HAUPPAUGE, N.Y., July 19, 2014 /PRNewswire-iReach/ -- magii, Inc, a wealth management, retirement and employee benefits consultant based in Hauppauge, NY, comments on an article that discusses five common mistakes that individuals make throughout their retirement planning.
According to the article titled "5 Common Mistakes You Make in Your Retirement Planning" on US News, "There is no denying that retirement planning is a complicated undertaking. It's unsettling to give up a steady paycheck and flip the switch from saving to spending. Due to the complexities of retirement planning, everyone is going to make some mistakes."
The article goes on to discuss the five common mistakes, which are as follows:
1. The absence of a financial plan. "A good plan will show you how certain financial decisions you make today, tomorrow, or five years from now will affect your retirement 25 years down the road."
2. Are bonds still a "safe" investment? "Just because a particular strategy has worked in the past, doesn't mean that it's going to continue to work in the future."
3. Not purchasing long-term care insurance. "If you are weary about the rising costs of long-term care insurance, an alternative is to start a "long-term care fund," that can be used to reserve funds in order to cover long-term care expenses."
4. Not guarding against a market decline. "A well-diversified portfolio consisting of non-correlating asset classes is a good first start. Having an evacuation strategy to go to cash, or another asset class if the market dictates, is another."
5. The four key personal economic factors. "There are four important factors that everyone must take into account when considering retirement, or any long-term investment, for that matter: rate of return on investments, inflation rates, tax rates, personal expenditures."
Mark Gajowski, CFP, CLU, CEBS founder and CEO of magii, one of the top wealth management firms in New York, responds to the article. "Planning for retirement requires specific skills and expertise. The five important factors discussed in this article should not be dealt with alone. An individual should find a wealth management firm, like magii Inc., which has the experience, knowledge and credentialed professionals to help navigate the way."
magii, Inc is an wealth management and retirement advisory firm for successful business executives and near retirees who desire financial peace of mind. magii is located in Long Island, NY and serves clients in New York, New Jersey and Connecticut.
Media Contact: Mark Gajowski, magii, 631-434-8200, email@example.com
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SOURCE magii, Inc