Aging Workforce Solutions

6 Mistakes To Avoid In Long-Term Retirement Planning


1)  Neglecting to maintain essential repairs on the infrastructure in your house
          A) Roof/gutters
          B) Furnace/Burner
          C) Plumbing
          D) Is there a back up generator?

2)  Failing to establish checks and balances for "inappropriate" purchases and potential fraud.

3)  Failing to establish a successor for oversight on day to day financial management
          Bills need to be paid when the challenged
          loved one can no longer assume that role.
          Appropriate trusts, directives and powers of
          attorney should be considered.

4)  Investing in businesses in which you have no experience and or control
          SCORE and local business development
          agencies can help to evaluate business  
          opportunities at little or no cost.

5)  Neglecting to properly evaluate risk in your
investment portfolio
          A) Is there appropriate diversification and
          suitability?
          B) Does stock from a former employer
          comprise too much of one's portfolio?
          C) When were beneficiaries updated?
          D) Property casualty insurance limits -
          are they suitable?

6)  Underestimating care costs and the impact they
have on your family
          A) Custodial care is not a deductible
          expense; only skilled care is deductible.
          B) Costs incurred by caregivers can be
          significant.  Connecticut has one of the
          highest costs of care in the US.  Costs can
          easily exceed $100,000.

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