The 'Forrest Gump Plan' is best explained by the famous quote from the movie where Forrest mama states, "Life is like a box of chocolates. You never know what you're going to get." Unfortunately this plan is used by many soon-to-be retirees who don't know what or how to plan for their retirement.
An experienced Omaha financial planner, Steve Casto of Omaha Financial Planners says is not an effective retirement strategy and Steve says that people should be aware of their income at all times. He adds that you should want to create an effective retirement plan that not only encompasses retirement savings, but also details projected future income based on personal needs and requirements.
Steve opened for business in 1999 and is still going strong helping local clients with financial planning, wealth management, stocks, bonds, mutual funds, 401(k)'s, corporate benefits, and budgeting.
Not surprisingly, many of us will make mistakes when it comes to preparing for retirement and managing money during retirement, particularly because greater longevity presents a challenge in terms of making savings last.
Here are a few common traps to avoid:
Waiting too long to start saving and/or saving too little.
Putting too much emphasis on average life expectancy.Halting or reducing savings during bear markets.
For an appointment please visit www.omahafinancialplanners.com
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