When it comes to retirement, the last thing that you want to have are regrets. It’s the time in your life when you should be ready to enjoy the fruits of your labor, but if you don’t plan ahead, you could be looking back in anger. So, what are some of the biggest regrets retirees face? Tom Jacobs, Founder and CEO of Jacobs Financial Services appeared on “Live In The D” to explain.
Jacobs began by talking about the biggest regret people have which is simply not saving enough for retirement. “What I see happening is sometimes the opposite. People have done a wonderful job saving, they now enter retirement, and they locked down their money,” said Jacobs. He says this can lead to compromising the quality of their retirement.
Another regret Jacobs touched on is relying too much on Social Security. He says we don’t know what the future of Social Security is for sure, so people need to have multiple sources of guaranteed income. “So many Americans are relying on Social Security and that is a huge mistake,” said Jacobs.
The final regret he said many retirees have is investing for specific goals. Jacobs said that too many times people focus on growing one investment when they should be rounded out. “You don’t want all your eggs in one basket. That is certainly true with retirement planning. We want to have that diversified basket of products that all create an income stream.”
To see how Jacobs Financial Services can help you avoid these regrets, click the video player above.
You can also go to their website here or call 248-250-9003 to schedule a consultation.
Disclaimer: The information provided is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Financial instruments involve risk. Actual customer results may vary. Subject to full terms and conditions available at: jacobsfs.com.