activity is taking road trips, especially to California to visit family and friends.

Education and Biography

TRAINING
Sonya received her BA in Art at California State University, Chico and has over 25 years of administrative and customer service experience in the financial services and accounting industries.

SPECIALISMS
Sonya’s focus is to help clients reach their financial goals by assisting them with their various transactions and paperwork to service and maintain their accounts. This includes opening new accounts and initiating transfers from and to financial institutions. Sonya is constantly looking for new ways to improve our processes to ensure we work efficiently and in a manner that creatives positive experiences for our clients.