Avoid These Mistakes with Your Retirement Income Plan

Retirees can no longer rely on outdated rules to generate sufficient retirement income. According to the American Academy of Actuaries, a couple who both attain age 65 will have a 50% chance of having one spouse living into their 90s. That means retirees are living longer, and finding a sustainable source of retirement income is now more crucial than ever.

Adding to that challenge is the fact that financial advisers can manipulate retirees into making bad decisions that, in a matter of years, can deplete what took decades to build.

Here are the mistakes that you should avoid with your retirement income plan at all costs:

High fees in costly financial products

One of the most careless mistakes retirees make is neglecting to thoroughly read and vet financial products to ensure they will not lose significant amounts in hidden fees. There are some unscrupulous financial advisers out there who lure unsuspecting.)